What type of psychological research has contributed to the field of consumer behavior with respect to marketing? Select a company that you are familiar with and apply at least one of these concepts in your response. Provide qualitative data that supports your answer.
One of the psychological research that has contributed to the field of consumer behavior with respect to marketing is the impact of advertisement or marketing on consumer behavior. This kind of psychological research has portrayed that marketing or advertisement has a significant effect on consumer behavior and purchase decisions. Research indicates that strong advertisements bring a substantial shift in the consumer purchase decisions to the extent that they may opt to buy from the advertised brand. In adverts, businesses inform consumers of the quality of their products and ask them to come and experience the value of buying from them. An advertisement will affect consumer decisions before purchase. Advertisement promotes the brand name which impacts their purchase decisions.
In the wake of digital technology, marketing has been made easier; however, competition in the business market has been intense. As a result, organizations must continuously work on developing ads that would appeal to the curiosity of consumers. Advertisement marketing has a significant influence on the behavior of consumers. It is essential to note that a good advertisement program that aligns with the goals of marketing communication will send a persuasive message to a consumer to influence their behavior (Hawkins & Mothersbaugh, 2014). If a consumer is intrigued by an advert they see regarding a product, he/she will start developing interest and further review the product. It is likely that they would end up buying the product. Through advertisement, one comes to know the existence of a product. A good ad will increase sales and brand awareness. If one understands the presence of a particular good or service, they would likely consider it when making a purchase. For instance, when Apple Inc. produced the iPhone 6 plus in the market, they hugely marketed the product. This made people aware of their existence. The product was sold mostly within the first two months of its advertisement. What primarily impressed consumers were the features of the iPhone, as per the adverts.
635-3-1 Differentiation and Positioning
Discuss how companies differentiate and position their products for maximum competitive advantage. Next, select an industry you are familiar with and at least five companies in this industry. Next, create a two-dimensional positioning map that shows consumer perceptions of the five competing companies/brands on important buying dimensions.
Product differentiation is the inclusion of attributes such as price and quality into a product to influence the intended customers to see it as desirable and different. For instance, incorporating a never fail-on time delivery of your products may have a unique advantage against your competitors. The positioning of products is basically how your services or products brand is identified within the market. After determining how to differentiate your products or services, positioning is the next step. Products can be positioned against those of the competitors based on timely delivery and manufacturing excellence.
In the computer industry, several companies compete in the market. Some of these include Apple Inc., Samsung Electronics, Foxconn, Amazon.com, and HP Inc. The companies’ products are viewed differently by consumers across the globe.
|Apple Inc.||Very high||Very high quality|
|Samsung Electronics||High||High quality|