Psychology of Marketing

The Psychology Of Marketing

“We surround ourselves with valued material possessions as a matter of our lives taking course. A sense of linkage to the concrete and observable world external to ourselves permits us to obtain a sense of stability and continuity in an otherwise less stable existence.” Discuss.

Abstract

The psychology of marketing has long acknowledged the importance of consumer behaviour, and scholarly articles have actively attempted to address concepts that focus on the social meaning of a product, rather than its practical function (Levy 1959, Zaltman and Wallendorf 1979). Understanding the psychological nature of consumer behavior is of great importance as the efficiency of constructing a marketing mix depends on the reasoning and basis of consumer decision. Value is defined by consumers perceived worth of a product when exchanged, and is a fundamental concept behind consumer behaviour.

Scholars such as Csikszentmihalyi and Rochberg-Halton advocate the versatile role of material possessions, fostering and preserving an extended self-identity whilst connecting individuals, families, communities and cultural groups to a more concrete and observable world. If valued material possessions enable a sense of security and stability to be fostered, then forceful removal of these possessions would deteriorate any sense of identity, sense of belonging to a community, or individuality that the person once held. Kamptner, Gillet, Carroll and Thompson explore the influence of group, cultural and situational factors through focus groups such as immigrants, prisoners and mental institutions patients who rely on valued material possessions in a time where existence seems unstable and disrupted. Scholarly authors furthermore explore influences such as personal and psychological factors in determining the value of material possessions to aging individuals, that create a sense of stability and continuity, eases the transition to a new environment and connects the...