Project on Consumer Psychology
Added on 2020-07-23
15 Pages4947 Words45 Views
Consumer Psychology
Table of ContentsINTRODUCTION...........................................................................................................................1SECTION 1......................................................................................................................................11. Range of purchase situation....................................................................................................1SECTION 2......................................................................................................................................42. Purchasing Situations..............................................................................................................43. a) Discussing the two situations related to the Physiological factors.....................................53 b) Demographic factors............................................................................................................7SECTION 3 .....................................................................................................................................84 Decision making process..........................................................................................................8CONCLUSION .............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONConsumer psychology is defined as the study for identifying the reason for purchase ofproducts and services by consumers. Consumer psychology includes the way shopper orconsumer decide to purchase certain goods ignoring the rule. It is more concerned withexamining the way customers react to advertising campaign. Consumer behaviour is defines asthe selection, purchase and consumption of goods as well as services by individual forsatisfaction of wants. It is very essential for marketing manager in organisation to developunderstanding about consumer as this activity will help business entity in increase sales volumeand profitability. This activity will also enable enterprise to identify the customer need anddevelop as well as maintain healthy relationship with clients. The knowledge about the consumerbehaviour assist marketing manager in formulating effective marketing strategies and predictingor analysing the future trend.The report has focus on analysing the decision making process and identifying the factorthat motivate people to buy particular good or service. In present research, has facilitatedinvestigation to determine underlying cognitive procedure that defines the choice of customersand the manner they provide response to influence of marketing. The project on consumerpsychology also emphasizes on determining the way external environmental factors influence orimpact consumer decision making process.SECTION 11. Range of purchase situation.When the consumer have to make selection among the two or more products or servicesthe various elements that a been considered by consumers includes various aspects of brand suchas brand awareness, brand identity perception, organisational performance etc. The other factorsthat attract consumer to buy particular product or services include product placement, packagingetc. External macro environmental variables that influence shopper buying decision areDemographic, Economic, Situational, social and technological forces.Mood is the important as well as temporary element that impact spending pattern. Assome people may enjoy purchasing goods and services. It may be fun for some individual. Asour mood is the variable that can spoil the customer desire to buy particular item. Economicelements has great influence on the buying decision of the consumer. It has been analysed thateconomic Crisis in the country has great impact on the spending by client. Economical factor1
such as economic crisis, income of individual, inflation also have great influence on consumerbuying behaviour. The organisation is required to introduce mid price or wide range of productsas this will assist firm in attracting more number of consumers. Due economic factors it has beenanalysed that due to increase in prices of goods or services there is decrease in rate of client thatfacilitated the shopping for entertainment. It has been analysed that glum mood of consumer isalso beneficial for organisation. The various elements such as sales, discounts and offers, festivalor celebration mood attract or encourage people to facilitate shopping of clothes and otheracesosaries.Personal factors that affect consumer buying decision of behaviour includes Personalityas well as Self concept, Gender, age, stage of life, lifestyle etc. Personality is the thing thatdefines the individual dispositions that help person in differentiating themselves from other andencourage them to develop unique characteristics. The big five personality attributes areopenness that describes the intention of people to gain experiences. It also includesconscientiousness the level of diligence that individual posses, extraversion, agreeableness thatindicates the way individual get agree with other person or influenced by other, Neuroticism isdefined the way individual is prone to negative mental state (Oyserman and Schwarz, 2017) Environmental variables may be beneficial for the firm or retail store that are sellingseasonal products such as umbrella during rainy season, Due to this element the company mayhas to face customer complain regarding the quality and late delivery of the products andservices. The business unit may face challenge regarding the delivery of goods or services atcertain places. In order to deal with these environmental factors by offering attractive or specialor innovative products. The other method that will help business entity in attracting more numberof customer is using online platform for selling goods and services.Crowding is the another elements that has great influence or impact on consumer buyingbehaviour. Some approaches have demonstrated that customer feel comfortable shopping in theretail store which is less crowded. Client appreciates the organisation that takes efforts to preventovercrowding in their retail stores. While it also have been identified that overcrowding isanother factors that may also attract consumer to buy product or services that has been purchasedby other people. In other words the overcrowding may also have positive effect on customerbehaviour. This process is also known as herd behaviour. Due to the overcrowding in the store2
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