scholarly journals Application of QFD and RDB Analysis Methods for Creation of Targeted Service Offering (Using Example of SFU Higher School of Business)

2021 ◽  
Vol 12 (1) ◽  
pp. 048-058
Author(s):  
Alexey V. Shcherbina ◽  
◽  
Mikhail V. Grechko ◽  
Mikhail A. Stasev ◽  
◽  
...  
Keyword(s):  
Behavioral Economics ◽  
Customer Loyalty ◽  
Consumer Choice ◽  
Behavioral Science ◽  
Economic Knowledge ◽  
Economic Agents ◽  
Survey Techniques ◽  
Perspective Theory ◽  
Educational Product ◽  
Service Offering

Importance. The article is devoted to research, as well as systematization and integration of knowledge in the aspect of managing consumer choice and customer loyalty of consumers of educational products, taking into account the transforming strategy of behavior of economic agents. Objectives. As the goal of the study, the problem of developing application tools for managing the targeted supply of educational products and customer loyalty was identified, based on the QFD and RDB methodologies – analysis taking into account the transformation of the classical purchase cycle. Methods. The study is based on the cognitive potential of behavioral economics, cognitive psychology, the results of perspective theory, expert survey techniques, QFD and RDB - analyses that made it possible to systematize economic knowledge, in the context of the study of the problem of developing applied tools for managing the targeted supply of educational products and customer loyalty. All this eventually allowed us to give examples of the application of tools for personalized management of client loyalty of economic agents. Results. Based on the cognitive potential of behavioral economics, the use of behavioral science tools in economic theory, in work, using the QFD matrix, a target set of consumer factors for choosing an educational product was determined. In addition, on the example of the Higher School of Business, the SFU, relying on the cognitive potential of the RDB model, managed to reveal the special significance of the factors for choosing the educational product of the Higher School of Business, as well as determine the flaw in Resonance and propose measures aimed at eliminating the identified problem zone. Conclusions and Importance. The present text systematizes the main conclusions of the study. The results obtained should subsequently become the basis for the formation of a base of practical tools for managing consumer choice and customer loyalty of consumers of educational services.

The transformation of the decision-making process on the part of economic agents influenced by social constraints

2020 ◽  
Vol 16 (7) ◽  
pp. 1202-1222
Author(s):  
M.V. Grechko ◽  
L.A. Kobina ◽  
S.A. Goncharenko
Keyword(s):  
Decision Making ◽  
Consumer Choice ◽  
Social Constraints ◽  
Decision Making Process ◽  
Economic Knowledge ◽  
Economic Agents ◽  
The Individual ◽  
Contextual Environment ◽  
Economic Constraints ◽  
External Signals

Subject. The article focuses on the decision-making mechanism used by economic agents given the existing social constraints. Objectives. We devise applied toolkit to study how socio-economic constraints transform the decision-making mechanism used by economic agents. Methods. The study involves means of the expert survey, the method that streamlines economic knowledge. Results. Social constraints are illustrated to influence the decision-making mechanism used by economic agents, assuming that the individual mind relies on specific mechanisms to make judgments and decisions. Generally, the mechanisms are very useful, however they may generate serious errors during the decision-making process. Given the social constraints, economic agents were found to follow four mental models to make their decisions in case of the full or partial uncertainty, i.e. the representative relevance, accessibility, relations, heuristics (modeling). Conclusions and Relevance. The scientific ideas herein show that the inner architecture of a choice an individual makes determines his or her decisions. The decisions often depend on the contextual environment that gives external signals perceived by the individual while evaluating alternative ways. The findings can possibly be used as a mechanism to manage the consumer choice.

Effect of cognitive distortions caused by errors in information processing on decision-making by economic agents

2021 ◽  
Vol 19 (1) ◽  
pp. 121-138
Author(s):  
Mikhail V. GRECHKO ◽  
Larisa A. KOBINA
Keyword(s):  
Decision Making ◽  
Consumer Choice ◽  
Institutional Economics ◽  
Cognitive Biases ◽  
Cognitive Distortions ◽  
A Priori ◽  
Economic Agents ◽  
Survey Techniques ◽  
The Face ◽  
Probability Information

Subject. This article examines the issues related to the cognitive potential of behavioral and institutional economics and irrationality in decision-making. Objectives. The article aims to develop an application toolkit to investigate the mechanism of cognitive biases influence on decision-making by economic agents. Methods. For the study, we used the prospect theory and expert survey techniques. Results. Based on the cognitive potential of interdisciplinary decision theory, the article proves that most economic agents in the face of incomplete information prefer individual information, rather than a priori probability information. Conclusions. The results of the study can be useful to create a tool to manage consumer choice.

