Introductory description

Psychology students are potentially well-suited to careers in marketing because of their special insight into the workings of the mind. This module helps to fill in gaps in understanding of both basic marketing principles and the application of psychological principles to consumers. This can be valuable not only for students considering careers in marketing, but more broadly for any student who is curious to understand how the marketplace functions and how they fit in as a consumer.

Marketing is about much more than advertising and selling. It is the process of creating, communicating, and delivering value for consumers. A firm’s understanding of its consumers’ minds is crucial for every aspect of a successful marketing campaign. This module covers the basics of marketing and consumer psychology both from the theoretical side and from the practical side, with a particular eye toward how a deep understanding of consumers’ minds can generate value for the customer, the firm, and society. A special focus of this module will be how psychology and marketing interact, such that psychological and marketing principles must mutually constrain firms’ strategic decision-making.

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

Topics to be covered on the marketing side include the marketing environment (company, consumer, competitors), marketing strategy (segmentation, targeting, positioning), and the marketing mix (product, place, price, promotion). Topics to be covered on the consumer psychology side include motivation, cognition, decision-making, emotion, attitudes, and social influence.

Learning outcomes

By the end of the module, students should be able to:

• Understand basic concepts of consumer psychology
• Understand core principles and models in marketing
• Apply psychological concepts to real-world business contexts
• Use psychology to critically evaluate firms’ marketing actions

Indicative reading list

Grewal, D., & Levy, M. (2019). Marketing.

Levitt, T. (1960). Marketing myopia. Harvard Business Review.

Porter, M. E. (1979). How competitive forces shape strategy. Harvard Business Review.

Lemon, K. N., & Verhoef, P. C. (2016). Understanding customer experience throughout the customer journey. Journal of Marketing.

Research element

Students will conduct an applied research project in small teams. This will involve three aspects: (1) Either analysis of an existing firm or a creative proposal for a new product; (2) Applying concepts from lecture and readings to inform their analysis or proposal; and (3) Informal interviews with two or more potential consumers (e.g., parents or fellow students) to bring real-world data to bear on their project.

Interdisciplinary

Module content includes topics in psychology, economics, and strategy.

Subject specific skills

Understand psychological theories of consumer behaviour. Understand core models in marketing strategy. Analyse consumers’ beliefs, values, and preferences. Evaluate firms’ marketing practices. Generate strategic recommendations to create value for firms, consumers, and society.

Transferable skills

Critical thinking. Communication with business stakeholders. Creative problem-solving. Bringing data to bear on problems. Written and oral communication. Team cooperation.