Organizations can significantly enhance their overall performance by strategically applying behavioral economic principles, focusing on understanding and influencing human behavior within and outside the organization . This approach integrates insights from psychology and economics to optimize various aspects of business operations, from consumer engagement to employee productivity .
My view argues that organizations must adapt their strategies to economic environment changes to avoid losing customers . My view posits that successful organizational strategy can solve various challenges, such as increasing costs, staff shortages, or declining customer numbers . By applying economic theories, businesses can identify their weaknesses and implement suitable strategies . This involves predicting potential challenges and proactively developing effective solutions to prevent organizational failures ]. For instance, understanding how economic changes influence consumer behavior from a behavioral economic perspective allows organizations to make accurate analyses and strategic adjustments
Sorry we are currently not available in your region. Alternatively you can purchase from our partners
Write your review for this book (optional)
Review Deleted
Your review has been deleted and won’t appear on the book anymore.Sorry we are currently not available in your region. Alternatively you can purchase from our partners
John Lok
I an author with a background in behavioral economics and education from Commonwealth Open University, frequently explores the intersection of psychology and economic decision-making in his writings . My books and research often focus on how organizations can apply behavioral economic theories to manage and improve their performance, particularly in response to changing economic environments and consumer behavior .
