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A behavioural economics approach to understanding the marketing behaviour of Ghanaian telecommunication companies
Although studies have been done within marketing that discuss the behaviour of consumers that are both rational and irrational, application of behavioral economics biases to consumer behavior in developing countries may be rare but more common in the context of the developed world (Guhl et al, 2017). Ho, Lim and Camerer (2006) found that despite the fact that economics and psychology have historically been essential in the study of human behaviour, there has been no study that documents empirical findings specifically for this field (Guhl et al, 2017). Few studies, at least in the Ghanaian context have investigated the interrelationships and differences between the principles of marketing and behavioral economics biases in terms of how they explain consumer behavior. Additionally, standard economics and behavioural economics are often pitted against each other in discussions as opposed to being studied comparatively. Marketers and Economists could both benefit from infusing more behavioral economics concepts into their fields. This study sought to identify the key factors that affect marketing strategies of Ghanaian Telecommunication companies and identify whether they are more in line with the statutes of standard economics or behavioural economics. The study also provides more theory of behavioural economics for marketers to incorporate while showing that economists can also benefit from following developments in marketing. Findings from previous studies were used in this study. Guhl et al used Della Vigna’s classification of behavioural biases and marketing concepts and this was the foundation of this study. relevant examples from market research and marketing lab experiments to arrive at conclusions of human behaviour and how consumers and firms interact. The findings are significant because they provide more theory for marketers to use, as well as showing that the biases identified in marketing are the same as the ones in economics and addressing the issues together can help both parties to enrich their fields.
Undergraduate thesis submitted to the Department of Business Administration, Ashesi University, in partial fulfillment of Bachelor of Science degree in Business Administration, April 2019
Ghana, marketing, telecommunications, consumer behaviour, behavioural economics, Vodafone, MTN