Question

marketing question

what are the implications of the psycological and social benefits of consumption for marketing managers?

Answer 1

Psychological consumption refers to the psychological characteristics in the process of consumption and generally consumer's buying behavior rely on these psychological characteristics. Psychological consumption involves what to buy, when to buy, how to buy etc. These process of psychological consumption needs intrinsic analysis, selection and judgment. As technology is advancing people are more aware of the features and benefits of the products. Marketing managers must study the psychology of the consumers and must cater to the individual needs of the consumer by providing products and services according to their desires.

On the other hand, Social benefits are the total benefit to the society by producing or consuming a particular product or service. Social benefit comprises of private benefit plus external benefit. For example, cycling have a health benefit to consumer as well as society as a whole as it reduces congestion on roads and pollution. Thus, social benefit benefits to society as a whole. Marketing managers are following the "societal marketing concept". They are focusing on consumer satisfaction as well as to benefit society in a long-run.