Question

How are each of the five factors that influence decisions affected by one of the five major influences in consumer behavior?  We have discussed the five major influential factors in class, in debate, on DBs and in our final paper. Remember to ... Define. Illustrate. Personalize.

Answer 1

How are five Common Factors Influencing Consumer Behavior

Consumer behavior may be loosely defined as the decisions and acts that affect a customer's purchasing behavior. A topic that is frequently explored and examined by advertisers is what causes buyers to select a certain commodity compared to another. The majority of the procurement selection process is driven by emotion and reasoning.

Market behavior analysis not only helps explain the experience but also forecasts the future. The factors outlined below-concerning people's tendencies, attitudes and priorities should be given prime attention to a reasonably decent knowledge of consumer buying habits.

1. Having Control

Consumer buying ability plays a major part in shaping customer behavior. Consumers typically evaluate their buying power before making a purchase judgment and the buying of products or services. The product could be excellent but if it does not meet buyers buying ability, its purchases will have a great impact on it. Segmenting customers depending on their spending ability will help to assess favorable outcomes for qualifying customers.

Understanding, assessing, and monitoring customer behavior is very important for a marketing team to effectively maintain its spot in the market sector. Apart from the four above, there are also growing other influences that affect customer behavior.

2. Influence group

Group influence is also seen as impacting a consumer's decisions. The main influential community of family friends , colleagues, immediate associates and the secondary influential category of peers and acquaintances are seen as having more impact on a consumer's buying decisions. Think, for starters, the mass preference for fast food to home-cooked food or even the craze toward small utility vehicles for the SUV's are obvious indications of the same.

3. Personal privileges

Consumer behavior on a personal basis is affected by multiple shades of likes, dislikes, objectives, morals, and values. In some diverse industries such as apparel, food, and personal care, the consumers ’ personal view and preference about style and fun may become the overriding force of control. While ads may help to some degree affect such influences, the specific customer preferences and dislikes can have a greater impact on the consumer's final purchase.

4. Conditions of economy

Consumer purchasing decisions are well known to be strongly affected by the current market economic condition. This is particularly true for items purchased from vehicles, homes, and other household appliances. A favorable economic climate is known to improve consumer trust and the ability to invest in purchases regardless of personal financial liabilities.

5. Marketing Campaigns.

Advertising plays a bigger role in influencing consumer buying behavior. These are also known to trigger a great shift in competing industries' market shares by affecting consumers ' buying decisions. Regularly conducted marketing campaigns could even influence the consumer buying decision even to an extent how they can choose one brand above another indulge in indulgent or spurious shopping. Marketing campaigns if carried out at regular intervals also help to encourage customers to shop for items that are not so enticing as health care or insurance plans.