The purpose of this course is to inform future managers and consultants of customers’ decision rules and their associated biases and to enable these future managers and consultants to incorporate such insights in their business and marketing strategies. The seminar has two facets. First, it gives students a broad overview of important results from various behavioral sciences (e.g., behavioral economics, behavioral decision research, social and cognitive psychology, consumer research) that clarify how managers and customers make choices. Second, it investigates how these results can be leveraged to design original and more effective marketing and business strategies, and how to design organizations that are more effective. This can be a significant source of competitive advantage, because they are unknown to most managers and are not taught in most MBA programs.
Eric Schoenberg was a Columbia Business School faculty member from 2007 to 2013.