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Create a 7 pages page paper that discusses consumer psychology and buyer behaviour.
Create a 7 pages page paper that discusses consumer psychology and buyer behaviour. Marketers must come to recognise whether their product would be perceived as a high-involvement purchase or a low-involvement purchase and take adequate steps to create a marketing strategy, for the specific product, which would best appeal to the consumer propensity to buy quickly or mull over the decision for an elongated period of time. As the majority of product-oriented companies market their products in the pursuit of achieving profitability, and since the consumer is generally the largest external factor determining whether product sales rise or fall, involvement is likely a paramount objective when building a sound marketing strategy.
One marketing professional offers that many consumers when deciding whether or not to buy what would be considered a high-involvement purchase, will often remain loyal to a favourite brand name and remain somewhat reluctant to try an unknown branded product as an alternative (Cohen, 2000). This would pose a significant challenge for marketers today, especially if their company’s specific product is undifferentiated from other competing products or is relatively new on the market. In fact, it has been offered that many companies will attempt to exploit this aspect of consumer behaviour in decision-making by simply raising the price on the specific brand which has been found to achieve consumer brand loyalty (Cohen). However, is this a sound strategy in the long-term? If the competing product recognises that the pricing model for the competing, loyal brand is being exploited, this can potentially give the new on-the-market product an opportunity to utilise creative and innovative marketing efforts to differentiate the product and ultimately seize market share from their competition which has enjoyed high sales volume and profit due to exploiting consumer behaviour patterns.
Jaben (2009) offers a unique portrait of contemporary consumer .lifestyles by segregating different consumer segments into a specific lifestyle and values categories under the VALS 2 model of marketing. Under this model, there are eight identified consumer segments, such as those who seek action-orientation (thrills and sports), those who are highly concerned with image and prosperity (attracted to premium products), or those who are family-oriented (slow to change life-long habits of buying behaviour). amongst many other segments. .
