Consumer Psychology and Buying Behaviour Assignment

Consumer Psychology and Buying Behaviour - Assignment Example The market must be dominated by the element of value for products and services. Most potential consumers tend to buy products or services sold at low prices. Loyalty denotes the likeliness of some consumers to stick to the same products. This serves as the key effect and determinism in the market. Psychology entails how and in what ways aspects of the actual products and /or services in the market influences people to make their choices, by possibly buying a product that is different from the previous one. Sociology entails the manner in which one person‘s buying is influenced by that of others. In essence, there is the tendency of people willing to buy the same brands as others leading to a lock in one product that dominates the market without even considering the fact that the competitors have more or less identical ‘qualities’ that may include price. Marketing is the selling of products and services to potential clients in a given environment at a given time. It basically entails the potential clients that are available and how to handle them.  The market must be dominated by the element of value for products and services. Most potential consumers tend to buy products or services sold at low prices. The recent study on the consumers’ behavior on respond can help companies determine the best prices to set for their products. The notion that cheap products are of low quality is one of the factors in which companies can set prices for their products.