welcome to the business psychology Channel you've clicked on the first of a series of videos in this business psychology course so what is the scope of business psychology firstly business psychology examines how people exchange resources such as when we sell an old car or purchase our lunch economists are the most influential experts on resource exchange topics a body of Behavioral research is emerging however that is offering new and exciting insights secondly business psychology provides insights into how business entities can strategically achieve better outcomes in business organizations managers are tasked with the responsibility of making key strategic and operational decisions the most successful organizations are usually led by managers who understand employees customers and other key stakeholders thirdly business psychology provides insights at an individual level the key individual in the context of this video is you business psychology knowledge can help you in your work life achieve self-improvement and job satisfaction while also helping you become more effective and efficient so let's take a closer look at the resource exchange section of the course in modern times most resources are exchanged in a market environment a market environment is a forum that brings together the buyers and the sellers Market environments have existed as long as humans have traded although markets have become increasingly more sophisticated and diverse different markets operate based upon different rules of exchange for example there are differences between the rules of how goods are exchanged on eBay and at your local supermarket the economy is made up of all the market exchanges plus depending on your definition some exchanges occur outside the market for example there is no market for charity but the act of gifting money or a good to another party is a resource exchange trans action with the Advent of powerful computers sophisticated statistics and plentiful data neoclassical economists have become very influential in the policy and business realm neoclassical economists have outlined three key assumptions of how people make resource exchange decisions firstly they assume that people have stable and rational preferences that is we know what we want and we don't regularly change our minds the second assumption is that people Max imiz utility that is we seek out what's best for us thirdly it's assumed that people act independently with full information that is we know everything there is to know when selling or making a purchase in the 1970s behaviorally orientated researchers including psychologists decision-making theorists and behavioral economists began reviewing neoclassical behavioral assumptions it has been established that neoclassical assumptions do not accurately describe how individuals make resource exchange decisions behavioral researchers are now focusing on learning more about how people do make resource exchange decisions a broad array of topics are currently being explored by these researchers including the decision rules that people use in resource exchange and the context when such rules bring about good outcomes how people generate price estimates whether humans are alteristic or ultimately self-motivated the influence of Institution rules how ethics and wellview influence resource exchange decisions and how people respond under conditions of risk and uncertainty this business psychology course will present key behavioral research findings about how people do make resource exchange decisions and will explore the business related consequences secondly the business psychology course will examine psychological factors that underpin business entity success the focus will be on Commercial Business that provide a service or sell a product with the goal of maximizing sales and Profit the goal of this section of the course is to describe Key Human behavioral insights that can be strategically used by managers to achieve organizational commercial goals this business psychology course will have a particular focus on the interaction between business practices the psychological and behavioral responses of employees and the psychological and behavioral responses of customers and other key stakeholders a series of videos will be dedicated to reviewing the psychological processes underpinning marketing and sales the course will explore how marketing and sales can be influenced by the surrounding environment and situational context the course will also explore how marketing and sales can be influenced by basic human needs and drivers our goals and motivations our emotions and also our cognitions the business psychology course will also O review strategic and operational factors that increase the likelihood of organizational success topics that will be explored include leadership strategic development risk mitigation organizational culture the design and implementation of best practice policies staff incentives and the recruitment of talent the third section of the course will look at the individual individual success and workplace satisfaction requires competency among several dimensions for example high performance and satisfaction in the workplace is associated with personal motivation constant personal growth and learning and the avoidance of mental stagnation an ability to think laterally an ability to engender trust from others networking skills an ability to understand risk and uncertainty negotiation skills an ability to manage politics customer service skills and high levels of business intelligence this is the end of this introductory video the next video will outline who are some of the key business psychology researchers if you're interested in this business psychology course please subscribe to this channel