Marketing and Consumer Psychology Essay

2681 Words Apr 11th, 2012 11 Pages
MARKETING AND CONSUMER PSYCHOLOGY
INTRODUCTION
Consumers referred to all those individuals who buy products and services either for themselves or on behalf of their households. They can be either users of products or services, or responsible for the welfare and wellbeing of those who use them. Consumers buy products or services in order to meet the physical demands of life, apart from using, purchases to indicate their roles in the society, to express their personalities, communicate their attitudes and opinions, stress on the values held by them and also to demonstrate their wealth. This means that the products and services purchased by consumers not only satisfy their physiological needs but also their psychological and sociological
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Gaining a through, in-depth consumer understanding helps to ensure that the right products are marketed to the right consumers in the right way. Consumer Psychology is about understanding why and how individuals and groups engage in consumer activities, as well as how they are affected by them. A large part of this aspect is focused on the cognitive processes and behaviour, involved when people purchase and use products and services. Without knowing how people process information and how they subsequently act, it would be difficult to explain consumer behaviour. Consumer Psychology is an interdisciplinary subject area and it combines theories and research methods from Psychology, Marketing, Advertising, Economics, Sociology and Anthropology. There are many areas of specialization and they have been rapidly growing. When learning about Consumer Psychology, it is important to establish a broad understanding of why consumers behave and think the way they do. The study of consumers helps the organisations to improve their marketing strategies by understanding issues such as:- * The psychology of how consumers think, feel, reason, and select between different alternatives (e.g., brands, products, and retailers); * The psychology of how the consumer is influenced by his or her environment (e.g., culture, family,

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