CONSUMER PSYCHOLOGY

Consumer psychology tells us the mode in which people relate themselves to the stuff which they use in their day to day life (i.e. every day). It also predicts the system in which a consumer will make his/her decision.

A Consumer psychologist studies the method on how the individual behaves when he/she decides to buy a particular product. The study of when, why, how, and where people do or do not buy products.

The consumer psychology is prejudiced by advertising, marketing, economics, social, anthropology, social psychology and cognitive psychology.

Consumerism plays a vital aspect in business and marketing. It has both positive and negative aspects, as consumerism might be a culture of belongings and exaltation of materialism. The consumerism is in relation to the individuals or groups on how they choose or buy or set out products and services so that they satisfy their requirements of utilization.

The psychology of consumerism could be considered from two different aspects

Marketing Aspect: Consumers buy the things which they need and which they feel is necessary for them or being interested in some of the products and their services. Some of the products seem to be more significant, necessary or gorgeous to consumers and they tend to have certain value which makes the companies easier to sell these products.

The companies know the needs of the consumer all the way through surveys and they develop innovative products to catch the attention of the consumers. Once the products are developed, the brand name and advertisements helps to provide a relationship between products and companies. When customers are more familiarized with this association between brand name and the features of the product, they are more likely interested to get the product.

Behavioral Aspect: There could be quite a lot of reasons for buying which arises from social, personal, emotional and financial needs in which some of these requirements are healthy and optimistic and in reality essential to our daily life.

The study of consumerism helps us to be aware and distinguish not only the needs of the consumer but also how these needs are created or fulfilled. It also tells us the manners and attitudes of consumers towards products and the business directions or accomplishments to understand marketing from a behavioral perspective.

Questions

• Who was the first consumer psychologist?