Psychological factors influencing consumers

Abstract

This paper deals with the issue of psychological factors that influence consumer behaviour and therefore have an impact on demand formation. The paper summarizes existing research studies in the field of social psychology and places these studies in the context of economics, consumer decision making. The paper also highlights the founder of the Bata company, Tomas Bata, who built a multinational shoe company in the 1920s and who intuitively applied rules in the management system for which psychologists only found a scientific explanation in the second half of the 20th century and which did not fully develop into behavioral economics and neuroleadership until the first two decades of the 21st century, 100 years later.