Consumer psychology is a topic that most businessman and marketers are interested in. It’s essentially a study of why people buy products, how they use those products, and when then dispose of those products.
It’s also a study of why differential pricing works and product packaging comes into play. Consumer psychology get’s down to the most basic motivations and processes that occur in the mind of the customers.
Most advertising strategies are based on some sort of psychological assessment. What color makes people happy, what color makes people sad, angry, or ready to spend their money. What is the color of trust?
How should the product be presented to people in a way that helps them solve a problem or gain reputation. What is the best way to communicate with a specific market about the value of your business. How can you get them to think highly of you.
In the end, consumer psychology helps to predict the outcomes of your success and the satisfaction of the buyer.