PSY363 Psychology of Consumer Behaviour Assignment Sample SUSS Singapore

Consumers have several motives for buying products, but consumer psychologists try to understand what influences consumers’ decisions and how they respond when Marketing persuasions are present. The most common motives are self-enhancement, utilitarianism, and hedonism.

The course will explore how consumers interact with brands and their products, looking at the emotional responses that precede purchase as well as follow-up behaviour. The various influences on these transactions are also examined including social media posts about your company or competitors’ ads which can affect what you buy.

Consumers are motivated by various factors, such as price points and brand awareness. In this course, we will explore the psychology of consumers to better understand their buying decisions for you to be able to evaluate how these behaviours fit into larger fields like marketing or business administration

The content focuses on research-based approaches that pertain specifically toward understanding consumer decision making processes; ultimately teaching students critical analysis skills while applying what they’ve learned through literature surveys and empirical research.

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Assignment Brief 1: Examine theories related to the study of consumer behaviour.

Several theories are related to the study of consumer behaviour. These include Rational Choice Theory, Behavioural Economics. Each of these theories offers insights into how and why consumers make the choices they do.

Rational Choice Theory suggests that consumers will make choices that maximise their utility or satisfaction. In other words, they will choose the option that provides them with the most benefit or pleasure. This theory is based on the assumption that consumers are rational beings who can weigh up different options and make sensible decisions.

Behavioural Economics is a branch of economics that recognises that humans are not always entirely rational and can sometimes make decisions based on emotion or instinct rather than logic. This theory takes into account the fact that people can be influenced by factors such as peer pressure, social norms, and marketing campaigns.

Assignment Brief 2: Appraise the factors related to consumer decision making.

The consumer decision-making process is a complex one, influenced by a variety of factors. Some of the most important factors include:

• The availability of information about potential products or services.
• The consumer’s level of knowledge about the product or service in question.
• The consumer’s financial situation.
• The time available to make a decision.
• The emotional state of the consumer.
• The social influences on the decision.
• The expectations of the consumer’s friends and family members.

All of these factors can play a role in shaping how a consumer makes a purchase decision. For example, if a consumer is highly knowledgeable about a product, they may be more likely to make a purchase quickly and without much deliberation. If a consumer is under a lot of financial pressure, they may be more likely to choose a less expensive option. And if a consumer is feeling particularly emotional, they may be swayed by their feelings rather than by rational considerations.

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Assignment Brief 3: Discuss the factors that influence how consumers process information.

There are a few key factors that influence how consumers process information:

1. Motivation – This refers to the extent to which a person is interested in or committed to a given topic. People who are highly motivated tend to be more engaged and pay more attention when processing information about that topic.
2. Cognitive Ability – This refers to a person’s ability to think critically and logically. People with high cognitive ability tend to be better able to critically evaluate information and make informed decisions.
3. Prior Knowledge – This refers to the amount of knowledge a person has about a given topic. People who have prior knowledge about a topic tend to be better able to understand and process information about that topic.
4. Emotional State – This refers to a person’s emotional state at the time they are processing information. People who are feeling stressed or anxious tend to have a harder time processing information correctly.

Assignment Brief 4: Evaluate the influence of the social environment and contemporary strategies for marketers.

When it comes to the influence of the social environment on contemporary marketing strategies, there are a few key factors to consider. 

First and foremost, the rise of social media has had a huge impact on the way brands reach and interact with consumers. Through platforms like Facebook, Twitter, and Instagram, companies can now directly target and engage with potential customers in a previously impossible way. This allows for a much more personal and intimate form of marketing, which can be extremely effective in building relationships with customers and fostering brand loyalty.

In addition, the increasingly global nature of the world economy has made it necessary for companies to expand their reach beyond their traditional markets. With consumers becoming more connected than ever before, brands need to be present in as many places as possible to capture as much of the market as possible. This means that marketing strategies must be tailored to appeal to specific demographics and cultural sensibilities to be successful.

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Assignment Brief 5: Demonstrate critical and analytical skills in analysing the effectiveness of techniques and strategies used in the psychology of consumer behaviour.

The psychology of consumer behaviour can be a powerful tool for businesses looking to increase sales. However, not all techniques and strategies are equally effective. To maximise the chances of success, it is important to critically analyse the different approaches and choose the one that is most likely to appeal to the target audience.

For example, some businesses may decide to use fear appeals in their marketing materials in an attempt to scare consumers into buying their products. However, research has shown that this technique is often ineffective, as people tend to react negatively to being scared and may even boycott the brand.

Another approach that can be more effective is using positive emotions. Studies have shown that people are more likely to respond positively when they feel good rather than when they feel scared or anxious. This is why it is important to consider the emotional response that a marketing strategy will evoke in the target audience.

Assignment Brief 6: Apply principles from the psychology of consumer behaviour in conducting a qualitative study.

When conducting a qualitative study, it is important to consider principles from the psychology of consumer behaviour. This will help you to understand your participants’ attitudes, beliefs and behaviours. Some key concepts to keep in mind include perceived risks and benefits, motives, attitudes and self-control.

Perceived risks and benefits refer to how consumers judge whether the potential outcomes of purchase are worth the risks involved. For example, if someone is considering buying a new car, they will weigh up the costs (e.g., the price of the car, fuel costs, insurance) against the benefits (e.g., convenience, status, environment friendly). If the perceived risks outweigh the benefits, then this person is unlikely to make a purchase.

Motives are the reasons that drive consumers to make decisions. There are two types of motives: intrinsic and extrinsic. Intrinsic motives come from within the individual, while extrinsic motives come from external factors. For example, someone might buy a new car because they enjoy driving, or because it will help them get to work on time.

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