A brand is a distinctive feature, the identity of an individual, company, product, or service in the market. It shows who you are, what you do, and why. The advantage of branding is consumer loyalty. When people see something they like in a brand, they get attached to it. For instance, Apple products are a perfect example of this. Thousands of customers are waiting in queues at stores before the start of sales to purchase a new iPhone model. The brand is built based on marketing campaigns working with human needs and psychology. This is what the science called consumer behavior does.
Introduction to Consumer Behaviour
Consumer behavior is a discipline that studies the emotional and mental motivations of consumers. It was formed as a subfield of marketing in the middle of the 20th century. Consumer behavior studies the buyer’s actions before, during, and after the purchase. To create a consumer profile, you need to use knowledge from various sciences, such as psychology, behavioral economics, sociology, anthropology, marketing, neuromarketing, and so on. According to scientists, there are five factors influencing consumer behavior, they are:
- Personal factors – age, occupation, lifestyle, economic condition, personality
- Psychological factors – motivation, perception, learning, beliefs, and attitude
- Social factors – reference groups(family and friends, relatives, religious and political associations, etc.), society role, and status
- Cultural factors – cultural and subcultural values or habits, religion, social class, and gender
- Economic factors – personal and family income, income expectations, liquid assets and savings, prices of goods
In marketing research, experts divide customers into different types and identify their needs. One of these classifications is the division of consumers into psychographic personality types and their basic values. Below is a typology of consumers by preferred product attributes.
- Motivated – survival
- Conservatives – stability
- Self-sufficient – compliance
- Careerists – power
- Individualists – freedom
- Hedonists – pleasure
- Imitators – glory
- Innovators – cognition
- Intellectuals – harmony
Another classification is formed on consumer’s buying behavior. It determines the following categories classified into two types: high and low involvement.
- Complex buying behavior (high involvement) – It is characterized by the fact that the buyer must make an expensive purchase of a product, the choice of which is very wide in the market and is associated with risks.
- Dissonance-reducing buying behavior (high involvement) – This is similar to the previous one, but in this case, there is not much choice of products, and sometimes there is little difference between them.
- Habitual buying behavior (low involvement) – This type of buyer doesn’t hesitate long before buying, and the difference between the products is small.
- Variety-seeking behavior (low involvement) – In this case, the choice of brands is very wide, and the price is low.
It should be noted that purchases aren’t always made under the influence of marketing campaigns. Sometimes there is simply a need for some product, and there are not enough funds for this. In these cases, Payday Depot, with its short-term loan opportunities, may be the solution to the problem.