The Behavioral Economics in Marketing's Podcast

In this episode, we are considering asymmetric information. The term asymmetric information describes when one party in an economic transaction possesses greater material knowledge than the other party.  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 Diamond-Water Paradox presents the human contradiction that although water is necessary to survival and diamonds are frivolous purchases; diamonds command a much higher price in the marketplace than water.  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. 

Cultural capital is a sociological term that can be defined as the tangible and intangible social assets and patterns of behaviors of a person or organization and includes specific knowledge and shared experiences that confer social status, power and inclusivity. Cultural capital is considered the new competitive advantage and a root of organizational success. In this episode, we considered strategies for consciously creating cultural capital.

This special announcement is about the Hub and Spoken Travel Show. Listen in for the news!  And check out the Hub and Spoken Travel Show on Spotify!

Behavioral economics is the study of decision-making and can give keen insight into employee behavior. Leaders can tap into Behavioral Economics to create happy and healthy working environments for their direct reports and fellow employees, invest in their team, increase team engagement and motivate their team. In Season 3, we will talk about Cultural Capital, Agency Cost, IKEA Effect and Herd Behavior among others. 

As a marketing professional, you are called to be a leader, even if you aren't a leader by title. For that reason, this season will build on the theme of leadership introduced in the previous season. Stay tuned for great episodes such as: Consciously Creating Cultural Capital and Overcoming the Principal Agent Problem!

The framing effect is about how employees' decisions tend to be affected by the way in which the choices are framed through words, body language, tone, presentation and placement. In this episode, we discussed ways for leaders to apply the framing effect in the successful delegation.

In this episode of the Behavioral Economics in Marketing podcast, we discuss common delegation pitfalls and hang-ups such as delegating to the wrong employee, over-delegating, micromanaging, envy, time costs and fear of loss of control.

In this episode, we define and discuss delegation including the direction of delegation, the process of delegation and the principles of delegation such as the principle of result expected, the principle of delegation of authority, the scalar principle and the principle of exception.  

The availability heuristic is all about being top of mind. Developing a strong, punchy elevator pitch can help marketing and sales leaders get their point across and have it stick, developing that top of mind recognition.