Psychology of Marketing
How does human psychology affect consumer decision-making and how can marketers use that to their advantage?
An extended essay submitted in partial fulfillment of the requirements for IB
Table of Contents
Abstract 1
Essay 2-13
Works Cited 14-16
Abstract The psychology of marketing is one of the most popularly researched studies today. It’s advantageous for marketers and advertisers to understand human psychology and how that affects consumer decision-making, so that they can use those discoveries tot heir advantage by adapting their products and the way they market and advertise their products in order to attract the desired consumers and to be successful. And in most cases, having the knowledge of what works to get a consumer to buy a product is easily applicable. However, there is a conundrum for marketers when it comes to basing their products off of the psychological choices that consumers make, especially in regards to the amount of choices marketers promote. On one hand, consumers like to have plenty of choices and varieties of a product in front of them because they are more likely to get exactly what they want if there’s more to choose from. However, having too many choices can sometimes be stressful, giving a buyer psychological doubt about the choice he or she made, and sometimes shoppers are less likely to buy a product at all when there is an excess of choice because they can’t decide. Too many options can also lead to settling, in turn leading to dissatisfaction with a product. So how is a marketer to decide which one is better, more choices or less? Both have pros and cons, so a marketer has to consider the psychology of consumers, the basis of decision-making, the effects of advertising, self- control failure and its causes, Maslow’s hierarchy of needs and which level consumers fall into, the targeted age group for a product, and
An extended essay submitted in partial fulfillment of the requirements for IB
Table of Contents
Abstract 1
Essay 2-13
Works Cited 14-16
Abstract The psychology of marketing is one of the most popularly researched studies today. It’s advantageous for marketers and advertisers to understand human psychology and how that affects consumer decision-making, so that they can use those discoveries tot heir advantage by adapting their products and the way they market and advertise their products in order to attract the desired consumers and to be successful. And in most cases, having the knowledge of what works to get a consumer to buy a product is easily applicable. However, there is a conundrum for marketers when it comes to basing their products off of the psychological choices that consumers make, especially in regards to the amount of choices marketers promote. On one hand, consumers like to have plenty of choices and varieties of a product in front of them because they are more likely to get exactly what they want if there’s more to choose from. However, having too many choices can sometimes be stressful, giving a buyer psychological doubt about the choice he or she made, and sometimes shoppers are less likely to buy a product at all when there is an excess of choice because they can’t decide. Too many options can also lead to settling, in turn leading to dissatisfaction with a product. So how is a marketer to decide which one is better, more choices or less? Both have pros and cons, so a marketer has to consider the psychology of consumers, the basis of decision-making, the effects of advertising, self- control failure and its causes, Maslow’s hierarchy of needs and which level consumers fall into, the targeted age group for a product, and
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