Many marketers use the study of psychology and anthropology to aid them in understanding their customers. The study of psychology helps the marketers understand their customers brain and what influences their decision to buy. Once the organisation has a good understanding of their customers mind and their thought process in which they use before they purchase a product it becomes considerably easily to market to the target audience; imagine attempting to create a marketing campaign for somebody whom you have little idea as to what they think of similar and your own products and what though process they have before they purchase a specific item. Once the marketer understands their customers they can create marketing campaigns that include catchy slogans that appeal to the customer and get stuck in their heads eventually resulting in a buy. Psychology primarily studies the human mind and its functions which helps the organisation realise what the customers thoughts are as to your product. The organisation additionally uses the study of anthropology to help understand customers. Anthropology is the study of human society’s and cultures, opposed to the study of the brain, and helps the organisation with understanding what product will suit the society most appropriately. Some products will be suitable for places such as China and Japan whereas in the USA or other western nations the products will not be of such a high demand. Anthropology also studies the changes to the wants and needs of humanity through the evolution of the human body. Our societies are changing constantly and sometimes a product that was useful one day may be rendered useless the next causing the company to rethink their products and come up with something that is fresh in the market place. This includes competition from competitors, a great example of this is Apple and Samsung. These to cell phone and technology giants rival each other in every product and the only way to stay on top of each other is to consistently work on new features, updates and products and launch them into the marketplace, after all the latest model Samsung S8 is a lot more appealing to the older and more outdated Samsung S5. Fresh is always best. Cultural norms also often change resulting in the needed to stay on top of them through studies and market research.
In the early to mid-1900’s, consumer behaviour was heavily influence by motivation research. This still included psychology and anthropology but was not as much of a major part of it as it is in todays world. If economist assumed consumers behaved rationally they would not be as successful as consumers are not rational and it could end in the failure of a company. For example, clothing chain Myer assumed that the buyers would all be satisfied with their products and there would be no returns or unsatisfied customers. An example of if they had priorities would be Myer assuming that all customers preferred the same jacket. If Myer assumed people made thoughtful and informed decision they would not be prepared for returns and unsatisfied customers. If Myer was not prepared for people getting diminishing pleasure for aging products they would not be ready for purchases of newer products, returns and unsatisfied customers.
In the graph that displays the hours played on a computer game verses marginal utility, it displays how after a few hours the utility drops due to the exhaustion of the player. This shows that without a break from tasks and no rest you ultimately lose your productivity. If the computer gamer took a break every second hour or so for about 15 minutes he would not have become so fatigued and would have been more productive. After three hours the gamers marginal utility starts to slow as his fatigue starts to kick in reducing productiveness. It is necessary to have breaks during you day as when you are tired your quality of work begins to get worse and you effectively lose time as some of your work may even need to be redone wasting more time again. The total utility also drops meaning that the computer gamer was being very inefficient. The extended period would also result in stress for the gamer making playing his game less pleasing and satisfactory making it harder for him to concentrate and continue to play.
A consumers’ buying behaviour is influenced by cultural, social, personal and psychological factors. When a marketer has a good understanding of those influences and how to implement them into their customers marker, most likely it would result in that company being highly profitable. a customer will always be influenced by what other people are doing around them and what is considered ‘the norm’ as it makes them feel like they are fitting in with everyone and aren’t different to everyone else. For example, if everyone in Victoria started to buy a specific revolutionary type of fishing rod, a person may think that if everyone else is buying it why should I be kept out of it as obviously it must be a good fishing rod if lots have been sold. Those people that bought the fishing rod unintentionally influenced a fellow customers decision to buy a product. The person may not particularly need a new fishing rod but the fact the many people were buying them it made him feel that this must be a better product. A personal factor would influence the buyer as it may be a product that he/she needs to suit their body such as a medical product. This product may not necessarily be a need for everyone but rather a niche market where the products will be specified for a specific group of people for example people with diabetes, it is essential for them to take their medication, but it would be useless for somebody that has not been diagnosed with diabetes to consume this medication. The person may just feel that the product will make their daily life easier. A customer can also be influenced by social factors as a product that will improve their social status would be very appealing to the buyer and it would improve their life for the better. An example of this could be a type or brand of clothing that is classified as ‘cool’ could be worn by the customer and essentially make them look ‘cool’ improving their social status. This could appear to be an easy way to improve their status making the product look very tempting to the customer. Psychological factors would be strategic marketing that would make the product look appealing to the customer which would influence their decision to buy. A good example of this is billboard advertising. A McDonalds advertisement on the side of a major freeway would show a burger that would look fresh, healthy and appealing so that the customer will think about it and hopefully become hungry enough to make a diversion from their trip and pull in to a nearby McDonalds.
Now that technology has been introduced into the marketplace in the last 20 years or so, products have become considerably more accessible to the customer. Advertising online has become frequent and so has TV advertisements. The customers can buy the products online as well as view them to see what they are going to get. The advertisements are a lot more effective when viewed more often and the advertisements are made a lot easier and cheaper than they used to meaning that company’s no long must spends thousands of dollars creating an advertisement. Most if not all the business that is carried out today would be impossible to do so the same way without the use of technology, a whole new market has opened, and some companies rely on it totally. Retail giants eBay and Amazon could simply not exist if it were not for these technological advancements in the last few decades. Living in a technology revolution, every day new products are launched and can been seen littered in advertisements wherever we go in our day to day life.
The study of consumer behaviour is essential for any company to succeed and constantly needs to be researched to keep up to date with the changing world and new trends. I believe that a significant portion of every company’s success today, is due to their study of consumers’ behaviour and what influences them to buy their specific products.
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