TOP 3 FACTORS WHICH INFLUENCE CONSUMER BEHAVIOR

What are the factors which influence consumer behavior?

 

There are basically five main factors influencing consumer behaviour, namely Psychological, Social, Cultural, Personal, and Economic factors. But here in this blog, we’ll study about the top 3 factors. 



1. Psychological Factors


Interestingly, an important factor that determines consumer behavior is human psychology, although these factors aren’t exactly easy to measure.


Major psychological factors which influence behavior of consumers are : 

 

  • Motivation Motivation is a considerable defining factor which influences a person’s buying behavior.

 

  • Perception


When we gather information regarding a product and analyze it to generate   a relevant image regarding a certain product, our perception is changed. 

 

  • Learning

We get a deeper knowledge about a product every time we purchase it through experience.  

 

2. Social Factors

 

We as social animals rely our purchasing decisions to some extent on the people around us. Trying to fit in our surroundings, we are constantly working on imitating other human beings as a result. Some factors are: 

 

  • Family

Our families play a considerable role in our purchasing behavior. By our childhood, we form an inclination towards certain products by watching our families use that product.

 

  • Reference Groups

Groups of people with whom we associate ourselves is a reference group which include schools, or playgroups, churches, and even professional acquaintances etc.

 

  • Roles and status

Roles and status influence majorly what we buy. Our purchases are directly linked with what position we hold. 

 

3. Cultural factors

 

Most of the people's values and ideologies are shaped by the values and ideologies of the society they live in and the community they belong to. Their behavior is consciously or subconsciously driven by the culture that is followed by that particular community they exist in.

 

A few significant cultural factors include : 

 

  • Culture

The basic requirements, wants, values, behaviors, and preferences which are observed and taken by us from our close family members as well as other important people around us are the cultural factors.

 

  • Subculture

We have various subcultures, amongst a cultural group. A common set of values and beliefs are shared by these groups. People from varied nationalities, religions, caste, and geographies are included in it. This customer segment forms an entire customer segment.

 

  • Social Class

All over the globe, each class is defined and known by some form of social class. By our family backgrounds, occupation, education, and residence location, this social class is derived collectively. For consumer behavior,  our social class is another factor grabbing the reins.


Conclusion


Big and small decisions related to purchasing are taken by all of us nearly every day. We think of fulfilling a need for every buying decision made. By a range of factors, this need can be steered, which have been elaborately highlighted here. For enhancing their sales prospects, every one of these factors can be leveraged as a weapon by businesses. Through this blog, I hope that I’ve been able to give you a proper coherent idea about these factors.  


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