decision making

Some Celebrate Failure. Some Even Romaniticize Failure. The Best Strategy Is to Avoid It!

The new M/I/S/C Bounce Back issue is out in newstand.This issue is packed with great articles about how companies should deal with adversity. It is one of the best issues ever.


Continue Reading

Toyota Acceleration Incident Report Cites Company’s “Skepticism and Defensiveness” to Customers and Regulators

From The Mistake Bank:

The Toyota “North American Quality Advisory Panel,” put together in the wake of the sudden-acceleration incidents in 2009-2010, has released its report, and it’s fascinating reading of how a large company’s strengths can turn into weaknesses under stress. [A copy of the full report is available at this link.]

Continue Reading

Bright Lights Project: Better Marketing Decisions

In case you haven't noticed, there's no shortage of creative thinking in the marketing world. We're awash with bold, innovative ideas that scuttle old ways of delivering content, while often times daring the truths that have survived the tests of generations (not to mention defying the laws of accounting and physical cause-and-effect).

Continue Reading

Facts or Gut Instincts? What Makes for Better Marketing Decision

The Rivalry in Your Customer’s Brain

Simplistic explanations of consumer behavior abound. Push this button, trigger that emotion, pitch to a particular need, and people will buy. The decision making process is much more complex, of course. In Incognito: The Secret Lives of the Brain, David Eagleman includes a chapter that aptly sums up the ongoing conflict in our brains with its title: A Team of Rivals.

Continue Reading

Predicting the Present

An interesting thought as part of the whole agile thing, is about how competitive advantage will increasingly come from not only being able to make an informed prognosis of the future, but an informed prediction of the present. Much market intelligence, and even important indicators such as retail sales data, are published weeks after the events on which they are reporting on have taken place.

Continue Reading

When Loyalty Points Beat Price Differences

Every merchant seems to have a loyalty program these days. It makes sense to reward customers for their patronage and encourage even greater frequency. But, it appears there’s one kind of loyalty reward that may be more effective. One study showed that “irrelevant information” (in this case, largely valueless loyalty points) changed consumer buying decisions.

Continue Reading

How to Make Decision Making More Adaptable with Layers

Co-authored with Chris Curran

Never before has such a mass of data existed. Needless to say, all this information complicates the decision-making process. Businesses need new strategies to answer the biggest question:

Continue Reading

From a Behavioral Economic Perspective, I Think Many of Us Are Considered Imcompetent as a Consumer.

We have to deal with economic decisions on an everyday basis without knowing it. Here’s a few example of what I have been dealing with the last two days. From buying a pair of sneakers to using the iPad.

Continue Reading

Unconscious Buying

In a fascinating study just published in the Journal of Neuroscience, researchers have shown that we make buying decisions even when we aren’t paying attention to the products, and that fMRI observation of brain activity can predict these decisions. This new work builds on previous research by Stanford’s Knutson and CMU’s Loewenstein which showed that purchase decisions could be predicted when subjects were shown explicit offers. Here’s the abstract:

Continue Reading
Subscribe to RSS - decision making