A cognitive bias, the framing effect plays a significant role in the world of marketing and is not taken lightly by marketers. It works on the basis that human brains respond to the context of the information being presented to them and not just the item or product per se. So there needs to be more emphasis on how something is being conveyed, than what is being conveyed.
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In the never-ending race of branding and marketing to grab the customer’s eye, marketers are faced with the biggest challenge of devising newer and effective strategies at lesser costs and expenses. And that’s where neuromarketing comes into the picture.
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Neuromarketing has been around for more than a decade now in the marketing world helping to bridge the gap between consumers and brands. It’s becoming an integral part of marketing research methods and brands have begun to allocate a significant budget for it to devise ways to boost sales conversion rates and brand image.
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Behavioural economics is considered the science behind understanding the human decision-making process. Through experiments and trials, researchers try to understand and uncover how we as humans think and arrive at decisions. Basic questions like how are information processed and how is our behaviour influenced are addressed.
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Mental accounting also referred to as psychological accounting, refers to mental categories and values people associate with money, be it losses or expenses. This behavioural economics aspect points out that people may not always be logical about their expense and investment decisions because they view money in different categories, with some categories given more prominence than others.
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