Discuss the current scenario for the use of psychology in the business research

 

Psychology implementation in the business sector has been focused upon with the intention of improving the working mechanism of the organizations. The business sector is focused upon for since it directly has an influence in the economy of the country. With the increasing rate of competitiveness and thrive to globalize a firm into the international market, the adoption of new strategies are taken into consideration (Albrecht, Belger, Blum & Zimmermann, 2019). The true impact of psychology in the business sector can be truly understood by thoroughly evaluating the present scenario of the business organization. The various focus and new trends adopted by the organizations can further assist in evaluating the overall need of psychology in business. Further, it would help to draw a conclusive idea on the significant benefits of the implementation along with highlighting the potential drawbacks if any. Further, the need for the implementation of psychology in the business sector may be justified on assessing the current scenario of the business sector.  

Current business trends:

Business organizations are of significant importance to any country. Since, the organization is potential enough to heavily contribute towards the economic status of a country, the need for concentrating upon the various measures for its expansion is essential. The utmost focus of the business organization is to provide sufficiently for the consumers and reap higher value of money with minimal investment to influence its revenue. This therefore would help in influencing the economic condition of the country. Considering the vision of the business organization, the businesses plans and strategic tools are enhanced and revised according to the present need of the situation (Dalgic&Unal, 2018). With the advent of globalization and the influx of competitive attitude among the business organization, the revision of new strategies has come into existence. Apart from the basic preferences such as visibility, brand awareness and distinctive quality of the organization which remains a major stagnant objective in the business sectors, there are other factors that are manipulated as per the need of the market. 

Focusing on customer preferences:

Focus is one such aspect that can be potentially challenging for a business organization. With the inclination of the firm towards the expansion in the new market, it may be difficult to have a thorough focus on the diverse consumer base (Dalgic&Unal, 2018). Therefore, with the intent to be more perceptive towards the consumer requirements and help them have a great shopping experience, the organizations are making consistent effort in embracing customer oriented philosophies. This would help the organizations to evaluate the preferences of the consumers and bring about new strategic business plans referring to the previous experiences they share. Moreover, with the increase in the rate of consumers, the revenue of the company may also be greatly influenced, ultimately benefiting the firm. 

Personalizing the products:

With the rise in the market competition, the organizations tend to incline themselves in trying to produce something different and eye-catching for attracting more customers. This strategy is devised for gaining effective competitive advantage of the particular organization over the competitors. This includes designing and launching products based on the market segmentation process in terms of demography, lifestyle, social status and personality of the customer range (Dalgic&Unal, 2018). Introduction of fitness oriented range of products such as zero calorie drinks; sport shoes, fit bands and other forms of products are brought into market to attract the fitness freaks. The intention of the company is to build a connection with their customers.

Quality based video content and meaningful advertisements:

With the public being more driven to authentic content and a less dramatic advertisement without unnecessary bragging, the organizations try to make use of authentic mediums to reach their customers. Brands try to incorporate visuals and appealing content that seems to feel more promising to attract the customers. Moreover, with a sensitive and more meaningful message in the advertisements, the organizations try to connect with the customers. 

Social media marketing:

With the advent of modernization, the impact of social media existence in the lives of the individuals has amplified (Qushem, Zeki, Abubakar&Akleylek, 2017). The influence of digitalization among the common public has driven the business organization to extend themselves efficiently with the medium of social sites to connect with the customers.

Embracing IoT:

IoT or the internet of things has come into existence with the direction of digitalization and the technological drive of the public (Qushem, Zeki, Abubakar&Akleylek, 2017). The business organizations are implementing IoT for better understanding the consumers and help provide the customers with preferable products to seek better attention from them. 

Satisfying the employees:

Employees are the true assets of any business organization. Without complete cooperation of the employees, the organization may never succeed and pursue their targets. In this time of awareness and a revolutionary change of having individuality and recognition, the organizations are trying to focus more on providing for the employees (Landy& Conte, 2016). The provision of better salary count, accommodations and other kinds of incentives are being planned by the organizations to satisfy their employees and help retain them from quitting or switching organizations. 

Applicability of psychology in creating opportunities for the business organization: 

By referring to the current trend scenario in the market, it is evident that the business organizations are extending their approach towards better understanding of the consumers. Apart from simply influencing the purchase rates, the focus of the organization as deduced from the above study stresses that organizations are looking for developing a better work culture for the employee satisfaction and also leaving a positive impact on the customers. Psychology therefore can prove significantly beneficial in helping the organization adopt better strategies for effective business expansion (Landy& Conte, 2016). Considering the focus of the organizations in providing better shopping experiences for the customers, the application of psychology in the usiness approach can help the management of the consumers and better understand and evaluate the requirements of the customers. 

Moreover, referring to the employees of the organization, the psychology implementation can help the management team to build better relationships with the workers and create a more warm and inclusive working environment for the employees. Announcement of incentives, appreciation award functions, and other means of reinforcement programs can help the organizations to satisfy the employees with their work culture and the effort put in for the benefit of the company. Furthermore, it is evident that with the adoption of IoT and technological tools, psychological implementation can help the organizations to better design applicable platforms for the boosted interaction with the customers on a direct basis (Qushem, Zeki, Abubakar&Akleylek, 2017). Advertisements are a crucial aspect in selling and creating a visibility of an organization, the psychological extension of the organization in designing and directing sensible advertisements and manipulative storylines can help them seek attention of the customers.            

Justification for the adopted research design and setting:

For the proper evaluation of the justification of the research study a quantitative study had been considered by conducting an online research setting (Brannen, 2017). This would help get a rough sketch on understanding the ideologies of various organization members on the need for the implementation of psychology in business. Moreover, it would further help understand the true impact of the implementation and get a validated research result for getting into a conclusion (Rice, Winter, Doherty & Milner, 2017). Additionally, the survey would help gain maximum number of audience with minimal effort and help gather a database that would be promising for the validation of the research theme.