Economics and marketing: a relationship from four perspectives
DOI:
https://doi.org/10.26439/ddee2023.n003.6156Keywords:
marketing, neoclassical economics, behavioral economics, neuroeconomics, institutional economicsAbstract
This article analyzes the relationship between economics and marketing through four different theoretical perspectives. Firstly, we look at neoclassical economics, which proposes a framework based on a rational and optimizing consumer. This framework is generally at odds with the tenets of marketing, which operate largely by influencing non-rational aspects. Secondly, we analyze behavioral economics, which identifies multiple cognitive biases in purchasing decisions. Behavioral economics bears a close relationship with marketing given that it seeks to use these biases to shape consumer behavior. Thirdly, we look at the paradigm of neuroeconomics, which studies the decision-making process through the lens of the central nervous system. Here, the relationship takes on the form of “neuromarketing”, which uses insight into the aforementioned system to boost sales, brand positioning and consumer loyalty. Lastly, we analyze institutional economics, where the individual is conceived as acting in accordance to habits and customs. There is also a direct relationship with marketing in this case, inasmuch as marketing can influence both dimensions.
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