Consumer behavior blogs Essay Example | Topics and Well Written Essays - 1000 words

Consumer behavior blogs - Essay Example In a perfect market structure, several things affect a buyer’s preference. Study of what buyers prefer is a field known as marketing psychology. According to this type of psychology, a buyer’s preference may be dependent on personal, social or psychological reasons (Dholakia, 2012). Production companies and businesses use two major research methods in order to determine the demand of a product from consumers. The two methods include secondary research and primary research. Secondary research is dependent on already existing information to predict the market demand for a given product or service. Primary research on the other hand depends on the producer’s personal research using questionnaires, surveys etc (Belch, 2004). In the subsequent blogs, we are going to see how psychological, personal and social factors affect a consumer’s behavior. In the previous blog, I introduced the concept of consumer behavior and the factors that affect a consumer’s preference to certain goods as opposed to others (Blog 1). In this part, I will be looking at the psychological effect on consumer preference. Before a consumer opts for a certain preference, there has to be a psychological intention attached to the item (Poiesz, 1993). The consumer internalizes on the value of the item towards satisfying their desire and decides what best suits them. An example of the latter is a consumer that likes to look elegant and classy; she is likely to buy the latest limited edition channel, Versace or Louis Vuitton products as opposed to upcoming designers. The consumer has the psychological perception that wearing a well-established designer satisfies her desire. The psychological effect on consumer behavior is largely dependent on perception. Most companies looking to sell their products realize that psychological perception is the key to capturing a large consumer base. Advertisement in the mainstream media