Decoded by Phil Barden

Author:Phil Barden
Language: eng
Format: epub, mobi
Publisher: Wiley
Published: 2013-02-17T16:00:00+00:00

Incremental innovations with huge impact

In marketing, we are constantly searching for possibilities to gain a competitive edge over the competition by developing new products and new product features and improving product quality. And of course this is necessary. However, what we just saw illustrates that there is a big opportunity to gain competitive edge by improving the decision interface through changing small things at low cost. The impact can be highly disproportionate to the investment required. In the report by the UK Institute for Government and the Cabinet office on their behavioural economics approach to policy making, the authors write:

Approaches based on ‘changing contexts’ – the environment within which we make decisions and respond to cues – have the potential to bring about significant changes in behaviour at relatively low cost. Shaping policy more closely around our in-built responses to the world offers a potentially powerful way to improve individual well-being and social welfare.

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