Question

b) What role does consumer psychology play in bank runs? ___________________________________________________________________________________________________________________________________________________________________________

Answer 1

Answer:

As consumer phycology is the study of how or why people buy things or goods, it is a useful tool to seek what are the patterns that potential customers are likely to follow aiming to sell the bank services such as bank runs.

Explanation:

By using the influence of marketing, and external stimuli to convince possible clients to purchase, based on studies and their findings, which can help banks marketing executives to figure out how to sell the product or what is the most likely population to work on based on their preferences in order to offer different options to the costumers that can adapt to their needs.