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JEL Classification<\/strong>: D90; M21
\n<\/span><\/td>\n DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V38(2023)-21<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
[\/vc_column_text][vc_column_text]Riabchenko, I., <\/strong>Affiliated Honorary Research Fellow, Fil. Dr. Jan-U. Sandal Institute, Finstadjordet, Norway<\/p>\n
ORCID ID:<\/strong> 0000-0001-6181-0611<\/a>
\ne-mail: <\/strong>provost@janusandal.no<\/a><\/p>\n
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Statistical Marketing Efficiency in a Complex of Behavioral Economics and Marketing<\/strong><\/h2>\n
\u00a0\u00a0<\/strong><\/p>\n
Abstract. Introduction<\/strong>. Behavioral economics is an essential tool for understanding and predicting the behavior of consumers and organizations and can be used to support the development of innovative marketing strategies. This article examines the role of behavioral economics in marketing and explores the concept of statistical marketing efficiency (SME) to measure marketing campaigns’ effectiveness. By analyzing the behavior of consumers and organizations and using techniques such as \u201cSME\u201d, marketers can better understand the factors that influence purchasing decisions and create more effective marketing strategies.<\/p>\n
Purpose. <\/strong>The article generalizes the theoretical and practical aspects of behavioral economics in the modern world, marketing activities. This study developed marketing tools for evaluating marketing activities.<\/p>\n
Results.<\/strong> This research has examined the impact of various factors on consumer behavior and the effectiveness of different marketing strategies in different market segments. We have also explored the relationship between behavioral economics and marketing efficiency and the importance of considering consumer behavior when developing marketing campaigns. Our analysis has demonstrated the value of using statistical techniques such as \u201cSME\u201d to measure the effectiveness of marketing efforts. Overall, our findings highlight the importance of considering consumer behavior in marketing and the value of using behavioral economics and statistical analysis to support the development of effective marketing strategies.<\/p>\n
Conclusions.<\/strong> The scientific novelty of the obtained results lies in the justification of the theoretical and practical foundations of forming an effective tool for determining the effectiveness of marketing activities, namely:<\/p>\n
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The concept of behavioral economics as a component of marketing was defined and clarified.<\/li>\n
A methodology was developed for evaluating the effectiveness of marketing activities.<\/li>\n<\/ol>\n
Keywords:<\/strong> behavioral economics; marketing; innovation; statistical marketing efficiency; marketing strategies.<\/p>\n
References:<\/strong><\/p>\n
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Simon, H. A. (1957). Models of Man, Social and Rational: Mathematical Essays on Rational Human Behavior in Society Setting. New York, NY : Wiley [in English].<\/li>\n
Simon, H. A. (1997). Models of bounded rationality: Empirically grounded economic reason (Vol. 3). MIT press [in English].<\/li>\n
Simon, H. A. (1947). Administrative Behavior : A Study of Decision-Making Processes in Administrative Organization. New York : Macmillan [in English].<\/li>\n
Thaler, R. H., Sunstein, C. R., & Balz, J. P. (2013). Choice architecture. In E. Shafir (Ed.), The behavioral foundations of public policy (pp. 428-439). Princeton, NJ: Princeton University Press [in English].<\/li>\n
Thaler, Richard, H., & Cass, R. Sunstein. 2003. \u201cLibertarian Paternalism.\u201d American Economic Review, 93 (2): 175-179. doi: 10.1257\/000282803321947001 [in English].<\/li>\n
Thaler, R. H., & Sunstein, C. R. Nudge: Improving decisions about health, wealth, and happiness [in English].<\/li>\n
Tversky, A, & Kahneman, D. Advances in prospect theory: Cumulative representation of uncertainty. J Risk Uncertain. 1992;5: 297\u2013323. doi: 10.1007\/BF00122574 [in English].<\/li>\n
Tversky, A., & Kahneman, D. (1985). The framing of decisions and the psychology of choice. In Behavioral decision making (pp. 25-41). Springer, Boston, MA. [in English].<\/li>\n
Sutherland, R. (2019). Alchemy: The Surprising Power of Ideas That Don\u2019t Make Sense. London: WH Allen [in English].<\/li>\n
N\u00f8rretranders, T. (1991). The user illusion: Cutting consciousness down to size. Viking [in English].<\/li>\n<\/ol>\n
[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 11 April 2023<\/p>\n
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Riabchenko I. (2023). Statistical marketing efficiency in a complex of behavioral economics and marketing. Modern Economics, 38(2023), 139-143. DOI: https:\/\/doi.org\/10.31521\/modecon.V38(2023)-21.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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[vc_row][vc_column][vc_column_text] JEL Classification: D90; M21 DOI: https:\/\/doi.org\/10.31521\/modecon.V38(2023)-21 [\/vc_column_text][vc_column_text]Riabchenko, I., Affiliated Honorary Research Fellow, Fil. Dr. Jan-U. Sandal Institute, Finstadjordet, Norway ORCID ID: 0000-0001-6181-0611 e-mail: provost@janusandal.no Statistical Marketing Efficiency in a Complex of Behavioral Economics and Marketing \u00a0\u00a0 Abstract. Introduction. Behavioral economics is an essential tool for understanding and predicting the behavior of consumers and
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