Psychology of Money and Consumer Behavior

About

"Money isn’t everything: usually it isn’t enough." [Anon.]
Despite the fact that business is all about money, the psychology of money is one of the most neglected topics in the whole world of business education.
The purpose of this course is to provide a comprehensive perspective on money, what it means to people, and how it is perceived when different aspects of everyday life are taken into consideration. From money and currency perception, through price interpretation, up to psychological dilemmas of financial motivators – this course will provide students with an overview of psychology of money-related concepts. It will be supplemented with consumer behavior package that will help students to identify consumers’ needs and values. Moreover, they will get familiar with CB tools (i.e. Needscope). Students will also be able to evaluate consumers’ decision-making processes and learn how companies can benefit from knowing their customers better.

Course leader

Marcin Matyja, visiting professor from Kozminski University (Poland).

Target group

Undergraduate / Graduate students. Young professionals welcome.

Course aim

The course is designed to provide real-life examples and practical applications of psychology of money and consumer behavior theories in a highly interactive setting. A combination of case studies, workshops, role-plays and team activities will be used to make the learning experience stimulating and challenging, yet – at the same time – interesting and enjoyable.

After taking the course, students will be able to:
• Analyze and interpret money perception represented by individuals
• Evaluate how perception of currency determines financial decisions
• Predict people’s financial decisions by applying theories and tools discussed in class
• Analyze how different pricing policies influence consumers’ decisions
• Evaluate financial motivators and choose optimal solutions in different business settings
• Analyze consumer decisions made to show status and social power
• Identify areas where consumers are not sensitive to prices and understand its consequences
• Identify marketing tricks that make people spend more while shopping
• Understand the relationship between consumer behavior and customer value, satisfaction, trust, and retention
• Understand how culture sets standards for what satisfies consumers’ needs

Fee info

Tuition fees include participation to courses and exams, as well as access to Audencia premises and online resources. Travel, accommodation and living expenses are not included in tuition.