Consumer Psychology
Consumer Psychology is a speciality area that focuses on understanding how and why people buy goods and services.
It is a speciality area that studies how our thoughts, beliefs, feelings and perceptions influence how people buy and relate to goods and services.
The term Consumer Psychology refers to the study of how people relate to the goods and services they use in their daily lives, Also known as the study of Consumer Behaviour, Consumer Psychology provides opportunities to examine issues such as what factors are most important when people decide to purchase a particular item, how customers determine the value of a service, and whether or not television and magazines advertisements can convince a reluctant consumer to try a new product for the first time.
The discipline of Consumer Psychology draws heavily from the fields of marketing, advertising, economics, anthropology, social psychology and cognitive psychology. However, Consumer Psychology has been recognised as its own area of study since World War II. One of the first noted consumer psychologist was John.B.Watson.
The nature of consumer behavior is easy to understand. Consumers buy or eat what they want and what they value.
Consumer behavior is a dynamic and multidisciplinary field that explores the decisions, actions, and motivations of individuals and groups when they purchase, use, and dispose of products and services. Its nature is complex, influenced by a blend of internal factors like personal attitudes and motivations, and external factors such as culture, social groups, and economic conditions. The scope of consumer behavior is vast, acting as the cornerstone for effective marketing strategies. By analyzing what drives consumers, businesses can tailor their product development, pricing, distribution, and promotion efforts. Lexiphoria applies this understanding to the Indian market through Indianization strategy, helping brands achieve better segmentation, stronger customer retention, and marketing campaigns that truly resonate with local audiences.
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