Consumer Psychology Flashcards, test questions and answers

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What is Consumer Psychology?

Consumer psychology is an area of study that examines how individuals make purchasing decisions and the psychological factors behind those decisions. It’s a branch of marketing research that focuses on understanding consumers and their behavior. Consumer psychologists analyze consumer attitudes, motivations, beliefs, and behaviors in order to better understand why people buy certain products or services. By studying these factors, firms can use this information to create targeted advertising campaigns that are more likely to effectively reach their target audience. One of the main goals of consumer psychology is to gain an understanding of why people buy certain products or services over others. For example, a company may want to know why some consumers purchase one type of car over another or which types of television commercials are most effective at targeting teenagers versus adults. To answer these questions, consumer psychologists will conduct surveys, focus groups, interviews with customers, and experiments involving different stimuli such as images and sound bites to determine what motivates them when it comes to buying something. Another important factor studied by consumer psychologists is brand loyalty. This refers to customers’ tendency to continually purchase from one specific company due to its product quality or reputation for customer service excellence rather than trying out other competitors’ offerings. Companies strive for strong brand loyalty amongst their customers because it leads directly into greater sales volumes over time provided they don’t lose the trust they have earned from those customers along the way. Finally, another aspect explored by consumer psychology is pricing strategy development. When devising a pricing model for new products or existing ones being launched with new features/benefits etc., companies need accurate data about how buyers perceive various price points before setting final prices in order not only increase sales but also maximize profits where possible (without going too low).