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- Title
Customer Centricity durch Biases: Ein Interview mit.
- Authors
Dreyer, Monica; Fuchs, Matthias
- Abstract
The article "Customer Centricity through Biases: An Interview with Monica Dreyer & Matthias Fuchs" discusses the importance of behavioral economics for marketing. It emphasizes that consumers do not always act rationally and that it is important to consider these cognitive biases in marketing strategies. The interview with Monica Dreyer, Chief Marketing and Branding Officer at Zürcher Kantonalbank, and Prof. Dr. Matthias Fuchs, Assistant Professor of Marketing at EHL Hospitality Business School, provides insights into the application of behavioral economics in marketing. It emphasizes that behavioral economics is an interdisciplinary field that combines insights from economics, psychology, and sociology to better understand human decision-making behavior. In the interview with Zürcher Kantonalbank, the application of behavioral economics in marketing is discussed. It is pointed out that many people prefer to spend money on immediate consumption rather than saving for retirement. To change this behavior, Zürcher Kantonalbank launched a campaign that shows customers how much money they can save by giving up small expenses and investing the money. The campaign was successful and led to a significant increase in savings. It is emphasized that the strategic application of behavioral economics in marketing does not automatically mean manipulation, but can also be used to maximize customer satisfaction or loyalty. However, it is noted that so far only one-third of Swiss companies systematically apply behavioral economics.
- Subjects
CHIEF marketing officers; BEHAVIORAL economics; INDIVIDUAL retirement accounts; BUSINESS schools; CUSTOMER satisfaction
- Publication
Marketing Review St. Gallen, 2022, Issue 4, p6
- ISSN
1865-6544
- Publication type
Article