The behavior of consumers mainly depends on several social-economic factors and other personal attributes of an individual. Personal factors include age, workplace, income level, sustaining group, lifestyle, and so on. The role of an individual and behavior in groups and other assemblies are taken into account. An individual must understand his role and responsibilities in terms of motivating the factors pertaining to the growth of the organization and also the terms that contribute something to this society.
Factors That Influence Consumer Behavior
- Psychological Factors
- Social Factors
- Cultural Factors
- Personal Factors
- Economic Factors
Psychological Factors: Human being psychology is a significant determinant of consumer behavior. These factors are challenging to measure but are powerful enough to influence a buying decision of Consumer.
Psychological factors have a considerable extent impact on consumer behavior and the factors can be seen while purchasing an object or product.
We have to think from both the ends like the consumer and the seller. A consumer needs to think from his perspective to grab the product of the desired quality.
A seller must sell his products meeting the expectations of the customers and no forcing should be there from his side on the products.
In return both should be happy about buying and selling. This can be achieved by the perception; influence and understanding from both ends.
- Attitude and Beliefs
All these activities are classified under psychological factors.
Social Factors: A society is composed of several norms and rules to have systematic behavior. All the issues faced by society need to be addressed concerning the existing conditions, and these factors have considerable change and impact on consumer behavior.
- Role & Status
Cultural Factors: Culture encompasses the set of beliefs, moral values, traditions, language, and laws (or rules of behavior) held in common by a nation, a community or other defined group of people. When a person comes from a selective community, his/her behavior is highly influenced by the culture relating to that specific community.
- Culture is something important that decides the choice of selection and it is truly based upon the needs and wants of the customers.
- Such cultural behavior is understood from the family, working place, and society through the family members, work colleagues, and other peer members.
- It brings out the elementary values and needs of the customers pertaining to their behavior.
- If good rapport is made between the buyers and sellers, a wide range of opportunities are created for the promotion of products and it influences the behavior of the customer.
Personal Factors: the Factors that are personal to consumers influence their buying behavior in Marketing. These individual factors differ from character to character, thereby producing different judgments and consumer behavior.
Economic Factors: it is the most crucial factor influencing consumer behavior because of Economic define the Purchasing power of Consumer. Given below some important Factors
- Supply & Demand
- Interest Rate
Below Are Some of The Main Extensions Dealing With The Behavior of The Consumer?
Social Extensions–A society is composed of several norms and rules to have systematic behavior. All the issues faced by society need to be addressed with respect to the existing conditions and these factors have considerable change and impact on consumer behavior.
Environmental Changes–Whatever the position an individual holds on, he should know his responsibilities in both the society as well as in his native residence. He has to mingle within his workplace and community to meet his desired dreams and goals.
Factors Influencing the Consumer Buying Decision
Own Attitude and Others’ Attitude – If a person wishes to buy a product and approaches the seller, he may expect decent behavior and response from him. If that is not obtained he may get a negative attitude towards him and the same may happen to the seller also. If the consumer’s behavior and approach are not satisfactory the seller may also get affected which in turn results in a zero or nil line. So attitude is important in dealing with consumer purchasing decisions.
Unexpected Scenarios and Related factors–unexpected scenarios are lack of availability, shortage of desired products, or so on. If the product is unavailable the decision of the consumer may change. Further, if the product is available and it does not meet the expectations of the consumers it will end up in a negative result. Situations and related factors have a considerable impact on consumer buying decisions.
- The consumer buying decision is mainly dealt with the personal attributes of the customers.
- Buying a product is the own choice of the customer and owning it depends upon his interest, income, and lifestyle.
- It will be really easy for a high-class person to own any product he desires.
- But in case if it is dealt with by a normal middle-class person, several factors are taken into account.
- Even if the product is useful for him he needs to look after his income for future management. Only if it is bearable, he can go for it.
Factors Effecting Consumer Behavior in Marketing
- Consumer buying behavior mainly depends on the needs of the customer in buying the goods and services for his own use.
- Consumers are the ones who are making the consumer market and response is required from both sides upon the exchange of products and goods.
- Buyer needs to look in for quality, preferences, brand, and other relationships with the dealers.
- Basic values and perceptions are the built-in strong relationship between the buyers and sellers and those things influence consumer behavior predominantly.
Do You Need Help With Factors Influencing Consumer Behavior PPT Assignment:
A PowerPoint presentation must be prepared with the below things taken into account and several checks in is done at regular intervals. Below are some of the important previewing concepts of the consumers to be followed.
- To understand the current target market and the influence of the customers over the products.
- To identify the stages from the seller’s perspective and the influences in the decision-making process.
- To know the importance and diffusion of new products on arrival.
- To understand the business strategy and the underlying factors that drive the behavior of the customers and sellers.
- To define the stages of business within the prescribed norms.
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