Market Analysis - Psychology 2020
Psychology and market research have a lot in common. In fact, many psychology professionals choose the realm of market research as a career path. Both disciplines seek to understand more about people— and approach that task through research. While the objectives and action taken from the results may vary, both use similar methodologies and processes to achieve their goals. Rather than thinking about these two disciplines separately, we want to learn about the basics of psychology and how to approach market research with psychological thinking in order to build a stronger foundation for research findings.
Psychology has been around since the late 1800’s when it got its start through the studies of Wilhelm Wundt. Today it’s the study of the human mind as it relates to our emotions, attitudes, thought processes, and ultimately our behaviors. There are a variety of specialty areas including consumer behavior, social, clinical, forensic, and so on. Within each specialty many tools are utilized; however, research is one of the most crucial ones. Starting with the scientific method like most “ologies,” psychology approaches a question by making observations, gathering data, forming theories, testing those theories, and interpreting results. Some of the most commonly used research methods include
Controlled experiments: often for the testing of treatments or solutions to a behavior
Case studies: for observational insights into behavior
Correlation studies: to understand relationships between behaviors
Other rigorous methods: brain scans, or other neural testing to understand subconscious factors of behavior
After conducting research through one or more methods, psychologists then look to use the results to control or improve upon a behavior— but that’s putting it lightly. There are a variety of other paths psychology experts take before they can begin to understand, predict, and influence behavior. But we’re more focused on how psychology has built the framework for market research. Unfortunately, many researchers fail to recognize its relevance in their work and miss out on an opportunity to further their insights.
Applying Psychological Thinking to Market Research
It’s sometimes easy to forget that what we do as market researchers has so much to do with the behavior of consumers before we even begin the research. That’s why when it comes to applying psychological thinking to our studies; we have to begin to understand its impact before we even start. Here are some tips for applying psychological thinking to your next round of research:
Use proven behaviors and thought processes grounded in psychology to craft more effective questions and study designs
Factor in and avoid the biases found through psychological testing for both the researcher and respondents
Pair observations with your research— like in-home usage tests and shopper studies
Use your understanding of psychology to lend more context or insight into findings that otherwise would be difficult to discern
The field of psychology and market research work in parallel with one another. Brand development, packaging designs, pricing strategies, and other areas all have psychological influences. While market research seeks to understand the behaviors of consumers to the benefit of our goods and services, using lessons from psychology to further that understanding or even change behaviors is a powerful tool.
Following the tradition of successful events held in North & South Americas and with the magnificent success and overwhelming response, we are privileged to announce Psychology 2020 titled “30th International Conference on Psychology, Psychotherapy and Mental Wellness” which is scheduled on August 31-September 01, 2020 London, UK.
The aim of this conference is to further foster the development of positive psychology, positive education, positive thinking, individual traits, positive institutions, interventions, holistic health, happiness, mindfulness, philosophy, wellness and wellbeing areas, strengths and virtues, gratitude, meditation, spirituality, motivation, resilience, mental health and quality of life, stress, therapies, autism, addiction, flourishing, entrepreneurship, technology, work and organizations, coaching, leadership, optimism, self-esteem, flow, hope, bullying, culture, and to provide an engaging forum for academicians, experts, researchers, psychologists, psychotherapists, psychiatrists, coaches, counsellors, yoga and meditation specialists, social workers, scholars, leaders, students, practitioners, medical and business professionals, and those interested to learn more. We hope that this conference will provide a stimulating avenue to learn, exchange ideas, network and embrace wellbeing science and applications. We invite you to come along - be involved, stimulated, challenged and inspired!
We collaborate with authentic partners, exhibitors, sponsors from around the world who are committed to supporting the happiness, wellness, mindfulness and wellbeing movement and who work towards an inclusive environment where organizations, institutions, academies, hospitals, medical centres, and societies can thrive for a better quality of life.