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Three of the psychological factors that influence consumer behavior are perception - Essay Example

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Tracking trends is important in marketing because trends provide businesses and marketers with useful information in formulating marketing strategies and decision-making. Clearly, a company which fails to take into account the social, cultural, and environmental changes and trends would not be able to execute effective marketing decisions that maximize and efficiently utilizes resources…
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Three of the psychological factors that influence consumer behavior are perception
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Question Tracking trends is important in marketing because trends provide businesses and marketers with useful information in formulating marketing strategies and decision-making. Clearly, a company which fails to take into account the social, cultural, and environmental changes and trends would not be able to execute effective marketing decisions that maximize and efficiently utilizes resources. Tracking trends also enables a company to easily determine which aspect of the marketing mix needs to be utilized to accomplish targets, thereby saving company resources.
Three of the current trends that companies and marketers need to be aware of and consider in their marketing initiatives are the following: First, marketers need to take into account the increasing importance of information technology in consumer's lives and its immense impact on consumer buying behavior. Finetti notes that online advertising and new media channels "is becoming a larger part of the marketing mix" due to the increasing number of online users who utilize internet-enabled technologies to transact with companies. Second, marketers have to give due consideration to changing consumer preferences towards ethical and socially responsible consumption. The same author observes, for instance, that "more and more companies are going green." Apparently, this is in response to the growing public pressure on corporate actors to contribute to efforts at mitigating the social and environmental problems that business activities and the culture of consumption creates. Lastly, marketers have to take note of the lifestyle and economic changes wherein consumers live in a more fast-paced, time-constrained environment since this inevitably affect the way that consumers evaluate and associate themselves with products and companies. Hence, it is not surprising that brands such as Google, Yahoo, and Apple, which are associated with the young, hip, functional, and modern lifestyle, would gain immense popularity among consumers on a global level at such a very short period of time.
Question 2.
Three of the psychological factors that influence consumer behavior are perception, personality, and motivation (Kerin, et. al. 104). Perception is involved with getting the consumer's attention through the use of stimuli. This is usually done through the use of images, colors, sound, and other things in the packaging or even pricing of the product that would attract the consumer's attention to the product and encourage him or her to buy it. However, a person's personality also plays an important role in his or her buying attitudes and behaviors. Since an individual's personality consists of character traits and patterned behavior, it also has an impact on a person's self-image and lifestyle choices which affect his or her product preferences and consumption patterns (Ibid 105). For instance, a person who is given to impulsive tendencies may be more vulnerable to the influence of perception while another person will be able to resist even the most tempting or attractive packaging to prioritize only those he or she needs. Motivation, on the other hand, influences the individual to buy things that he or she thinks will address his or her safety, physiological, social, esteem, and self-actualization needs (Ibid). For instance, a hungry person will respond to a felt physiological need by buying food. Meanwhile, other consumers will buy products that they associate with a higher social status since they think that the product fulfills their need for esteem from others.
Among these three, the psychological factor that exerts the most influence on my buying behavior is motivation. I am usually attracted to products that I feel would address my need for social acceptance and boost my self-esteem. This means that I usually buy the products that would either enable me to fit in with my circle of friends, make me more healthy and attractive, or at least help make me stand out from the crowd as a unique individual.
Work Cited:
Finetti, Chris. "Cost and Effect: What Marketers Should Consider in Today's Economy." 22 February 2008. NIA Creative. 16 October 2008.
Kerin, Roger A., Hartley, Steven W., & Rudelius, William. Marketing: The Core. United States: McGraw-Hill Professional, 2003. Read More
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