Application of behavioral economics principles for marketing purposes in international companies

Sezen Kutluay

Master's thesis

Abstract:

Although behavioural economics principles have been applied for marketing purposes over the years, a more methodical approach to use them can reveal tremendous benefits. The master’s thesis is conducted with the aim to analyze the application of behavioural economics principles for marketing purposes in international companies and provide suggestions on how behavioral economics principles can be applied to metaverse marketing. Qualitative benchmarking analysis as well as expert interviews have been combined to reach the goal of the research. The result of the study shows that the current focus of companies in the metaverse is creating a brand image. However, making a profit will be their main goal in the long run. Considering how current users of the metaverse are enthusiastic about the metaverse's adoption to everyday activities, it is important to understand how behavioral economics principles can be used in the metaverse for marketing purposes systematically to help achieving companies’ goals. The findings of this thesis may help marketers to comprehend the potential usage of behavioral economics principles in the metaverse.

Abstract:

Although behavioural economics principles have been applied for marketing purposes over the years, a more methodical approach to use them can reveal tremendous benefits. The master’s thesis is conducted with the aim to analyze the application of behavioural economics principles for marketing purposes in international companies and provide suggestions on how behavioral economics principles can be applied to metaverse marketing. Qualitative benchmarking analysis as well as expert interviews have been combined to reach the goal of the research. The result of the study shows that the current focus of companies in the metaverse is creating a brand image. However, making a profit will be their main goal in the long run. Considering how current users of the metaverse are enthusiastic about the metaverse's adoption to everyday activities, it is important to understand how behavioral economics principles can be used in the metaverse for marketing purposes systematically to help achieving companies’ goals. The findings of this thesis may help marketers to comprehend the potential usage of behavioral economics principles in the metaverse.

Keywords

Behaviour economics principles, metaverse, consumer behaviour, metaverse marketing, marketing

Keywords

Behaviour economics principles, metaverse, consumer behaviour, metaverse marketing, marketing

Language used: English

Date on which the thesis was submitted / produced: 15. 5. 2023

Thesis defence

• Date of defence: 7. 6. 2023
• Supervisor: Martin Machek
• Reader: Daniela Kolouchová

Vysoká škola ekonomická v Praze

Master programme:
Management