Essay Example: The Effects of Consumer Psychology on Buying Behaviors

Buying behavior entails the decision process and actions by individuals buying and using a product (Pinki, 2014). Consumer buying behavior is described as the buying behavior of an ultimate consumer (Pinki, 2014). Consumer behavior involves the consumer's choice, buying, and consumption of services and goods to satisfy their wants (Pinki, 2014). There are four factors influencing consumer behavior- cultural, psychological, and personal factors. As a psychological phenomenon, consumer behavior easily changes with environmental changes or changes within the consumer. Understanding factors influencing buying behaviors helps companies develop a strategy, marketing campaigns, and marketing messages (Pinki, 2014). This paper aims to establish the effects of consumer psychology on buying behavior.

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Consumer psychology studies consumers' thoughts, feelings, beliefs, and perceptions and how they all influence buying behavior. Consumer psychology is a study of organizations, groups, and individual consumers and the processes utilized in selecting, securing, using, and disposing of products or services to satisfy needs and the overall impact of the processes on society and consumers (Cherry, 2020). Psychological factors that affect consumer behavior are motivation, learning, perception, and attitude or beliefs (Pinki, 2014). Motivation drives consumers to develop purchasing behavior and addresses consumer’s internal needs. Consumers can be motivated to purchase a product or service for prestige, style, par with peers, or self-pride (Durmaz, 2014). Understanding what creates motivation helps companies develop marketing strategies that affect consumer motivation to be part of a brand, think about the brand, and process brand information (Durmaz, 2014). perception refers to consumer's understanding of their surrounding environment based on information around them (Durmaz, 2014). Consumers, in response to stimuli, subconsciously assess their values, wants, and expectations and then select, arrange, and interpret the stimuli (Durmaz, 2014). As such, target consumer perception of a brand influences their buying behavior. Learning supports consumer behavior change based on experience as perception is based on prior experience (Durmaz, 2014). Belief is a consumer's descriptive thought about something while attitude is described as an enduring unfavorable or favorable cognitive evaluation, feelings, and action towards something (Durmaz, 2014). Consumer's buying behavior is impacted by their beliefs and attitudes toward a product or service.

A psychologist's knowledge of human behavior is crucial in helping companies sell their products. Psychologists assess underlying cognitive processes explaining consumer preferences and choices and their response to marketing strategies and external factors impacting purchasing behavior for a product (Cherry, 2020). These findings are crucial to companies in developing marketing strategies to sell a product. The consumer psychologist's role is to conduct market research, develop marketing messages, and research consumer behaviors and attitudes (Cherry, 2020). Research establishes the products and marketing messages that are convincing to consumers (Cherry, 2020). Further, consumer psychologists learn about beliefs and attitudes and how they spread and then determine how to develop marketing strategies for companies (Cherry, 2020).

I once bought a product that I later regretted purchasing. The product was well-packed and attractive but did not last for long. Consumer psychology played a role in my buying behavior as my buying behavior was influenced by my perception of the product based on advertisements on social media. Besides, the physical appearance was attractive and convincing. Further, consumer psychology also played a role in the decision to buy the product as the purchase decision was due to the motivation to be on par with my friend.

In conclusion, I think it is ethical for companies to hire consumer psychologists as they provide crucial information for marketers and brand managers in decision-making. Brand managers are provided with information to attract prospects, turn them to buyers, then customers, and even brand advocates. Brand managers have information to create an emotional connection between customers, the company, and their products and therefore control the brand image.

References

Cherry, K. (2020, May 5). How consumer psychologists study why we buy certain products. Verywell Mind. https://www.verywellmind.com/what-is-consumer-psychology-2794899

Durmaz, Y. (2014). The impact of psychological factors on consumer buying behavior and an empirical application in Turkey. Asian Social Science, 10(6). https://doi.org/10.5539/ass.v10n6p194

Pinki, R. (2014). Factors influencing consumer behavior. International Journal of Current Research in Academic Review, 2(9), 52-61. https://doi:10.21275/v5i2.nov161222