As determined companies and large corporations learn the value of targeting and identifying consumer buying power, their ability to remain flexible and maintain an open mind flourish. Without the knowledge of forecasting consumer spending tendencies, companies, corporations, and even small businesses limit the possibility to increase financial gain. Aiming their efforts toward learning all they can, in regard to consumer psychology, and identifying various aspects of a customer’s shopping experience becomes a driving force to reaching financial goals. More than ever, companies are expected to become actively involved in their clientele’s personal shopping needs and product desires. This economical drive, drives businesses to remain knowledgeable on what gratify customers, and at the same time ensuring they have a positive experience before, during, and after the spending has concluded.
Attaining knowledge of consumer shopping power can be considered as the study of individuals, multitudes of consumers, or organizations. There is no doubt that emotions are directly connected to all consumer shopping decisions. Many financial entities have learned the value of consumer psychology, which can agreeably be identified as the study of personal emotions, which prompt the need to purchase goods. According to Cherry (2015), the study of consumer psychology is considered a form of special study, in which the way people think, their personal opinions, emotions and observations influence how they choose to purchase goods, as well as services. There are many facets to the wonder of consumer psychology. This is determined by the multiple studies done by many studies and research companies, which specialty is to determine how people are able to be convinced to make purchasing decisions.
“The act of impulsive buying is an extremely and interesting wonder. The views and perceptions of impulsive economic buying come with an array of different points of view, none which are proven to be true or false” (Verplanken and Sato, 2011, para. 2). Just as important, Verplanken and Sato (2011) state that this type of commercial study demonstrates how people are instinctively steered toward purchasing items, in which is considered part of a wide-ranging psychological undertaking, specifically associated to self-regulatory activities. An additional research study was conducted and concluded stating that consumer-psychology demonstration of brands, which involves various types of questionable studies, as well as an individual philosophy, which can be acknowledged as brand classification, brand affect, brand personality, brand symbolism and brand attachment, among others) into a complete outline (Bernd, 2011).
“The model distinguishes three levels of consumer engagement (object-centered, self-centered and social) and five processes (identifying, experiencing, integrating, signifying and connecting). Pertinent psychological constructs and empirical findings are presented for the constructs within each process. The article concludes with research ideas to test the model using both standard and consumer-neuroscience methods” (Bernd, 2011, p. 1). The ability of this research to identify these findings, aids in determining the value consumer psychology possesses and how it affects various consumer populations. Additionally, Bernd (2011) states that the connection between consumer psychology and brands are narrowly connected and may truly profit from a wider viewpoint that incorporates many observed discoveries into a complete structure on the psychology of brands.
Moreover, this research determined that there has not been a specific model to be guided, especially in the past, aimed and focused in tapering and recognizing consumer-psychology representations, specifically described as a blueprint of brand guidelines. Additionally, the presenter believes that the compiled research demonstrates a complete, yet tightfisted, outline of brands from a shopper psychology standpoint. Additionally, “The model, developed primarily for an academic audience, summarizes and integrates existing constructs and findings and intends to stimulate more systematic future research. By drawing the attention of practitioners to the key psychological factors underlying brand effects, the model may also provide a bridge from theory to business practice and inspire managers to create functionally useful, psychologically meaningful and culturally relevant brands” (Bernd, 2011, p. 14).
The marketing communications, which directly affect consumers, provide information to a point where the consumer is often and easily driven to purchase items subconsciously. An example which one direct company markets their products to consumers, through the psychological advantage is McDonalds. They are so cleaver in pushing people to buy more, through subliminal advertising, which is directed toward the children. The children see colorful an entertaining shapes of burgers, which are most often accompanied by a toy. The children then beg and plead with their parents to purchase a Happy Meal, achieving their goal to hook them into becoming repeat customers. Another example would be how Harley Davidson motorcycles have targeted older, professional men, which seek to live a life of rebellion, and at the same time show prestige with their newly purchased motorcycle. Harley Davidson knows that their motorcycles are expensive, but they also realize that they can continue to expand by seeking the correct population and by directly enticing that age range to seek prestige.
The direct connection of companies seeks is by finding out a person’s likes, desires, personal beliefs, and their desire to purchase that company’s product. It is critical that a clear and concise standpoint, in seeking and discovering new psychological connections to the buying trends of consumers, further expand concrete information and aid in the buyer/consumer financial development for the sake of producing concrete findings, and contributing to the financial market. Without the proper research, little marketing communication would take place, thus producing limited financial knowledge, which could serve as a direct form of financial communications with other businesses.
Both articles provide sufficient information and demonstrate knowledge on the value and importance of depicting the needs consumers have in the form in which psychology is a major part of their choice to purchase, rather it be impulsive or subconsciously choosing a specific brand. Without research and information, specifically in the marketing field, financial businesses would have limited power to targeting consumers. Every individual is guided by a number of reasons, when choosing to purchase a specific item. However, the research, which has been conducted by many researchers, has paved the path toward concluding and narrowing the psychological drive people have indirectly contributed to the financial and economic growth of our industry.
Bernd, S. (2011, June). The consumer psychology of brands. Journal of Consumer Psychology, 22(1), 1-9. Retrieved from http://www.sciencedirect.com.ezproxy.apollolibrary.com/science/article/pii/S1057740811001008 Cherry, K. (2015, Month Day). What is consumer psychology?. About Education. Retrieved from http://psychology.about.com/od/branchesofpsycholog1/a/consumer-psychology.htm Lazar Kanuk, L., & Schiffman, L. G. (2010). Consumer Behavior (10th ed.). Retrieved from The University of Phoenix eBook Collection database. Verplanken, B., & Sato, A. (2011, June). The psychology of impulse buying: An integrative self-regulation approach. Journal of Consumer Policy, 34(2), . Retrieved from http://search.proquest.com.ezproxy.apollolibrary.com/docview/877900086?pq-origsite=summon