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Significance of Consumer Psychology in Strategic Marketing - Term Paper Example

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The goal of this paper "Significance of Consumer Psychology in Strategic Marketing" is to investigate what influences consumer behavior. The various factors influencing the customer’s purchase behavior and consumption pattern of a product would be discussed that are utilized to market a product…
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Significance of Consumer Psychology in Strategic Marketing
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Download file to see previous pages Users or end-users are those consumers who are actually using the products and services. They constitute a major segment of the market that has a direct and indirect impact on the performance outcome of the marketers.
All the above three types of consumers can be the same person or different persons, depending on the circumstances. But irrespective of the differences, there are certain values that the consumers expect to get from the products and services that he buys. These are called universal values and can be primarily stated as fairly priced, quality product which must be accompanied by pre and post-purchase service. In other words, the customer expects to be treated with good behaviour and assistance when refund or exchange is sought by the customer, which considerably reduces the risk of buying a substandard product.
The understanding of how consumers buy and behave is a viral marketing concept. The customer purchase behaviour is a subtle but complex process of perceiving a need for a product or services that are significantly impacted by personal choice and external factors. The major factors that contribute to the purchase of a product are elaborated as below:
The awareness of the product and requirement is often followed by the need to seek information about the product from various internal and external sources. The internal sources comprise of internet search, past experience of the product or personal survey for the best product from a different source. The alternatives to the product also become an intrinsic part of seeking and assessing value for the product. For high-end product, the information gathering process becomes important criteria in purchase decisions.    ...Download file to see next pagesRead More
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