Consumer Psychology

Posted by daniellewatson on January 5th, 2021

Consumer psychology refers to an area of specialization that studies how thoughts, feelings, beliefs and perceptions of an individual influence the buying decisions of consumers as well as determine their relation to goods and services. A formal definition of consumer psychology states that it is the study organizations, groups as well as individuals and the procedure that they use to choose, secure, make use and dispose of services, products and experiences, or sometimes ideas in order to satisfy their needs as well as the impacts that such processes have on society and consumers. As such, consumer psychology determines the buying decisions as well as buying trends of consumers. It guides them on what purchases to make that suit their specific tastes and preferences. Therefore, marketers should strive to understand the psychology of consumers in order to determine their market strategies as well as marketing mix elements that would enable them attract new customers as well as retain existing ones as loyal consumers of the brand.

Apart from consumer behaviour affecting the buying decisions of customers, social factors also influence decision making among consumers. Social factors refer to the external environmental issues that influence the trends of consumption of most consumers. For instance, there are particular groups of consumers who entirely depend on social factors in making their purchasing decision. Some of these social factors could be religion, culture, traditions, as well as beliefs and addiction. A person who is an addict to a particular product will consume a significant amount of it on a regular basis so that to satisfy his or her desires. A perfect example of how social factors affect consumer decision-making is the case of drug addicts, especially alcoholics. An alcoholic will budget a huge amount of his or her income for alcohol alongside other alcohol related products.

Apart from addiction, other social factors that usually influence buying decisions include religious beliefs and practices. Some religions demand from their believers or followers to consume a particular type of product, or use specific kinds of products and services. Some even go as far as forbidding their followers to use particular products or services. For instance, a certain religion by the name Yahweh believes that God Almighty has the power to protect and heal all His Children. As such, any member of the religion who falls sick does not need to seek medical attention but seeks divine healing from God through prayers and fasting. This religion forbids its followers to take its sick relatives and family members to hospitals for treatment, or even buy them drugs to use while at home to cure their illnesses. This absurd decision led to massive losses of precious lives.

Consumer buying decisions depend on a number of factors. The five main factors that influence the buying decisions of consumers include consumers level of income. Consumers who have a higher level of income tend to spend extravagantly as compared to those who have a lower income. The social status or social class that the consumer belongs to influences consumers buying decisions, for example, the rich prefer luxurious and expensive products. The necessity of the products that they have to buy also influences buying decisions, such as basic products, or addictive products, or luxury products. Social trends and peer groups also influence decision making among consumers. People want to belong to certain social groups, and as such would tend to consume in a similar manner as the social group they belong to. Finally, the quality of the product affects consumer buying behaviors.

Danielle Watson is a talented writer at https://mid-terms.com/buy-art-essay. She likes to depict her thoughts on paper.