BUU33710 Consumer Behaviour Assignment Example TCD Ireland
Since the turn of the century, people have been looking for a way to save money. They’ve seen many different ways of cooking, and have come up with the idea of ‘time-saving cooking.’ However, this is no longer all about cooking at home. You can now find foods that are perfect for big groups, like for example, food for a large event or welfare benefits. There are many different ways to save money, and it’s still gone- Carroll’s Great American Novel, “By nightfall most men are welcome at any headlight’s light.”.
Consumer behavior is a fascinating field of study. It looks at how people make choices about the things they buy and use. There are many different factors that influence consumer behavior, including culture, lifestyle, social class, and marketing.
One of the most important aspects of consumer behavior is purchase intention. This is the degree to which a person intends to buy a product or service. There are many factors that can influence purchase intention, including perceived need, perceived value, perceived risk, and perceived usefulness.
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In this section, we are describing some activities. These are:
Assignment Activity 1: Understand and successfully apply key concepts of consumer psychology
Consumer psychology is the study of how people make decisions about what to buy and how to use products. It’s a complex field that incorporates a variety of factors, including cognitive psychology (the study of how people think), social psychology (the study of how people interact with each other), and marketing research (the study of consumer behavior).
Some of the key concepts in consumer psychology include:
- Cognitive biases, or ways that people make judgments that aren’t always rational;
- Persuasion techniques, or ways that marketers try to get consumers to buy their products;
- Hedonic adaptation, or the tendency for people to quickly become used to new things and stop enjoying them;
- Self-control, or the idea that consumers sometimes make decisions that are good for them in the long term rather than what they want now;
- Social comparison, or ways people judge their own worth by comparing to others.
Marketing scholars have adapted concepts from cognitive psychology to create models to predict consumer behavior. These include:
- Elaboration Likelihood Model, which describes the process of how consumers think about a product or service;
- Hierarchy-of-Effects Model, which shows the different effects that marketing efforts have on consumer behavior.
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Assignment Activity 2: Understand and critically evaluate consumer decision making
Consumer decision-making is a complex process that can be influenced by a variety of factors. One of the most important factors is a cognitive load or the amount of mental effort that is required to make a decision. When the cognitive load is high, consumers are less likely to make rational decisions and are more likely to be influenced by their emotions.
Another important factor is perceived risk, which refers to the degree of uncertainty that consumers feel about a potential purchase. The greater the perceived risk, the less likely consumers are to buy. Finally, consumer motivation also plays a role in decision-making. Consumers who are motivated by intrinsic rewards (such as pleasure or satisfaction) are more likely to make rational decisions, while those who are motivated by extrinsic rewards (such as status or money) are more likely to be influenced by their emotions.
Assignment Activity 3: Design and critically evaluate consumer choice architecture
The concept of consumer choice architecture is the study of how choices are presented to consumers, and how this can influence their purchasing decisions. It has been shown that various factors such as the way choices are arranged on a menu, or the order in which options are displayed can have a significant impact on what people choose to buy.
There is a lot of debate over whether or not it is ethical to use these techniques to manipulate people’s choices, but most researchers agree that it is already happening unconsciously, and so we might as well be aware of it and try to use it for good. For example, by placing healthier options at the front of a grocery store, or arranging them in an attractive way, stores can nudge customers towards making healthier choices.
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Assignment Activity 4: Identify and critically evaluate the role of consumer psychology in marketing strategy
The role of consumer psychology in marketing is to understand how consumers think, feel, and behave when making a purchase decision. marketers can use this information to create effective marketing campaigns that appeal to consumers’ needs and want.
Consumer psychology is based on several core principles, including cognitive dissonance, sunk cost fallacy, and the endowment effect. Each of these principles can be used to create persuasive messages that encourage consumers to buy a product or service.
Marketing research is essential for understanding consumer psychology. Marketers must study their target audience carefully in order to understand what motivates them and what appeals to them. They must also be aware of the latest trends and changes in consumer behavior so they can adapt their campaigns accordingly.
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