MAIN FEATURES AND TRENDS OF DEVELOPMENT OF THE SERVICE MARKET

2017 ◽  
Author(s):  
Larysa Getman ◽  
Keyword(s):  
Customer Loyalty ◽  
Consumer Choice ◽  
Information Technologies ◽  
Service Sector ◽  
Supply And Demand ◽  
High Rate ◽  
Barriers To Entry ◽  
Relevant Market ◽  
Service Market ◽  
Wide Range

The article discusses approaches to the interpretation of the concept of a service, its specific differences from a physical product and the main features as an object of purchase and sale in the relevant market. Based on the analysis and systematization of existing scientific views, the main features of the service market and the features of the interaction of supply and demand in the service sector are revealed. The practice of functioning of the service market demonstrates the high dynamics of market processes, a pronounced segmentation of demand for services, a high degree of differentiation of services, a high rate of capital turnover and the important role of non-price barriers to entry into the market. The essence and value of the customer's customer loyalty for successful commercial activities and increasing the competitiveness of the manufacturer-supplier of the service has been investigated. Loyalty becomes an indicator of business performance and its ability to innovate. A customer-oriented business philosophy, where a wide range of factors of influence on the formation of customer loyalty is taken into account and used, will allow the company to count on long-term relationships with the consumer and will attract new customers through his positive experience. The possibilities and features of the application of competitive strategies by firms in the field of service activities were analyzed. The main trends in the development of the services market in the current stage, namely the processes of its digitalization, have been investigated. The buyer today is interested not only in price and quality, but also in good service. If a company meets customer service demand through the introduction of chat bots, self- service terminals, mobile applications, etc., then this contributes to the formation of a positive customer experience, which ultimately increases sales. The features and advantages of using information technologies both in business activities and in the implementation of consumer choice have been determined.

scholarly journals An overview of behavioral economics in Dutch policy making. the next step: how to nudge policy makers

2016 ◽  
Vol 10 (2-3) ◽  
pp. 27-31 ◽  
Author(s):  
Natasha Els Stroeker
Keyword(s):  
Behavioral Economics ◽  
Policy Making ◽  
Behavioral Science ◽  
Dutch Government ◽  
Science Knowledge ◽  
Policy Makers ◽  
Structural Integration ◽  
Dutch Policy ◽  
The Government ◽  
The Uk

This article describes the beginning of the influence of behavioral economics on the Dutch government. This started in the period that the UK started with its Behavioral Insights Team (BIT UK). The article presents explanation of the concept “nudging” and the way this is integrated in Dutch policy. Also leading publications and examples of how behavioral economics is used in policy making are presented. The advice of the government in 2014 on how to ensure a structural integration of behavioral science knowledge in policy is part of the next step. The next step contains two main parts: 1. How to nudge policy makers and 2. Embedding nudges in policy making on four aspects: positioning, projects, performance and professionality.

Neuroeconomics and Media Economics

2016 ◽  
pp. 33-44
Author(s):  
Dinçer Atli ◽  
Mehmet Yilmazata
Keyword(s):  
Behavioral Economics ◽  
Historical Development ◽  
Behavioral Science ◽  
Marketing Strategies ◽  
Media Industry ◽  
Media Economics ◽  
Independent Field ◽  
The Media ◽  
Recent Trends

This chapter investigates the development of neuroeconomics as a relative new sub-discipline in the fields of economics and behavioral science. After comparing paradigms of both classical and behavioral economics, the problem of the “conscious and rational consumer” is addressed in relation to more passive views of consumerism in neuroeconomics. Highlighting the most recent trends in neuroeconomics, the chapter also addresses the historical development of the discipline of neuroeconomics as an independent field of research within the fields of media and economics. The problem of new marketing strategies as well as the evolvement of neuroeconomics as an independent discipline in the age of digitalization is presented while considering the changing nature of the media industry.

