1. Examples
1.1. Psychological Pricing - it can make the consumer feel like they're getting a good deal.
1.2. Nudge Theory - a concept which argues it encourage people to act a certain way without actually changing their choices.
1.3. Loss Aversion - The pain of losing is greater than the benefit of gaining
2. 3 Factors that affect consumer behaviors
2.1. Psychological Factors
2.1.1. It includes perception of a need or a situation, the person's ability to learn or understand information, and an individual's attitude
2.1.2. Each person will respond to a marketing message based on their perceptions and attitude.
2.1.2.1. Therefore, marketers must take these psychological factors into account when creating campaigns, ensuring that their campaign will appeal to their target audience.
2.2. Personal Factors
2.2.1. Are characteristics that are specific to a person and may not relate to other people within the same group. it includes:
2.2.1.1. How a person makes decisions
2.2.1.2. Their unique habits and interest
2.2.1.3. opinions
2.2.2. Decisions are also influenced by:
2.2.2.1. age
2.2.2.2. gender
2.2.2.3. background
2.2.2.4. culture
2.2.2.5. other personal issues
2.3. Social Factors
2.3.1. Social influencers are quite diverse and can include a person's family, social interaction, work or school communities, or and group of people a person affiliates with.
2.3.2. It also include a person's social class, which involves income, living conditions, and educational level.
2.3.3. It is very diverse and can be difficult to analyze when developing marketing plans.
3. Definition: It is the study of how people make decisions about what they want to:
3.1. Buy
3.2. Want
3.3. Need
3.4. Act in regards to:
3.4.1. Product
3.4.2. Service
3.4.3. Company