Consumer Behavior Assignment

853 words - 4 pages

Consumer Behavior and PsychologyConsumer Behavior and PsychologyName: Jonathan LopezPSY/322Sept 17, 2012ML AmentConsumer Behavior and PsychologyConsumer psychology describes when, how, why people decide on purchasing a product. It is described as the branch of psychology concerned with market behavior and trends of consumers. The main part is being played by the marketing psychologists who examine the preferences, habits and needs of the consumer that make them go or not go for a particular product. The information is being used by the marketing agencies to make to formulate a product that appeal to the needs of the people which helps in producing effective advertisements campaigns. It ...view middle of the document...

Consumer psychology works on the concept that whenever a consumer faces a problem, he/she goes through an internal and external search. They use personal sources such as friends, family and online research for suggestions. Communication and public sources such as news, advertisements, newspapers and also personal experience help formulate a particular purchase of a product. T Personal experiences and the relationship between customer/supplier plays the most significant in whether a consumer makes a decision related to the purchase of a product or rendering of a service. The main psychological process that is associated with information search is perception. Insight of a product is derived from the image or impression of a particular product and it plays a significant role while a consumer thinks of making a decision. It is the way a consumer interprets information to create a decision of how the world will view that individual, and consumer plays an important role while he/she thinks of choosing a product for personal use. This trend of consumers provides useful information for the researchers to find out the behaviors and trends followed by the consumers and form the relevant strategies in order to suggest to the businesses on making a product that ultimately becomes mainstream for all consumers.Therefore; the analysis of the psychological trends and behaviors of consumers, and the planning of marketing strategies is directly linked to the psychology of all individuals look...

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