Factors Influencing Consumer Behavior
Consumer behavior means the selection, purchase, and consumption of goods and services to fulfill their wishes. There are different processes involved in consumer behavior.
The consumer initially tries to find out which products he or she wants to consume, then selects only the products that promise more benefits. After selecting the goods, the consumer makes an estimate of the available money he can spend.
Finally, the consumer examines the current prices of the commodities and decides on the commodities that they need to consume. Meanwhile, there are other factors such as social, cultural, personal, and psychological that affect consumer purchases. A description of these factors is given below.
1. Cultural Factors
It is deeply influenced by cultural factors such as consumer behavior, consumer culture, subculture, and social class.
Basically, culture is a part of every society and is an important cause of one’s will. and behavior. The impact of culture on buying behavior varies from country to country, so marketers need to be very careful in analyzing cultures of different groups, regions, and even countries.
Each culture includes different subcultures such as religions, nationalities, geographical regions, racial groups, etc. Marketers can use these groups by dividing the market into various small sections. For example, marketers can design products according to the needs of a specific geographic group.
• Social Class
Every society has a form of social class that is important to marketers because people in a particular social class have buying behavior. similar. In this way, marketing activities can be adapted to different social classes. Here, the social class is not only determined by income, but by wealth, education, profession, etc. We have to note that there are other factors
2. Social Factors
Social factors also affect the buying behavior of consumers. Important social factors are: reference groups, family, role, and status
• Reference Groups
Reference groups have the potential to create a person’s attitude or behavior. The effect of reference groups varies according to the products and brands. For example, clothes, shoes, cars, etc. If the product is visible, the effect of the reference groups will be high. Reference groups also include the opinion leader (a person who influences others due to his special skill, knowledge, or other characteristics).
Buyer behavior is strongly influenced by a member of a family. Therefore marketers are trying to find the roles and effects of husband, wife, and children. If the decision to purchase a particular product is affected by the spouse, marketers will try to target women in their ads. Here, we must note that the roles of procurement change along with the change in consumer lifestyle.
• Roles and Status
Every person belongs to the groups, clubs, family, organization, etc. Depending on the society has different roles and status. For example, a woman works as a financial manager in an organization. Currently, he plays two roles, one finance manager and the other mother. Therefore, purchasing decisions will be affected by their role and status.
3. Personal Factors
Personal factors may also affect consumer behavior. Some of the important personal factors that affect purchasing behavior are lifestyle, economic situation, occupation, age, personality, and self-concept.
Age and life cycle have a potential impact on consumer buying behavior. Consumers change their purchases of goods and services over time. The family life cycle consists of different stages, such as young bachelors, married couples, unmarried couples, etc., which help the markets develop products that are appropriate for each stage.
A person’s occupation has an important effect on buying behavior. For example, an organization’s marketing manager will try to get a business suit, and a low-level worker in the same organization will buy solid work clothes.
• Economical situation
Consumer economic situation has a great impact on buying behavior. If a customer’s income and savings are high, then they will buy more expensive products. On the other hand, a person with low income and savings will buy cheap products.
Customers’ lifestyle is another important factor that influences consumer buying behavior. The way of life refers to the way a person lives in a society and is expressed by the things around him. Customer interests, opinions, activities, etc. It is determined by and shapes the whole form of acting and interaction in the world.
Personality changes from person to person, from time to time. Therefore, it can greatly affect the purchasing behavior of customers. In fact, personality is not what it wears; on the contrary, it is the sum of the behavior of a man in different conditions. Dominance, aggression, self-confidence, etc. that can help determine the consumer behavior for a particular product or service. It has different features.
4. Psychological Factors
There are four important psychological factors affecting consumer purchasing behavior. These include perception, motivation, learning, beliefs, and attitudes.
The level of motivation also affects the purchasing behavior of customers. Physiological needs, biological needs, social needs of every human. There are different needs. The nature of the needs, some of them press the least, while others are the most oppressed. Therefore, there becomes a need for a more urgent need to guide a person to seek satisfaction.
Choosing, organizing, and interpreting information to produce meaningful experiences in the world is called perception. There are three different perceptual processes, selective attention, selective distortion, and selective retention.
In the case of selective attention, marketers try to attract the customer’s attention. In the case of selective distortion, however, customers are already trying to interpret the information in a way that supports what customers believe. Similarly, in the case of selective retention, marketers try to keep information that supports their beliefs.
• Beliefs and Attitudes
The customer has a special belief and attitude towards various products. As such beliefs and attitudes create a brand image and influence consumer buying behavior, marketers are interested in them. Marketers can change their beliefs and attitudes by launching special campaigns.