Patterns in human behavior and decision-making → Strategy

In order to combine my desire to accumulate more knowledge in the field of psychology with my determination to foster my strategic thinking, I decided to research existing theories and develop appropriate marketing strategies

[Note: the list along with the strategies will be developed and revised constantly]

·                     Herding behavior in humans is in response to having not enough information and thinking that others around us can give us a short-cut to how to make a decision; our impulse to stick with the group and desire to be part of a group dictate our behavior; the desire to please the group is so strong that it not only makes us suppress our own opinions; it could even alter the way the person perceives a thing

Strategy → target customers need to be grouped with loyal customers in a moment when a product/brand-related decision is to be made

·                     Negative discounting represents the tendency of people to speed up an adverse experience to get it over with while postponing pleasant events. People try to avoid the 'pain' associated with the anticipation of a future negative event. If the aversive experience is to happen much in the future, the person focuses on the anticipation of the outcome. Conversely, by bringing forward the unpleasant experience, the person focuses on the outcome itself.

Strategy → offer a product whose quality improves with time. The more the individual postpones the consumption of the product, the better its quality gets

·                      We explain ourselves and connect to others through stories. We buy on the basis of stories and emotion

Strategy → make brand stories emotional enough for customers to use them when making a purchase decision

·                     Conscious thought determines only some of our decision-making. At the root of much of our conduct stands our blind obedience to habit, going on automatic functioning, acting without thinking, repeating what we have done innumerable times before, sticking to the familiar. Habits save us time and mental energy, allowing us to perform many actions without using concentrated thought.

·                     People may become overwhelmed by the great number of possibilities at their disposal (Huffman and Kahn 1998)

Strategy → offer only a few alternative product/service solutions