Psychology in Business

| March 26, 2019

Introduction

There is growing recognition that a better understanding of psychological phenomena can assist organizations in becoming more efficient, more attractive, and ultimately more profitable. Just last Spring for example, Dan Price – CEO of a Seattle-based credit card company decided to raise the minimum salary in his firm to $70,000/year. The reason for doing so was based on findings from psychology and behavioral economics, showing that the positive connection between and income and personal happiness diminishes at roughly $70,000/year.  

In this assignment, you are assigned the role of ‘psychology’ consultant, and tasked with the objective of helping an organization optimize its profitability by utilizing psychological/neuroscientific phenomena. You will make an informed written ‘pitch’ to a CEO of a major company (see below) about how their company can be improved by utilizing 1-3 psychological/neuroscientific insights of your choice.

This is an exclusively individual assignment. While I encourage you to bounce ideas off one another and seek constructive feedback, the proposal must be 100% written by the individual. For more information on what constitutes plagiarism, please see page 10 of the student handbook

Format

Overall, your proposal should be 3-5 pages (single spaced) in length, and should be structured in the following ways:

  • Opening “Pitch” (1 paragraph).  This is a succinct, business “pitch”, intended for the CEO of the company you have chosen. Because CEOs have limited time and attention, you want to make this paragraph as succinct, salient, and compelling as possible. While you are free to utilize any approach to this, one efficient way of accomplishing these goals is to utilize the classic pitch structure from management consulting:

      – Overall recommendation (1-2 sentences) “Overall, I recommend X, because I have strong reason to believe this will boost overall profitability by Y etc. 

      – Evidence/Reason(s); (3-4 sentences) “This will increase profitability because X will have Y effect on revenues, and Z can help us to reduce costs etc.” 

      – Summary and reiteration of the initial recommendation (1-2 sentences) “For these reasons, I believe adopting X would be in the best interest of the company”

  • Explanation of the psychological/neuroscientific phenomena (3-4 paragraphs). Describe the phenomena in enough detail so that an individual without a psychology/neuroscience background could gain a basic understanding. To this end, you may find it helpful to connect the phenomena to daily activities which we can all relate to.
  • Explanation for why / how this would help optimize profitability (3-4 paragraphs). Describe how these phenomena can be applied to the organization, and the ways in which you envision them to have a positive impact.  This explanation should be sufficiently detailed, and should strive to be as quantitative as possible (e.g. this implementation can help boost revenues by 20%, which amounts to $350,000 each year).  
  • Citations (APA)

— 

Across these areas, you may find it useful to invoke neuroscientific explanations of psychological phenomena. Recent evidence suggests that explanations described via neuroscience can be more informative and compelling than psychological or behavioral explanations alone. See the link below for more information

http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2778755/ (Links to an external site.)Links to an external site.

Potential companies:

Your company must either be a publicly traded company, or a major privately owned company with a recent (2018) valuation of at least $20B (e.g. Uber, WeWork). If you would like to select a company or organization which does not meet this criteria, professor approval is required. 

Criteria

This assignment will be assessed based on three primary components: 1) How well the psychological phenomena was understood and explained, 2) How well the psychological phenomena was applied to the business environment, and 3) How feasible and compelling the proposal is, overall. While the primary weight of the assignment will be on the content of the proposal, the overall organization and clarity of the writing will be considered as well. Please see the assignment page on myCourses for a complete breakdown of the rubric.

Get a 5 % discount on an order above $ 150
Use the following coupon code :
2018DISC
Andrea Yates case
Philosophy assignment help

Category: Completed Assignments

Our Services:
Order a customized paper today!