In the paper “Consumer Psychology and Buying Behaviour” the author analyzes the marketing model that is most used by marketers. The first part of this model entails a description of a population of ‘consumers’ who individual choose to buy various competing brands…
On the other hand, the marketers need to incorporate their understanding in the involvement principle into the marketing campaigns in order to assist the consumer in their buying decision behavior. The marketing model that is most used by marketers has two distinctive parts. The first part entails a description of a population of ‘consumers’ who individual choose to buy various competing brands over and over again. The second one entails brand management especially when changing the attributes of a brand like the price, or quality in response to events in the marketplace. Several factors have been said to influence marketing. Once a company has carried out efficient marketing research, it is important to ensure that it introduces the approved product and/or service for the market. Location or place is an imperative aspect of marketing where products and or services are distributed. Marketing also entails promotion of products by given companies. It is used to inform customers about the new product that the company intends to bring into the market. The market must be dominated by the element of value for products and services. Most potential consumers tend to buy products or services sold at low prices. Loyalty denotes the likeliness of some consumers to stick to the same products. This serves as the key effect and determinism in the market. Psychology entails how and in what ways aspects of the actual products and /or services in the market influences people to make their choices, by possibly buying a product that is different from the previous one. Sociology entails the manner in which one person‘s buying is influenced by that of others. In essence, there is the tendency of people willing to buy the same brands as others leading to a lock in one product that dominates the market without even considering the fact that the competitors have more or less identical ‘qualities’ that may include price. Introduction Marketing is the selling of products and services to potential clients in a given environment at a given time. It basically entails the potential clients that are available and how to handle them. Hence, customer psychology and buying behaviour is necessary in any marketing plan because, clients are the most important elements in growth of businesses. Without marketing, potential customers are not able to learn about the existence of products and services they miss, and this leads to lack of success in business (Kinley et al 2010). Essentially, the large part of the marketing focuses on consumer behavior. Thus, application of psychology acts as a paradigmatic influence in explaining human behavior in terms of consumer perceptions and preferences of certain products and services. On the other hand, the marketers need to incorporate their understanding in the involvement principle into the marketing campaigns in order to assist the consumer in their buying decision behavior. In marketing, most consumer products are designed in the manner that appeals to the customers, encouraging them to buy. Thus, industrial and manufacturer tend to focus more on understanding and manipulating products attributes (Kinley et al 2010). Nether the less, buying behavior is not a function product but also a function of the consumer, the social environment of other customers, the competing products in the marketplace, and the brand marketing strategy. Hence, it is important to first understand the psychology of the consumers, and the sociology of consumer groups or networks. The marketing model that is most used by marketers has two distinctive parts. ...
Cite this document
(“Consumer Psychology and Buying Behaviour Essay Example | Topics and Well Written Essays - 2250 words”, n.d.)
Retrieved from https://studentshare.net/marketing/78082-you-are-a-marketing-consultants-specialising-in
(Consumer Psychology and Buying Behaviour Essay Example | Topics and Well Written Essays - 2250 Words)
“Consumer Psychology and Buying Behaviour Essay Example | Topics and Well Written Essays - 2250 Words”, n.d. https://studentshare.net/marketing/78082-you-are-a-marketing-consultants-specialising-in.
Literature Review on Consumer Buying Behaviour. Consumer choice goes further than the simple fact of buying commodities; consumers use it to construct identities and associations. Consumption has to be considered within its communal background, focusing on conventional standards, practices and regulations, which shape the way by which goods are utilized by consumers to signify the self and describe social associations.
This helps to amplify the potential gains from the market in the form of increased sales and market share. Studies have shown that there are mainly four different factors that are involved in consumers’ buying decisions. These include cultural factors, social factors, personal factors and psychology factors.
The various methods, which they use in selecting and securing the disposal of ideas, experiences, services, and products. In addition, the various impacts these processes have on society and consumers.
According to the report thee psychological factors are further classified into an individuals, motivation, expectations and past experience, attitudes and beliefs, as well as their perception. Consumer psychology has recently attracted a lot of attention in both theory and practice of marketing due to its importance.
From this research, it is clear that the world in which we live is moving towards globalization. Competition among the organizations is ever increasing in the ever-changing environment that we live in. Companies, in order to gain greater market share, must concentrate on the cultural factors that are prevalent in the target market.
The first cars are bearing the Mercedes brand name got its first production in 1926 after Karl Benz and Daimlers’ companies merged. Mercedes Benz is the first brand to introduce cars with bulletproof windshield as well customised luxurious looks made mainly for
The author says that at times he feels that there is no need for purchasing branded products. This is because similar products are offered by other firms at reasonable prices. Brand not only ensures quality but even constitutes high prices. However certain experience annoys customers in context of purchasing a branded good or service.
11 Pages(2500 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic Consumer Psychology and Buying Behaviour for FREE!