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Psy 322 Consumer Psychology Paper

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Psy 322 Consumer Psychology Paper
Consumer Psychology
PSY/322
September 6, 2014
Lori Mccloud
Introduction
This essay will discuss the definition of consumer psychology, and will describe the psychological concepts and their importance in developing a successful marketing communication message. It will further explain the relationship between consumer psychology and marketing communications.
Consumer Psychology
Consumer Psychology examines how consumers process information and form judgments and how memory and judgment affect customer’s decision making. Research on information processing and judgment draws heavily on the theories and research methods of cognitive and social psychology. Therefore elaboration and cognitive resources serve as central …show more content…
Successful Marketing Communication
Business and organizations research various ways to understand the consumers’ needs and develop an effective approach towards delivering their wants. Their principal is to accomplish consumer satisfaction. This implementation describes how consumer psychology and marketing works hand and hand. Consumer psychology is a key components in marketing decision tools for businesses to be and remain successful. This information is based on how the marketing company create new ideas and products to introduce to consumers.
Market analysis and segmentation are vital elements in marketing activity. As the marketplace expands beyond domestic parameters so too does competition; on the one hand, actual and potential demand increases, whilst the number of suppliers now and in the future increases.
If one is to maintain market share, or better, achieve growth, then this requires a sound knowledge of one 's customers and potential consumers. (D, 1995, p. …show more content…
It is the study of why we buy certain products and not others, and the process of what we go through to use, select, secure, and dispose of these products or services. It delves into the reasons of how we satisfy our needs and the impact these processes have on society and the consumer. Marketing communications are messages and other media that is used to communicate with a market. It is considered the promotion part of marketing which consisting of pricing, products, promoting, and placing. Marketing communications is what drives us to buy, whereas consumer psychology studies how or why we buy. These articles both explain the significance of each other. For example if a company can put a product out on the market. This product has the best bargains regarding pricing and value on the Market. If so the customer may still choose to purchase items in which they have been influence by within
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