Excellent piece with lots of useful cautions . Including a good criticism of neuromarketing. See also correspondent Byron Sharp's excellent book: How Brands Grow. And his site.
" ... Too much has been written claiming that ‘behavioural economics’ (what used to be called psychology) now gives us a totally new view of the consumer – but did anyone ever believe that consumers were rational utility-maximisers with perfect information, zero search costs and limitless time? Economists moved on decades ago from this early model, and it’s a straw man argument to pretend they haven’t.
But what really worries me is that this infatuation with theatrical psychology lab experiments – that show participants in lab experiments can be nudged without knowing it – is bringing back a discredited theory of brand image of besotted/manipulated consumers. ... "
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