What are the 3 major factors that affects the customer buying behavior?
When you think of consumer behavior, what's the first thought that pops into your head? Most people believe that this type of behavior is influenced mainly by ads, commercials, etc. Show
However, here's an interesting idea. Consumers' wants and needs are what drive any good marketing plan. It's the other way around. What determines what you choose to buy?Undoubtedly, you may have wondered why, for example, your taste in shopping is so different from your sibling's. In particular, when you consider that you grew up in the same household. Most likely, you even went to the same schools. Then why did you end up loving stores like Hot Topic and your sibling was all about stores like Hollister? Did anyone else go through a Hot Topic phase as a teen?But many different things influence consumer behavior. You're probably not even aware of most of them. This article will explore the factors that influence how and why you shop and why it's essential to understand this as a business owner. What is Consumer Behavior?Consumer behavior consists of how consumers' emotions, attitudes, and preferences affect buying behavior. It's the study of customers and how they behave while deciding to buy a product. Indeed, the study of consumer behavior is essential for marketers to understand the wants and needs of consumers. If you know the likes and dislikes of your consumers, then you can design a specific marketing strategy for them. Consumers have different attitudes towards shopping. Understanding their thought processes is necessary for an effective marketing strategy. Also, understanding your consumers will help to find success for your current products and any future ones. If a company fails to understand the reaction of a consumer towards a product, there are high chances of product failure. - Clootrack Here is a short video that explains a bit further about the importance of understanding consumer behavior: Factors Influencing Consumer BehaviorFive factors affect or influence consumer behavior. These factors help determine whether a person will purchase an item. Following are these five fundamental factors:
1. Psychological FactorsSeveral psychological elements help to decide what you buy.In particular, human psychology significantly affects consumer behavior. However, it isn't easy to measure these types of factors. These factors are:
Psychological factors have a considerable extent impact on consumer behavior and the factors can be seen while purchasing an object or product. - Louis Hill 2. Social FactorsOf course, copying your best friend's style growing up is common. My best friend and I were known as "The earring twins."Without a doubt, humans are social animals. We feel the need to it in and feel accepted. One way we do this is by imitating others. This includes imitating their purchases. Social factors include the following:
For example, if a woman works as a finance manager, she plays two roles: finance manager and mother. Therefore, she is largely influenced by her role and will choose products that communicate it. - Bakkah Learning 3. Cultural FactorsCulture plays a significant role in consumer behavior.Cultural factors have a strong influence on consumer behavior. These factors are the values and ideologies of a community or group of individuals. These factors are:
4. Personal FactorsConsumers' minds are filled with different interests and priorities.Personal factors, of course, vary from person to person. Such factors create different judgments and affect consumer behavior. Here are the factors that influence our shopping tendencies:
5. Economic FactorsShow me the money!Finally, let's talk about the factors that most affect consumer behavior. Economic factors have a big impact on consumers' purchasing decisions. There are several economic factors, but we've narrowed them down to these three:
The Power of Consumer BehaviorEven though most of the time we don't notice, consumer behavior plays a big part in our daily lives. Therefore, it's always necessary for business owners to have the best marketing strategies targeted to their consumers. Starting from the type of coffee you buy in the morning to the dinner you order at night, each purchase has a process behind it with a whole list of factors that led to that decision. Let's talk.Reach out to us on Facebook or LinkedIn and tell us what strategies you use tailored for consumer behavior. Or follow us on Instagram for a bite-size version of our blog. What are the 3 factors that affect the buying process?Some consumers use an intense system of thorough investigation before they decide to purchase, while others are basic impulse shoppers. Either way, three factors affect all purchasing decisions: economic, functional, and psychological.
What are the factors that affect consumer buying behaviour?Factors Affecting Consumer Behavior. Psychological Factors. Human psychology plays a major role in understanding consumer behaviour. ... . Motivation. Motivation to do something often influences the buying behaviour of the person. ... . Perception. ... . Learning. ... . Attitudes and Beliefs. ... . Social Factors. ... . Family. ... . Reference Groups.. |