Behavioral Economics and Social Marketing are two different methods of behavioral interventions. Behavioral Economics is seen as utilizing inhabitants’ strategies that enable choices toward lauded behavior patterns without modifying participants’ attitudes. In contrast, Social Marketing is seen as a reliance on communication styles to alter individual people’s perceptions, thus leading to behavioral changes.
The concepts of Social Marketing and Behavioral Economics are founded on a limited grasp of both Social Marketing and Behavioral Economics. These restricted perspectives, in consequence, blind everyone to behavioral economics’ potential contribution to both behavior change and mindset development and hence to a more effective methodology for boosting pro-social activities.
Some fundamental facts about human decision-making have been found through behavioral economics. In turn, the body of knowledge and reputation accumulated by profession through time gave rise to distinct concepts for addressing critical public concerns and well-successful initiatives. However, behavioral economists have drawn substantially to other fields of human behavior study, such as social psychology. They appear to be productive in combining ideas and data in areas such as emotions, localization, dual systems, social rules, choice saturation, implementation intents, impartiality, mental representation, and the observable victim effect.
The application of marketing ideas and practices to achieve change in behavior is known as social marketing. Companies have never had access to such sophisticated information and communication technologies to communicate with customers, viewers, and collaborators. Furthermore, never before have end clients been required to interact so directly with businesses and with one another in order to describe and develop what they need. Marketing, in its most excellent form, is today seen as a social activity constituted of human social behaviors associated with the exchange of assets or commodities.
In practice, most people fail to maximize predicted utility and instead utilize simplified but incorrect decision-making processes to make healthy decisions when faced with a limited number of options. All of these are examples of behavioral failures that cannot be accommodated within the framework of macroeconomics. They are most noticeable when there is a temporal gap between the advantages and costs of decisions; there is a lack of decision recurrence and the inability to acquire knowledge; there is poor monitoring, and experiential accretion is detrimental.