Have you ever wondered why you buy one brand of cereal over another? Or why you might react to different types of advertising? Your decisions are motivated by a number of factors. The study of these factors is called consumer psychology. On this course you will explore what consumer psychology means and how it’s related to the rise of a consumer society.
You will be introduced to basic marketing concepts and you will understand how these concepts affect the relationship between customers and the companies. And you will reflect on how consumer psychology impacts the decisions you make every day. Psychological determinants of consumer behavior or the consumer’s underlying motivation drive consumer action.
This process can include information search and the purchase decision. The consumer’s attitude to a brand (or brand preference) is described as a link between the brand and a purchase motivation. Consumer behavior psychology motivations may be negative: that is to avoid pain or unpleasantness. Motivations can also be positive: that is to achieve some type of reward such as sensory gratification.
One approach to understanding both types of motivations was developed by Abraham Maslow. Maslow’s hierarchy of needs describes five levels of needs based on the level of importance. Maslow’s approach is a generalized model for understanding human motivations in a wide variety of contexts. The application of Maslow’s model to this field shows the close connection between social psychology and theories of consumer culture. Another approach proposes eight purchase motivations, including five negative motives and three positive motives.
In marketing literature, the consumer’s motivation to search for information and engagement in the purchase decision-making process is sometimes known as ‘involvement.’ Purchase decisions are classified as ‘low involvement’ when consumers suffer a small psycho-social loss if they make a poor decision. A purchase decision is classified as high involvement when psycho-social risks are perceived to be relatively high.
The consumer’s level of involvement depends on several factors. These can include the perceived risk of negative consequences in the event of a poor decision, the product category, the social visibility of the product, and the consumer’s prior experience with the category. Learn about the origins of consumer psychology and examine how consumer behavior can be influenced by a range of factors.
At the end of this course, you should be able to explain
- What consumer psychology is
- Consumer psychology and the consumer society
- Consumer-oriented marketing
- Consumer choice and decision making
- And many more..