Discuss factors that affect consumer behavior.

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1. Social class: people of high social class in the society will tend to buy high luxurious products whereas those of low class will tend to buy goods which are of their status.
2 . Income: people with high income will tend to buy goods which are very expensive while those with low income will tend to buy goods of low value.
3. Learning: past experience determines the behaviors of buying the same goods. If the commodity involve a lot of risk one may take a lot of time and investigations when buying that commodity.
4. Education and occupation: a consumer will tend to buy goods which he or she can use in his or her occupation. Those in schools which will tend to consume books.

Or

1. Marketing campaigns
Marketing campaigns influence purchasing decisions a lot. If done right and regularly, with the
right marketing message, they can even persuade consumers to change brands or opt for more
expensive alternatives. Marketing campaigns can even be used as reminders for
products/services that need to be bought regularly but are not necessarily on customers’ top of
mind (like insurance for example). A good marketing message can influence impulse purchases.
2. Economic conditions
For expensive products especially (like houses or cars) economic conditions play a big part. A
positive economic environment is known to make consumers more confident and willing to
indulge in purchases irrespective of their personal financial liabilities. Consumers make
decisions in a longer time period for expensive purchases and the buying process can be
influenced by more personal factors at the same time.
3. Personal preferences
Consumer behavior can also be influenced by personal factors, likes, dislikes, priorities, morals, and values. In industries like fashion or food personal opinions are especially powerful.
Advertisement can, of course, help but at the end of the day consumers’ choices are greatly
influenced by their preferences. If you’re vegan, it doesn’t matter how many burger joint ads you
see, you’re probably not going start eating meat because of that.
4. Group influence
Peer pressure also influences consumer behavior. What our family members, classmates,
immediate relatives, neighbors, and acquaintances think or do can play a significant role in our
decisions. Social psychology impacts consumer behaviour. Choosing fast food over home-
cooked meals, for example, is just one of such situations. Education levels and social factors can have an impact.
5. Purchasing power
Last but not least, our purchasing power plays a significant role in influencing our behavior.
Unless you are a billionaire, you will take your budget into consideration before making a
purchase decision. The product may be excellent, the marketing could be on point, but if you
don’t have the money for it, you won’t buy it. Segmenting consumers based on their buying
capacity will help marketers determine eligible consumers and achieve better results.

Jonmhumble answered the question on October 25, 2017 at 09:55

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Discuss factors that affect consumer behavior.

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