Tag Archives: economics and market research

A look at behavioral economics

AdAge recently looked at behavioral economics, or why people buy what they do. The concept holds that psychology and economics work together to dictate a person’s behavioral purchases, not just the price and quality of a product. Today, when there are so many brands to choose from, it’s important that the marketers of the world understand why people are choosing to buy their products.

The article concludes with this from Jeff Jones, partner and president of McKinney:
“It’s not about ‘We used to do it this way and now it’s a wholesale change and we’re doing it this way. These are just new ways of understanding how and why people make decisions. And it’s just smart marketing to understand them and use them.”