Question

Research the term "Consumer Psychology." Use 3 different authoritative/expert sources to write a paragraph defining it. Be certain to cite your sources appropriately ("According to...").

Answer 1

Consumer Psychology

It is a consumer behavior which tells us the way buyers buy things and on what basis do they actually do the buying.

According to American Psychological Association, consumer psychology comes in 2 parts- what buyer wants and what buyer needs. It actually depends on the various factors like age, gender, location, etc. for example, If a buyer is from a well-off family, he might need a driver for his car (considering he own cars) but one from a poor family would barely want a home.

According to Dichter’s book “consumer psychology”, it is actually based on behaviorism. That the choices consumer make is dependent on various internal and external factors including the behavior.

According to Krugman, Herbert’s journal "Pavlov's dog and the future of consumer psychology’, the theory never stays constant. People change, their preferences change, nature change and so does the theory. It can’t be defined as something for so long but the basic definition relies on the same aspect I’ve already provided.