Behavioral Economics in Consumer Decision-Making : Implications for Marketing Strategies

Lakshmi Sharma; Maya Kumari; Gopal Joshi

doi:10.55606/iceb.v2i1.484

Authors

Lakshmi Sharma Lumbini Buddhist University
Maya Kumari Lumbini Buddhist University
Gopal Joshi Lumbini Buddhist University

DOI:

https://doi.org/10.55606/iceb.v2i1.484

Keywords:

Behavioral Economics, Consumer Behavior, Marketing Strategies, Cognitive Biases, Digital Marketing

Abstract

This paper explores how insights from behavioral economics can influence consumer decision-making and improve marketing strategies. By analyzing cognitive biases such as loss aversion, anchoring, and social proof, the study highlights practical applications for pricing, promotions, and customer retention. The paper also provides a framework for integrating behavioral insights into digital marketing campaigns for increased engagement and conversion rates.

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