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Unit of study_

MKTG6104: Psychology of Marketing Decisions

Given limitations in their ability to process information, humans adopt a variety of heuristics or "rules of thumb" when making judgements or decisions regarding business problems, product choice and consumption options, and in their personal lives. The evolution of these heuristics over time has ensured that they produce generally good outcomes across a variety of contexts. However, they also lead to systematic, and sometimes substantial, errors in certain cases. This unit of study helps students understand biases in human decision making, and how they influence business and consumer decisions in everyday life. For each decision domain, the psychological heuristic is contrasted with the logical rule for producing an optimal outcome.

Code MKTG6104
Academic unit Marketing
Credit points 6

At the completion of this unit, you should be able to:

  • LO1. critically evaluate theories, concepts and arguments in marketing, psychology and economics and apply such theories and evaluations to related decisions
  • LO2. analyse the impact of psychological factors on decisions and then evaluate strategies or tools to counteract such influences
  • LO3. research and analyse decisions made by you and others in real world contexts, and use these insights to communicate how such decisions were impacted by unit theories and concepts
  • LO4. evaluate and use information effectively, demonstrating a capacity to integrate and synthesise relevant information in a coherent manner.