Psy/322 Consumer Psychology Article Analysis

798 words - 4 pages

Consumer psychology is a specialty area that studies how our thoughts, beliefs, feelings and perceptions influence how people buy and relate to goods and services. One formal definition of the field describes it as "the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society". (Hawkins, Motherbaugh, & Best, 2007). Consumer psychology is used for the development of successful marketing strategies. Marketing strategies are produced through many different types communication pathways. More specifically, ...view middle of the document...

When it comes to consumers translating product information into perceptions about the product’s attributes, and its position within the larger market, they tend to oversee the overall picture. The “Elmo” doll was not originally going to be a big hit, therefore, consumers would have paid less for the toy. Since Tyco utilized the psychology aspect, consumers ended up paying much more for the same item. This is how consumer psychology can be beneficial to marketing communication strategies.
Through the understanding of what people are thinking, feeling, wanting, needing, and are reacting to, you can adjust how you want to affect or influence their decisions. As in the Elmo story, it was almost like reverse psychology in the sense that they made the consumers feel that the product was sold out, thus making them feel the need that they had to be like everyone else. When you can stimulate the market through emotions, you are targeting the most powerful selling motivation. “Positive emotions are sometimes accompanied as well by higher levels of physiological arousal, expanded attention, increased optimism, enhanced recall, and a shift from self- to other-centered orientations (for example becoming friendlier, caring about others), when compared, say, to sadness.” (Bagozzi, Gurhan-Canli, & Priester, 2002). As positive emotions can be used to influence marketing, so can negative ones. If you target their negative emotion towards things that you product can reduce or solve their problems, you can...

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