The Importance of Irrational Purchasing Behaviour in Applying the Marketing Strategy of Selected Global Brands

Abstract

Research background: The progress of business activity depends on current trends in customer shopping behavior in a global environment. The current trend is also becoming a factor of irrationality, which enters the process of purchasing behavior. It is supported by the emotions and desires of consumers. In this sense, it is important to understand the irrational behavior of customers and respect the individual behavioral characteristics in the sales process. By respecting these characteristics, a company can strengthen its brand and marketing strategy with a view to gaining a global competitive advantage. Research will highlight the importance of irrational customer behaviour between the global Lindt and Hershey brands. We will find out whether the pricing policy and the discount are important for influencing shopping behaviour. Purpose of the article: In the article, we pointed out the importance of behavioral characteristics of irrational shopping behaviour in the above-mentioned global brands. We will confirm whether the research of Dr. Ariely and despite the current trends, irrationality prevails in shopping behaviour in the environment of Slovak customers. Methods: In order to assess the theoretical assumptions of behavioral economics and irrational shopping behavior, we used methods of analysis, synthesis. In the analytical part of the article, we also used the method of sociological questioning in order to ensure the credibility of the entire research. In the discussion part of the article, we used the method of induction. Findings & Value added: Pointing out the importance and connection of irrational purchasing behavior in the application of the company’s marketing strategy in a global market environment.