Business Psychology Course: Introduction

Overview

Scope of Business Psychology

1. Resource Exchange

   • How people exchange resources (e.g., selling a car, buying lunch)
   • Economists vs. emerging behavioral research insights

2. Organizational Success

   • Insights for strategic and operational decision-making
   • Importance of understanding employees, customers, and stakeholders

3. Individual Improvement

   • Self-improvement, job satisfaction, work efficiency

Resource Exchange

• Market Environment

  • Forum for buyers and sellers
  • Differences in market rules (e.g., eBay vs. supermarket)
  • Some exchanges outside market (e.g., charity)

• Neoclassical Economics

  • Assumptions on resource exchange
    1. Rational and stable preferences
    2. Utility maximization
    3. Full information and independent actions

• Behavioral Research

  • Critique of neoclassical assumptions
  • Exploring real decision-making processes
    • Decision rules, price estimates, altruism vs. self-motivation
    • Influence of institutions, ethics, and risk/uncertainty

Organizational Success

• Focus on Commercial Business

  • Maximizing sales and profit

• Human Behavioral Insights for Managers

  • Marketing and sales strategies
  • Psychological and behavioral responses of employees and customers
  • Influence of environment and situational context

• Key Topics

  • Leadership, strategic development, risk mitigation, organizational culture
  • Best practice policies, staff incentives, recruitment of talent

Individual Success in Workplace

• Requirements for High Performance and Satisfaction
  • Personal motivation, growth, learning
  • Lateral thinking, trust, networking skills
  • Understanding risk and uncertainty, negotiation skills, politics management
  • Customer service and business intelligence

Next Video

• Key business psychology researchers

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