June 14, 2012
Psychology and Marketing Communications Analysis
In today’s consumer market, much attention is paid to the psychology of the consumer. It is the leading factor in determining if a product will be marketed, when it will be marketed and where it will be marketed. To make these determinations companies have focused on certain psychological concepts. Examples of the psychological concepts and how they are used will also be discussed in this paper. Before we begin, a definition of what consumer psychology is and what it means will be given. “The term consumer psychology refers to the study of how people relate to the goods and services they use in their daily lives. Also known as the study of consumer behavior, consumer psychology provides opportunities to examine issues such as what factors are most important when people decide to purchase a particular item, how customers determine the value of service, and whether or not television and magazine advertisements can convince a reluctant consumer to try a new product for the first time” (Hinders, 2010). Consumer psychology plays such a major role in marketing, advertising, economics and social and cognitive psychology. Consumer psychology is such an intricate part of marketing and the economy that the International Association for Research in Economic Psychology (IAREP) and the Society for the Advancement of Behavioral Economics (SABE) has an annual conference. The annual conference is designed to discuss the scientific basis of the economic decision making process of humans and the complex needs and shortages as well (Kirchler & Hoelzl, 2006). Various concepts develop from these psychological meetings that many strategists utilize in the advertising of their product. A commonly used concept is the marketing concept and an extension of this concept is green and social marketing. The fundamental approach in the...