Consumer choice: Implications of behavioral economics for drug use and treatment

1998 ◽  
Vol 29 (4) ◽  
pp. 567-576 ◽  
Author(s):  
G. Alan Marlatt ◽  
Jason R. Kilmer
Keyword(s):  
Drug Use ◽  
Behavioral Economics ◽  
Consumer Choice

scholarly journals BEHAVIORAL ECONOMICS: AN EPISTEMIC TURN IN THE INTERPRETATION OF RATIONALITY

2019 ◽  
Vol 2019 (7-8) ◽  
pp. 3-15
Author(s):  
Kostyantyn BEZGIN ◽  
◽  
Volodymyr USHKALYOV ◽  
Keyword(s):  
Human Behavior ◽  
Cognitive Abilities ◽  
Dynamic Balance ◽  
External Environment ◽  
Thinking Skills ◽  
Human Mind ◽  
Critical Thinking Skills ◽  
Economic Science ◽  
Economic Knowledge ◽  
Economic Agents

The purpose of the article is to formulate a hypothesis regarding the relationship and dynamic balance between normative and descriptive epistemology, which is established in the process of interpreting rational human behavior to create and accumulate congruent economic knowledge. In the face of growing complexity and uncertainty of the external environment, the role of critical thinking skills is increasing, which intensify the cognitive co-evolution of a person and environment by neutralizing evolutionarily formed cognitive dysfunctions. As an axiological nucleus it is proposed to use the theory of rational choice – the standard of human behavior, which contributes to the diffusion of complexity and uncertainty of the external environment. However, the presence of an axiological nucleus is a necessary but not sufficient condition, which allows it to be adequately integrated with the subject substrate. For this, one requires the relevant knowledge of those behavioral features that are presented by the epistemic periphery that dynamically changes and also permanently detects and fixes the properties and characteristics of the neural substrate, its phenomenology and behavioral characteristics. The knowledge being accumulated on the epistemic periphery of economic science allows adequately reloading the programs of the human mind to bring them into line with modern requirements for the cognitive abilities of economic agents, and also to create an internally holistic and consistent system of economic knowledge, which will take into account the complexity and multidimensional development of human-sized systems. The epistemic balance of normative and descriptive epistemology in the context of the interpretation of rational behavior may lie in a hypothesis that eliminates the dichotomy of normative and positive economic knowledge and is based on taking into account the structure of human cognitive processes, as well as the growing complexity and uncertainty of the external environment.

scholarly journals Volitional Motion Theory

2021 ◽  
Author(s):  
Masaru Kondo
Keyword(s):  
Mathematical Model ◽  
Information Theory ◽  
Statistical Mechanics ◽  
Behavioral Economics ◽  
Computational Neuroscience ◽  
Behavioral Science ◽  
Classical Mechanics ◽  
The Public ◽  
Observable Data ◽  
Animal Spirit

We propose a mathematical model for quantifying willpower and an application based on the model. Volitional Motion Theory (VMT) is a mathematical model that draws on classical mechanics, thermodynamics, statistical mechanics, information theory, and philosophy. The resulting numbers are statistical theoretical values deduced using observable data. VMT can be applied to a variety of fields, including behavioral science, behavioral economics, and computational neuroscience. For example, "What is animal spirit in economics?" VMT is one proposal to answer this question. In addition, a scheduling application has been created to validate VMT. This application is open to the public for anyone to use.

2018 HES PRESIDENTIAL ADDRESS: FOLK WISDOM IN ECONOMICS

2020 ◽  
Vol 42 (1) ◽  
pp. 1-18
Author(s):  
Evelyn L. Forget
Keyword(s):  
Presidential Address ◽  
Economic Knowledge ◽  
Daily Lives ◽  
Economic Agents ◽  
Goods And Services ◽  
Joint Product ◽  
Folk Wisdom ◽  
Market Opportunities ◽  
History Of ◽  
Knowledge Brokers

This article highlights the roles played by knowledge brokers in the history of economics. Knowledge creation is the joint product of teams of people engaged in parallel work. Economists do their professional work, whether that involves creating elaborate theories, gathering and interpreting data, or conducting experiments, all the while creating a variety of competing narratives about the economy. Economic agents go about their daily lives creating goods and services, caring for one another, saving and consuming, all the while making decisions based on whatever narratives they believe about how the economy functions. The various narratives between and among economists and economic agents create market opportunities for knowledge brokers, who sell their services to whoever will pay. They popularize economic insights in bestselling books, and work for think tanks or with various organizations, but they are also textbook writers, journal editors, and conference organizers, all of whom jointly contribute to the edifice of economic knowledge and facilitate communication. European beekeeping is used as an analogy.

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