Are consumer psychologists in demand?

Consumer psychology is becoming a popular field in the marketing industry because it gives
companies an insight into what their customers want or need. It also helps companies create
more effective selling strategies by understanding how people think about their decisions and
what emotions drive them to buy certain products.

What is Consumer Behaviour?

Consumer behaviour is the process or way products and services are consumed,
including consumers' emotional, mental, and behavioural responses. Because the
customers' mindset is not the same; and it varies from each other. Thus, every
business needs to understand its customers. It helps the organisation to fulfil
consumer's demands and desires. Organisations use customer relationship
management to know their customers properly.
The Consumer Behaviour study is a database that collects more information about
its customers. The study involves individual quality like demographics and other
elements. Marketers expect that by understanding what makes a consumer buy
particular goods and services, they will determine what product is demanded by the
consumer and what is old-fashioned. The consumer's role may vary in different
situations; for example, a mother plays the role of an influencer in a child's purchase
process.
Given below are the popular definitions of consumer behaviour.
 As per the definition given by Engel, Blackwell, Mansard,
"Consumer behaviour is the process of decision making and action while consumer
goods or services for personal use."
 Another definition is given by Louden and Bitta,
"Consumer behaviour is the process and physical activity, which individuals engage
in evaluating, using or disposing of product or services."
 According to Blech,
"Consumer behaviour is the process and activity that involves people when
searching for, selecting, using, evaluating, and disposing various products or
services to satisfy their needs and desires."
Nature of Consumer Behaviour

Consumer behaviour can be referred to as a systematic process describing and

comparing the customers buying decisions.
The nature of consumer behaviour are as follows.
 Complex and Dynamic Nature
The nature of customers' behaviour is always complex. The critical analysis
marketers need is to find the pattern of every individual. However, the consumer's
behaviour and mentality evolve with time. So, it is also essential to identify the
potential customer for their products and services.
 Nature Varies for Different Consumers
Consumers have different desires and needs, making it impossible for marketers to
identify the target consumer.
 Consumer Behaviour Vary Across Regions
The behaviour varies across countries, states, and regions. For example,
consumers' behaviour in the city differs from that of rural consumers because of the
traditional attire.
 Behaviour Influenced by Different Factors
Another nature of behaviour analyzed is that consumers are influenced by different
factors like family, culture, friends, lifestyle, and many more.
 Loyalty of Brand
Most consumers tend to buy products or services from a particular brand they may
like for specific reasons. In this case, it develops brand loyalty towards these
organisations.
Importance /relevance of Consumer Behaviour

It is very important to understand the behaviour of the customers to achieve the goal
of the business. Therefore, there are various importance of consumer behaviour.
Some of them are given below.
 Production Policies
 Price Policy
 Decision Regarding the Channel of Distribution
 Decision Regarding Sales Promotion
 Exploiting Marketing Opportunities
  Consumer do not Always Act or React Predictably
 Highly Diversified Consumer Preferences
 Implementing Marketing Concepts
Production Policies
The study of consumer behaviour affects the production policies of the business.
Consumer behaviour discovers, needs, tastes, choices of consumers, and such
discovery enables the business to plan and implement products according to these
specifications. Therefore, every business needs to be in constant touch with the
change in consumer behaviour to make necessary changes in outcomes on time.
Price Policy
Consumer behaviour is equally important in having a price policy. The buyer only
purchases your product, which is cheaper or has distinctive features than your
competitor's.
Decision Regarding the Channel of Distribution
The goods and services sold solely based on the low prices must have an
economical distribution channel. In the case of such products like T.V. sets, Air
Conditioner, etc., must have different distribution channels. Thus, decision-related to
the channel of distribution is taken based on consumer behaviour.
Decision Regarding Sales Promotion
Consumer behaviour plays a vital role in deciding the sales promotion. It enables the
producer to motivate and encourage the consumer to make a purchase decision.
The same is used in promotional campaigns to awaken the desire to purchase the
product.
Exploiting Marketing Opportunities
The study of consumer behaviour helps a marketer identify the needs, wants,
desires and problems, etc., of the consumer. This information and knowledge help
the marketer exploit market opportunities and meet the challenges in the market.
Consumer do not Always Act or React Predictably
The consumers compare the past to react to price levels as if price and quality had
positive relations. Today, the consumer gives less value for money but gives more
attention to superior features.
Highly Diversified Consumer Preferences
Consumers can shift from one product to another due to the unavailability of
choices. Thus, a proper understanding of consumer behaviour will help you identify
changes in consumers' preferences. It also helps in retaining and sustaining the
customer for a long time.
Implementing Marketing Concepts
All customers need to be given equal importance; therefore, implementing and
identifying the target market before production is important to deliver the desired
customer satisfaction.

consumer's role may vary in different situations; for example, a mother plays the role
of an influencer in a child's purchase process.
Given below are the popular definitions of consumer behaviour.

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