Name: James

Outline Article

Ms. Erica

Date: 12/07/2023

Tile: The similarity between Business and Psychology

Hook: The best way to increase profit for the enterprise always focuses on demographic,

psychological of the customer, smart companies realized how consumer essential to their

business.

Background information: Psychological is a common subject in university all the class required

research this subject especially business major requires to understand lifestyle of customers to

bring high value for services and individually.

Thesis: Understanding psychological principles is the first step to study business including:

consumer behaviors, decision making processes, impact on Entrepreneurship.

Topic 1: The impact of Entrepreneurships (sources the lean starts up by Eric Ries)

A: Impact Entrepreneurs’ personalities

1: Risk Responsibilities

2 Resilience and perseverance

B Motivation, set goals

1 Organizational, district
 2 Intrinsic, extrinsic motivation

Topic 2: Consumer behavior ( Smith, John A’’ Exploring the impact of Brand Loyalty on

Consumer Behavior’’ Journal of Consumer Research, vol. 42, no. 3, 2015, pp. 567-589.

www.jcr.org/article/67890

A Lifestyle when customer buys, role of consumer.

1) The reputation of the brand for customer

2) Cognitive biases affect their choice.

B The relationship with customer

1 Building good relationships with customer by discounting, asking….

2 Solving problems with great attitude.

Topic 3: Decision Making Processes Smith, John A. "The Art of Strategic Decision-Making."

Harvard Business Review, 15 July 2020, https://hbr.org/2020/07/the-art-of-strategic-decision-

making

A The Psychology of planning in Business

1 Risk perception

Decision making is based on behavioral biases.

B Behavioral economics in the context of nudging

1 Creating decision framework for business.

 2 How social affect

Conclusion

A summary 3 keys idea: consumer behavior, affect businessman personalities, decision making

progress

Retake thesis: The essential of psychology to the business world and how affect the whole firm

in words tools bring high value.