{"id":36972,"date":"2019-02-22T09:47:00","date_gmt":"2019-02-22T09:47:00","guid":{"rendered":"https:\/\/thepubliceconomist.com\/?p=36972"},"modified":"2019-02-22T09:49:13","modified_gmt":"2019-02-22T09:49:13","slug":"rationality-consumer-behaviour-and-business-models","status":"publish","type":"post","link":"https:\/\/thepubliceconomist.com\/?p=36972","title":{"rendered":"Rationality, Consumer Behaviour and Business Models"},"content":{"rendered":"\n

We\u2019re not perfect till we allow the \u2018Econs\u2019 within us to take over, ahead of the emotional-cum-impulsive being, while making consumption choices. <\/em><\/p>\n\n\n\n

I prefer to think of myself, like we all mostly do, as a rational human being, making choices that most often than not, reflect my superior sense of rationality. However, if I\u2019m given an option to choose between $10 today and $12 after a month, I\u2019d end up with the former offer! To put it bluntly, we aren\u2019t as logically consistent as we\u2019d like ourselves to be; rather there\u2019s an inclination towards being biased in certain scenarios.
<\/p>\n\n\n\n

Behavioural Economics, in fact, dictates that we might not be as rational as we think we are. There are a lot of factors that influence our behavior and traditional economic theory does not always suffice for the explanations. Let\u2019s take my aforementioned example for the moment- traditional economic theory would call for me to choose the $12 deal over the $10 one. Why? It\u2019s simple enough- I\u2019m supposed to maximize my gain in order to achieve the highest possible utility out of this transaction. However, there\u2019s always another side to the coin- the \u2018Psychological\u2019 and the \u2018Personal\u2019 factors- the value of the $10 to me today, might outweigh the value of the $12 post a month. It may even be the case that (as our Behavioural Economists would describe it) the emotional-cum-impulsive part of me took the upper hand, and I settle for the more lucrative offer as per the vision of my Econ counterpart.
<\/p>\n\n\n\n

Hence, here lies the point of crucial understanding of working with the human psyche. Often enough, businesses tend to overlook this part since it does not possess a statistical identity attached to it. Let\u2019s understand this through another example: Suppose there are two restaurants, A and B. Both these restaurants are relatively new in the market, striving to make a name for themselves as top restaurants in the city. Restaurant A offers a wide range of dishes under their menu- serving 20 and 25 different preparations of chicken and pork respectively. As a result of this, in the first 6 months of their operation, they discover that 90% of their orders revolve only around a few selected preparations and nobody seems to order for the not-so-common dishes.  On the other hand, Restaurant B has limited options in terms of their preparation of both chicken and pork. However, here lies the catch- the list of items in the menu is limited, however, it offers customers to choose among the various modes of preparation while they\u2019re placing the order. For example, when a customer is ordering for a portion of chicken, he or she chooses the choice of sauce they want it to be cooked in; they are asked whether they want their noodles to be served stir-fried or deep-fried, so on and so forth. This, in contrary to Restaurant A\u2019s observation, leads to higher sales from a variety of preparations, rather than being constrained to only a few. So where, in fact, is Restaurant A lagging in terms of its business model?
<\/p>\n\n\n\n

Essentially, the notion to diversify their menu is ideal and profitable- but Restaurant A is suffering from the phenomenon of what Economists term it as, is \u2018Choice Overload.\u2019 Let\u2019s face it- Homo sapiens are lazy and want their decision-making process to be made easy in every sense of the word. By providing them with a huge list, Restaurant A is essentially making it a daunting decision-making process for someone who\u2019s probably only come to enjoy a nice meal; and in such a scenario of indecisiveness, human beings tend to stick to the basics or order whichever item the restaurant would say its best at! Hence, limiting the amount of choices and options for the client\/ customer, in certain cases, is imperative for any kind of business (be it in the corporate field or the public sector) to have a healthier state of operations. Business units must make it a point to ensure that they have a well-defined understanding of their consumers\u2019 psyche before turning to investment decisions, in order to avoid unfruitful results. Strategizing through well-informed notions can aid an organization in maximizing their potential revenue.
<\/p>\n","protected":false},"excerpt":{"rendered":"

Behavioural Economics, in fact, dictates that we might not be as rational as we think we are. There are a lot of factors that influence our behavior and traditional economic theory does not always suffice for the explanations. <\/p>\n","protected":false},"author":29,"featured_media":36973,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[1],"tags":[119,118,115],"class_list":["post-36972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-behavioural-economics","tag-consumer-behaviour","tag-rationality"],"yoast_head":"\nRationality, Consumer Behaviour and Business Models - The Public Economist<\/title>\n<meta name=\"description\" content=\"Behavioural Economics, in fact, dictates that we might not be as rational as we think we are. 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