Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Buying decision process and importance
Factors influencing consumer behavior
Factors affecting consumer behaviour
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Buying decision process and importance
manager and other of mother. Therefore her buying decisions will be influenced by her role and status.
3. Personal Factor
Personal factors can also affect the consumer behaviour. Some of the important personal factors that influence the buying behaviour are lifestyle, economic situation, occupation, age, personality and self-concept.
Age
Age and life-cycle have potential impact on the consumer buying behaviour. It is obvious that the consumers change the purchase of goods and services with the passage of time. Family life-cycle consists of different stages such young singles, married couples, unmarried couples etc. Which help marketers to develop appropriate products for each stage.
Occupation
The occupation of a person has significant impact on his buying behaviour. For example a marketing manager of an organization will try to purchase business suits, whereas a low
…show more content…
Psychological Factors There are four important psychological factors affecting the consumer buying behavior. These are: perception, motivation, learning, beliefs and attitudes.
Motivation
The level of motivation also affects the buying behaviour of customers. Every person has different needs such as physiological needs, biological needs, social needs etc. The nature of the needs is that, some of them are most pressing while others are least pressing. Therefore a need becomes a motive when it is more pressing to direct the person to seek satisfaction.
Perception
Selecting, organizing and interpreting information in a way to produce a meaningful experience of the world is called perception. There are three different perceptual processes which are selective attention, selective distortion and selective retention. In case of selective attention, marketers try to attract the customer attention. Whereas, in case of selective distortion, customers try to interpret the information in a way that will support what the customers already believe.
Beliefs and
We are all consumers, and we buy diverse products every day. But, do you know what the main factor is that influences us to choose a product? If someone selects a cloth, maybe he pays attention to its quality! Customers’ decisions can be changed depending on what the main factors they are looking at. Various influences can cause consumers to select different products.
This paper presents a dynamic model on the consumer behaviour on the real world marketing issue. It will further discuss the marketing and industrial experiences encountered daily in everyday business life, in addition is the Consumer behavioural issues and consumer analysis or recommendations.
Personal preference is another factor as some people prefer variety of goods whereas others prefer not having too many choices at all.
This report aims to provide a mix review of theories and personal case study. I will apply two consumer behaviour theories in relation to my own purchase decisions.
Consumer Decision Making Process A key factor in successfully marketing new/existing products or implementing a product Extension is a thorough understanding of the motivation, learning, memory, and decision Processes that influence consumers purchasing behavior. Consumer purchasing behavior theories have found their way into managerial decision making to help companies more effectively develop and launch new products, segment the market, determine market entrance and in brand management. Therefore, a better understanding of how consumers decide what to purchase is critical to the success of a product. There are numerous theories and models describing the consumer purchasing decision process.
These factors are: - 1) Social This includes changes in population, community attitudes e.g. smoke, drinking, organics, 'greens' etc. This is perhaps the most complicated element of the macro-environment to assess, manifesting itself in altering tastes, purchasing actions and shifting priorities. The kind of goods and services demanded by consumers is a purpose of their social training and their consequential attitudes and viewpoints. Core intellectual principles are those steadfastly recognized within a society and are as a result hard to change. They are perpetuated through family, the church, education and the institutions of culture and act as moderately permanent parameters within which marketing firms are compulsory to run.
4. Research shows that consumer behavior is clearly influenced by self-concept, the way a person feels and thinks about himself or herself.
In today’s competitive world where organizations looking for high profitability and market share, consumers have very important role. Companies are looking for capture consumers in order to get larger market share. For this reason organization developed a number of techniques and tools. One of such tools is consumer behavior which has been come from economic theory. Consumer behavior is mainly studying the factors and situations that can affect purchase decisions of consumers. Consumer behavior is being very important discipline of management sciences which help out to understand of customers’ decision making.
Motivation is defined as an inner drive that encourages action or feeling towards a desired goal. It is moving forward and not staying static. A person’s efforts are energized, directed and sustained towards achieving their goal. It is a basic desire which begins with a physiological or psychological need which triggers a behaviour that is aimed at a goal or incentive. For example hunger motivates the need for food. Desires and goals are the inherent strength that drives us to move, take action or plan to achieve. The processes that give behaviour strength and purpose are needs, cognitions, emotions and external events. Reeve (5th Edition).
These groups are family oriented and hence consider various personal factors before making a purchase decision. On the other hand a youngsters prefer more price discounts and BOGOF's as they believe in saving money for various other expenditure. The reason being that they are supported by
Their demand will decrease if they expect lower future income. A consumer’s purchasing behavior is influenced but not limited by the abovementioned determinants of demand. There are socio-demographic, political, marketing, and other phenomena that may be influential in the purchase behavior of a
Childers, T.L., & Rao, A.R.(1992). The influence of familial and peer-based reference groups on consumer decisions. Journal of Consumer Research, 19, 198-211
To achieve and maintain success in such a complex system as market it is essential to every marketing person to understand clearly consumer behavior. Understanding consumer behavior is not that easy as it may seem from the first glance. The reason is that there are plenty of various factors that may influence it in one certain way or the other. When considering each of the factors it is also important not to forget that they ought to be analyzed as different parts of one whole picture, that is, in correlation with each other.
The research on consumer behavior assists the organization recognize and forecast the purchase behavior of the consumers while they are purchasing a product. Thus, the study of consumer behavior helps the marketers not only to understand what consumer's purchase, but helps to understand why they purchase it (Kumar, 2004). There are a lot of elements which can influence the purchase decision of consumers such as social influences, cultural influences, psychological factors and personal factors (Super Professeur, 2011). Understanding these factors helps the company to market the product on right time to the right consumers in order to generate more profits. On the other hand, if the marketers fail to understand these components that might influence consumers, they will fail to convince the consumers to purchase that product or will fail to meet the demands of consumers. However, consumer behavior is one of the stimulating and challenging areas in marketing studies being a human activity focused on the products and services. Thus understanding the behavior of the consumers is a great challenge. Moreover, it is not easy to get a full picture of consumer behavior as customers make plenty of different buying decision every day and they usually do not know exactly what influences their purchase. In short, basing on all
There can be many things that might factor into the want to buy something. There are many steps that a customer takes before actually buying a product.