Priyabrat Dash

Abstract

Innovation in products and services is seen by scholars, by specialized media in management, and by some managers as the main currency in modern economies. This is because it allows high average market profits, fame for innovators, or brand growth, for example. Through reality, however, most executives continue to treat creativity on their agendas as a secondary issue. This is due to the fact that experts in the industry cannot evaluate entities within and outside of their businesses. Without effectively addressing this point, innovative products cannot be developed systematically. However, this cycle calls for innovation to be achieved and needs compartmental improvement, but not generally necessary. In this sense, behavioral economics, by providing an approach that is similar to human reality, can contribute sufficiently in the form of an observational marketing tool and thus allow for a better understanding of the human actions in the innovation market process.

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