The Psychology of Marketing Essay Example | Topics and Well Written Essays - 2000 words - 1

The Psychology of Marketing - Essay ExampleValue pigheadedness can be judged on the ground of materialism and individual(prenominal) trait. Customers prefer value possessions are not always status seeker because sometimes they get rich convergence to show self propose to external world. Researchers have pointed out that customers do valued material possession to show adjusted and beautiful self image (perceived self image of customer which competency differ from real self assessment of the person). Sometimes customer purchase valued product in order to imitate other persons purchasing habit. Many of the time it has been observed that purchasing valued item increases confidence direct among customers. Opinion leaders also plays significant role to motivate customers to purchase valuable product. General trend shows that materialists have a tendency to purchase valuable item in bulk volume by spending huge amount of money on acquiring new items. These customers are lucrative betoken for marketers. Marketers decide unique business strategy to cater demand of superior value customers. Why Valued? Value of a product is dependent on various factors such as brand name attached with the item, usability, social image and many others. Value of product can be analyzed in the following manner. Possession might help us to reflect personality we want to show cast to external world. ... Purchasing a particular might help us to achieve highly respected social group membership. Purchasing product and then consuming it help us to evaluate our self image in a right manner. The process can be classified as symbol for us to show our connection with significant batch of society. Many customers believe purchasing a valuable item associated with strong brand image might help them to achieve ideal self image and ideal social self image. Psychographics of consumer behaviour is contributed by two variables. 1-Actulizers- customers belong to uppermost income group prefer to s pend huge sum of money on in order to purchase premium priced products. They purchase high net worth products in order to show status and financial power. 2- Fulfilled- customers purchase high value product after gathering sufficient information most the product in order to show social status to other plurality (Young, and Pagoso, 2008, p. 116). Customers show various types of purchasing behaviour including impulsive and compulsive buying. In 1989, OGuinn and Faber have argued that compulsive buying is a result of behavioural derangement and directly linked with attitude of consumers to purchase valuable products. In 2004, Roberts and Pirog in their research paper have suggested that compulsive buying is linked with acceptable personal goal rather than rather than fulfilling need. In compulsive buying purchase motive of customer is cantered on satisfying external need rather than satisfying internal needs. In 2002, Kacen and Lee have pointed out that in valued possession custome rs get enjoyment from item purchased and sometimes they become obsessed about the purchase (Fitzmaurice, 2008, pp.