Product packaging is an important factor in making any product or brand as a successful product in market. Consumers have a tendency to look at the product packaging and make respond to its design. The consumer may think once about satisfying their needs and it may influence their buying behavior.
The most important factor of winning product packaging is that behavioral economics which is an economical perception of any individual or a group purchase of a product like shopping with friends and family.
What is Behavioral Economics and Behavioral Finance:
Behavioral economics is about individual or group psychological behavior which is relating to the economic decision making of an individual or an organization. The behavioral economics is a main factor that influences consumer’s purchasing behavior in market and it can also decide the winning product by the frequency of buying it. It can be a new purchase of product or it can a be favorite product or brand of the consumer.
Behavioral finance which relates to associate behavioral and cognitive psychological theory with typical economics and finance of consumers or an organization in order to provide explanations for why consumers tend to make insane financial or purchasing decisions.
When it comes to consumer’s point of view, they tend to think about purchasing a product can be highly benefit for them. It’s basically a human cognition and behavior that consumers play a highly important role in today’s market. The prosumers or manufactures should be able to analyze the consumer’s needs based on type of product and the packaging design made for it.
By this way, any product or brand can be easy made as a winning product based on the packaging design made for it and thereby doing complete analysis and updating consumer’s needs based on the behavior economics and purchasing behavior of an individual or organization.