Mirqah Leveraging Cognitive Biases - Mirqah

Leveraging Cognitive Biases

Explore the world of behavioral economics and learn to leverage consumer irrationality.

Program Overview

“Consumers don’t seem all that rational these days.”
“Although the offer was indeed a ‘no miss’, it did not come close to the results we imagined”

  • clock Commitment: Part Time
  • clock Participants: Middle Managers
  • clock Attendees: 15 - 36 Attendees
  • clock Location: Blended Learning

Course Description

These statements reflect a common problem marketers face nowadays. They design products, services and solutions that indeed add value to consumers, however, they often fall short. It is relatively easy to predict and influence the actions, behaviors and reactions of a completely rational person. The challenge is people are not always rational. 

This course draws upon the growing field of Behavioral Economics, with an emphasis on practical applications for marketers. It allows participants to develop a hands-on approach by not only learning methods, and also how to harness them by suitably designing contexts to “nudge” customer choices. The “Experiment Design” methodology of this course has proven extremely engaging for marketers.

Course Objectives

  • Identify factors that constitute rational decision making.

  • Develop an understanding of the philosophy and the principles underlying the field of behavioral economics.

  • Understand a large number of irrationalities that could be potentially leveraged by marketers.

  • Understand the interplay between emotions and decision making.

  • Appreciate choice architecture, nudging and other approaches to behavior change as tools to influence consumer decisions.

  • Understand the key elements of an experiment, differentiating between the various types of experimental designs.

  • Develop basic experiments to test various hypotheses related to consumer behavior.

  • Identify an ethical code for utilizing this cognitive and emotional tools to influence the decisions of customers.

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    Interested in what we have to offer? Get in touch and we will help find the best programme or short course to suit you or your organisation’s needs.