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Consumer decision making and human behaviour
- 1. Consumer Decision Making & Human Behaviour Leow Chee Seng (Datuk Dr) +6017 5882258 drleowcs32@gmail.com
- 2. Datuk Dr. Leow Chee Seng • Advisor, Humanology Sdn Bhd, Malaysia • Productivity Champian, Malaysia Productivity Corporation • Jawatankuasa Pemantauan Nexus Productivity Perkhidmatan Profesional • Technical Expert, Behavioural Insights, Malaysia Productivity Corporation • Honorary Professor of Nguyen Tat Thanh University, Vietnam. • Panel of Expert of Sandikta College of Administrative Science, Indonesia. • Body Language Analyst for South China Morning Post, Hong Kong • Journal Editorial Board – Sit in more than 10 International Journal • Book Writer – Body Language Exposed: Never Get Lies Again – Trapping the cunning fox: Lie Detection – Selling with Heart and Soul – I see, I hear and I conquer: Human Leadership – Flintstones Management: Compassionate Management – Nudge or Fudge: Application of Behavioural Economics – The Humane Way: Being Humane is Humane Being – Predictable Accident: Nudging Into Safety and Health
- 6. Have You Ever Thought?
- 8. Consumers are Illogical Nature of Consumers Consumers Love Feel Good Factors Consumers are Emotional Consumers Wish to be Special Consumers are greedy Consumers can be Nudge Easily
- 10. Can you Help the Marketing Manager?
- 11. Sound Better?
- 12. 68% 32%
- 15. Organ Donor Case Study
- 18. Which one would you choose?
- 19. Which one would you choose?
- 20. What is Your Choice?
- 21. What is your choice?
- 22. What is your choice?
- 26. Marketing Campaign Campaign A: • “If you change to LED light, you will save RM2000 a year” Campaign B: • “If you do not change to LED light, you will lose RM2000 a year” Which campaign will be more effective?
- 27. the US is preparing for the outbreak of an COVID-19, which is expected to kill 600k people. Choose a program to address the problem. Tversky, A. & Kahneman, D., 1981, The framing of decisions and the psychology of choice. Science, 211, 453-458. 72% A: 200k people will be saved B: 1/3 chance that 600k people will be saved. 2/3 chance that no people will be saved. 28%
- 28. Imagine that the US is preparing for the outbreak of an COVID-19, which is expected to kill 600k people. Choose a program to address the problem. A: 400k people will die. B: 1/3 chance that nobody will die. 2/3 chance that 600k people will die. 22% 78% Tversky, A. & Kahneman, D., 1981, The framing of decisions and the psychology of choice. Science, 211, 453-458.
- 29. A) A sure gain of $240 B) 25% chance to gain $1000, and 75% chance to gain nothing A) A sure loss of $750 B) 75% chance to lose $1000, and 25% chance to lose nothing Tversky, A. & Kahneman, D., 1981, The framing of decisions and the psychology of choice. Science, 211, 453-458. We are less likely to risk to get an extra gain We are more likely to risk to avoid a sure loss Choose
- 30. Which one would you choose?
- 32. How would you decide?
- 33. Strategy for Indecisive Customers
- 34. How much do you willing to buy the next house?
- 38. How would you help the company?
- 41. Marketing is about Strategy
- 43. Price? It doesn’t matter!
- 46. How Much Do you Willing to Pay?
- 47. Nudges
- 48. Music Stairs
- 49. Examples
- 54. • Leow Chee Seng (Datuk Dr) • +6017 5882258 • drleowcs32@gmail.com