Consumer behavior geeks rejoice! Draftfcb recently announced the opening of the Institute of Decision Making to study the rational, emotional, and instinctual factors that motivate consumer behavior. This thrills me to no end. In fact, I wish I could print out this article (found on NYTimes.com)!
The small team, lead by Matthew Willcox, director for strategic planning for the Draftfcb operations in San Francisco, will work in tandem with marketing and psychology professors at Stanford and the Haas School of Business at UC - Berkeley. When asked about the need for this Institute, Michael Fassnacht, global chief strategic officer at Draftfcb, gives this marvelous response:
You know why I love seeing articles like this in the mainstream media? Honestly, it's because then I don't sound so crazy for wanting to pursue doctoral studies examining how the Internet affects the way we process information and make purchasing (and health) decisions. I'm looking forward to seeing the work that comes from this Institute.
“Understanding the foundation of consumers’ behavior decisions has become more complex,” he added, as they “consume more information and make decisions faster” than before.
And the Internet enables consumers to be “in shopping and decision mode at the same time, 24/7,” Mr. Fassnacht said, which further complicates efforts to decipher their decision-making.
You can read the full article here.