The Behavioral Economics in Marketing's Podcast

Growth Mindset Theory is centered around the belief that intelligence and learning can be developed and improved. It is an important facet of both marketing and leadership. In this episode, we consider how growth mindset and its effect on achievement varies across cultures through the review of the recently published article, Society-level social axiom moderates the association between growth mindset and achievement across cultures.  Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix. Sandra Thomas-Comenole | Host | Marketing professional with over 10 years of experience leading marketing and sales teams and a rigorously quantitative Master’s degree in economics from Rensselaer Polytechnic Institute. Check out her Linkedin profile here: Sandra Thomas-Comenole, Head of Marketing, Travel & Tourism     Bernardo ABI, Cai Y, King RB. Society-level social axiom moderates the association between growth mindset and achievement across cultures. Br J Educ Psychol. 2021 Feb 12:e12411. doi: 10.1111/bjep.12411. Epub ahead of print. PMID: 33576017.      

In this episode, we are considering the social axiom theory. Social axioms are generalized beliefs about people, groups, social institutions, the physical environment or the spiritual realm as well as about categories of events and phenomena in the social world. These generalized beliefs are encoded in the form of an assertion about the relationship between two entities or concepts.  📎 Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, introductory or discrete in nature.  Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix. Sandra Thomas-Comenole | Host | Marketing professional with over 10 years of experience leading marketing and sales teams and a rigorously quantitative Master’s degree in economics from Rensselaer Polytechnic Institute. Check out her Linkedin profile here: Sandra Thomas-Comenole, Head of Marketing, Travel & Tourism

Inoculation Theory is a social psychology and communication theory that employs medical inoculation as an explanatory analogy as inoculation theory is a model for building resistance to persuasion attempts through pre-exposure to weaker counter-arguments. In this episode, we considered ways to inoculate yourself and your team against a fixed mindset to build a growth mindset. Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix. Sandra Thomas-Comenole | Host | Marketing professional with over 10 years of experience leading marketing and sales teams and a rigorously quantitative Master’s degree in economics from Rensselaer Polytechnic Institute. Check out her Linkedin profile here: Sandra Thomas-Comenole, Head of Marketing, Travel & Tourism

🎯 Game theory is a fascinating and beneficial tool to have in your marketing leadership arsenal. The applications of game theory in marketing and leadership are seemingly endless: negotiation, contracts, pricing, location, ad placement, hiring and team management all can be boiled down to a mathematical model or decision matrix to decide the best possible outcome.  Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, introductory or discrete in nature.  Behavioral Economics in Marketing Podcast | Understanding how we as humans make decisions is an important part of marketing. Behavioral economics is the study of decision-making and can give keen insight into buyer behavior and help to shape your marketing mix. Marketers can tap into Behavioral Economics to create environments that nudge people towards their products and services, to conduct better market research and analyze their marketing mix. Sandra Thomas-Comenole | Host | Marketing professional with over 10 years of experience leading marketing and sales teams and a rigorously quantitative Master’s degree in economics from Rensselaer Polytechnic Institute. Check out her Linkedin profile here: Sandra Thomas-Comenole, Head of Marketing, Travel & Tourism  

The Growth Mindset Theory is centered around the belief that intelligence and learning can be developed and improved. It is an important facet of both marketing and leadership. In this episode, we consider ways to facilitate a growth mindset in your team.

Growth Mindset Theory is centered around the belief that intelligence and learning can be developed and improved. It is an important facet of both marketing and leadership. In this episode, we consider the differences between a growth mindset and a fixed mindset.

The anchoring effect is a cognitive bias that influences you to rely too heavily on the first piece of information you receive, whereby initial exposure to a number or concept serves as a reference point and influences subsequent judgments.  Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, introductory or discrete in nature. 

The "Principal-Agent Problem" is an economic term for the competing priorities between a leader and an employee. In the workplace, the "Principal-Agent Problem" looks like employees showing up late, taking long lunches, browsing the internet on the clock, procrastinating and missing deadlines. A few ways that leaders can overcome the "Principal-Agent Problem" is through transparency, motivation, incentives and communication. 

In this episode, we are considering "moral hazard". A moral hazard is a situation in which a party has limited responsibility for the risks or is completely protected from risk will in some way act differently than if they didn't have that protection.  Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, introductory or discrete in nature. 

Flow Theory is a mental state in which a person performing some activity is fully immersed in the task at hand. Leaders who wish to incorporate flow into the workplace should consider these seven conditions with regards to their team and each team member individually. In this episode, we discussed the characteristics and conditions of flow and how to implement it in the workplace.