In marketing, there are a thousand recipes of concepts, theories, and laws being implemented for consumer decision-making. One of them is factors that are based on the psychology of consumer behavior. Psychological factors are those factors that are based on how a consumer drives their actions to seek satisfaction. These factors are also very important when it comes to the sales of the products or goods. The golden rule of marketing is that people should know what to produce, how to produce and for whom to produce. This means we always know from the beginning what products to be manufactured to attain the organizational goals in a very effective and efficient manner. Looking into the buying process of the consumers, they usually chose those products that are cheap and of good quality. Therefore, in order, people should also do some research on the competitive products in the market. The main point of the discussing psychological factors is that it influences the buying process of a good or product. Of course, many psychological factors are the key agents in this procedure. Still, one of the main highlight is that when consumers think about a product, they are thinking about how it will satisfy the need and provide a satisfaction level. In other words, people should always consider these factors that design a product because, in marketing, people cannot immediately change the product’s design.
Perception: This psychological factor depends on the quality of the goods or products or where products have been manufactured. This factor is very important when it comes to gaining the loyalty of the consumers like Japanese products in the Asian Market always have a high demand because consumers have a very good perception about the product designing and functioning of the products even if the product’s prices are slightly different overpriced. However, on the other hand, Chinese products have a mindset among the consumers that the product’s prices will be low and with quality products. In simple words, Japanese products are good for consumers looking for flagship products, whereas Chinese products are good for those consumers who are budget-friendly consumers. Hence, this psychological factor influences the consumers’ ethics and the approach or thinking about the product.
Learning: The psychological learning factor is usually based on the experiences or feedback about the product after using the product. This comes to know more about the products or the next step to design the other products to remain competitive. Consumers also learn from the products that will satisfy their needs in the future. This factor is very useful when it comes to making a product in the long run.
Attitude and Beliefs: This factor is quite a bit similar to perception. First, if people talk about the beliefs, it is basically about the thoughts and what the consumers think about the product. In other words, it is based on the right or bad reviews of the product. On that basis, they make the purchasing of the goods or products. Therefore, beliefs can be easy when it comes to giving knowledge about the product to the consumers.
On the other hand, attitudes are those which the consumers want to buy, and it is their biggest demand for them like; if the consumer is looking to buy a flagship type of product, then the individual will buy only that product. Hence, that is why attitudes are hard to change.
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