Marketing and Consumer Psychology
MARKETING AND CONSUMER PSYCHOLOGY
INTRODUCTION
Consumers referred to all those individuals who buy products and services either for themselves or on behalf of their households. They can be either users of products or services, or responsible for the welfare and wellbeing of those who use them. Consumers buy products or services in order to meet the physical demands of life, apart from using, purchases to indicate their roles in the society, to express their personalities, communicate their attitudes and opinions, stress on the values held by them and also to demonstrate their wealth. This means that the products and services purchased by consumers not only satisfy their physiological needs but also their psychological and sociological needs. The marketer therefore tries to understand the needs of different consumers and having understood his different behaviours which require an in-depth study of their internal and external environment, they formulate their plans for marketing. It was during the 1950s, that marketing concept developed, and thus the need to study the behaviour of consumers was recognised. Marketing starts with the needs of the customer and ends with his satisfaction. When everything revolves round the customer, then the study of consumer becomes a necessity. It starts with the buying of goods. Goods can be bought individually, or in groups. Goods can be bought under stress to satisfy an immediate need, for comfort and luxury in small quantities or in bulk. For all this, exchange is required. This exchange is usually between the seller and the buyer. It can also be between consumers.
Relationship between “Marketing and Consumer”. The relationship between marketing and customer as a business philosophy is concerned with creating and keeping profitable customers, where: * Creating customers requires the organisation to continuously monitor its environment, identify the opportunities presented by the changing consumer needs and make
INTRODUCTION
Consumers referred to all those individuals who buy products and services either for themselves or on behalf of their households. They can be either users of products or services, or responsible for the welfare and wellbeing of those who use them. Consumers buy products or services in order to meet the physical demands of life, apart from using, purchases to indicate their roles in the society, to express their personalities, communicate their attitudes and opinions, stress on the values held by them and also to demonstrate their wealth. This means that the products and services purchased by consumers not only satisfy their physiological needs but also their psychological and sociological needs. The marketer therefore tries to understand the needs of different consumers and having understood his different behaviours which require an in-depth study of their internal and external environment, they formulate their plans for marketing. It was during the 1950s, that marketing concept developed, and thus the need to study the behaviour of consumers was recognised. Marketing starts with the needs of the customer and ends with his satisfaction. When everything revolves round the customer, then the study of consumer becomes a necessity. It starts with the buying of goods. Goods can be bought individually, or in groups. Goods can be bought under stress to satisfy an immediate need, for comfort and luxury in small quantities or in bulk. For all this, exchange is required. This exchange is usually between the seller and the buyer. It can also be between consumers.
Relationship between “Marketing and Consumer”. The relationship between marketing and customer as a business philosophy is concerned with creating and keeping profitable customers, where: * Creating customers requires the organisation to continuously monitor its environment, identify the opportunities presented by the changing consumer needs and make
References: 2. Philip Kotlet, K. L. (2006). Marketing Management (12 th ed.). Singapore: Pearson Education Pte.Ltd.