Influence of Behavioral Economics on Market Research
Market research is a lot about understanding the mentality of users toward their buying decisions (or the lack thereof). Customer behavior during a purchase depends not only on the goodness of your product and pricing but also on the factors that shape their opinions. Quite often, these factors are psychological in nature and much more complex to assess than the impact of pricing, marketing, brand image, competition, and benefits. That’s why market research firms in India and across the globe must touch on the nuances of human behavior that are influenced by the surroundings, people, their own notions, and biases. ….[READ]
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