The Psychology of Marketing

The Psychology of Marketing Essay example
Undergraduate
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Marketing
Pages 8 (2008 words)
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The Psychology of Marketing Valued Material Possessions The concept of valued material possession is significant from view point of marketers. Marketers need to understand concept of value possession in order to analyze consumer behaviour and decide marketing strategy on the basis of analysis…

Introduction

Value possession can be judged on the ground of materialism and personal trait. Customers prefer value possessions are not always status seeker because sometimes they purchase valuable product to show self image to external world. Researchers have pointed out that customers do valued material possession to show adjusted and refined self image (perceived self image of customer which might differ from real self assessment of the person). Sometimes customer purchase valued product in order to imitate other person’s purchasing habit. Many of the time it has been observed that purchasing valued item increases confidence level among customers. Opinion leaders also plays significant role to motivate customers to purchase valuable product. General trend shows that materialists have a tendency to purchase valuable item in bulk volume by spending huge amount of money on acquiring new items. These customers are lucrative target for marketers. Marketers decide unique business strategy to cater demand of high value customers. Why Valued? Value of a product is dependent on various factors such as brand name attached with the item, usability, social image and many others. Value of product can be analyzed in the following manner. Possession might help us to reflect personality we want to show cast to external world. ...
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