The factors influencing consumer behaviour with examples are also known as factors affecting consumer behaviour with
- Cultural Factors Affecting Consumer Behaviour,
- Social Factors Affecting Consumer Behaviour,
- Personal Factors Affecting Consumer Behaviour,
- Psychological Factors Affecting Consumer Behaviour.
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This is the first factors influencing consumer
Culture is the first factor and it means that these are the shared set of beliefs which an individual acquires from ancestors and it is reflected in their believes customs, and consumption pattern. For example- Mcdonalds Beef Burgers were banned in India due to restrictions in Indian culture to consume such kind of foods.
Sub-culture is an element of culture which distinguishes one culture with having various forms. For example– In Hindus, the culture of Bengalis’s, Marvadi’s, Brahman’s, and Gujrati’s will be different and it will affect their food, dressing sense, and so on.
(iii) Social Class-
Social Class reflects the satisfaction (division) of the society into the upper class, middle class, and lower class. For Example– Rolex watches are brought by
2. Social Factors-
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The family has a great influence in buying decisions because it helps
(ii) Reference Groups-
These are the groups formal or informal who have a direct bearing on consumers purchase decisions. For Example– Religious groups, friends, relatives, peers, and subordinates, etc.
(iii) Opinion Leaders-
These are the peoples who have profound knowledge and experience related to the functioning of a particular product. Consumers seek advice from the opinion leaders when they buy a particular product.
In simple words, the opinion leader is also a major factor in determining the activities and functions of a particular product.
3. Personal Factors-
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(i) Age and Life Cycle Stage-
The age and life cycle stage will affect the consumption pattern because the products and services of a particular company will be divided according to their age, gender, and other personal factors. For Example.– Youth will be interested in fashionable, trendy products while mature people will be favoring during products.
Similarly, the consumers that come in the category of senior citizens will go for retirement benefits and plans.
It is the demographic variable which companies target because the occupation has positive correlation with income and income helps to target the purchasing power of a particular consumer. In the factors of consumer behavior, the occupation is a major distributor of a product according to their income and salary.
(iii) Economic Circumstances-
Economic circumstances reflect the purchasing power of the customers. For Example– A companies selling SUV’s will focus on the purchasing power of the consumer so that it can target the audience opportunity.
(iv) Life Style and Personality-
Lifestyle and personality reflect the zone of interaction of the individual with the environment and also reflects the performance level of individuals. For Example– Personality conscious consumers buy peter England shirts, Zara shirts, and so on.
4. Psychological Factors-
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It is the process by which consumers interpret their sensory impressions to give meaning to the environment. For Example– If Neutrogena brand comes up with new product consumer perception will be good as it is one of the best cosmetic brands in all.
It is the relatively permanent change in behavior acquired through experience. For Example– If a person has good experience say apple is quality i phone than he has learned that this is no substitute for apple brand in terms of quality.
Motivation is a driving force which induces the customer to buy the product. This factor helps to drive the sales of a particular product because it persuades and motivates the individuals for taking action against and favor of the product.
For Example– A mobile phone with value-added features, good brand image, the lower price will motivate the consumer to buy the phones.