It is the consumer that acts as the central hub of marketing. For devising a good marketing plan, it is indeed essential in examining the lifestyles, needs and behavioral attributes of the consumer and purchase techniques and then making the right marketing decisions. When it comes to consumer behavior this study comprises of what a consumer purchase, why they purchase, when they purchase, how often they purchase, from where they purchase and how they purchase. Having a consumer-oriented approach that is open-minded is crucial in the current diverse global marketplace to help a firm in identifying and serving its target market, minimizing dissatisfaction and having an edge over others in the competition.
7 factors that influence consumer purchasing decisions
Although there are innumerable factors that influence the consumer purchasing decisions, of these the top 7 factors are as follows namely,
- Economic Factor: This is indeed the most vital and also the foundation of just any purchasing decision. Here the reason is very simple. A customer cannot purchase a product that they cannot afford.
- Functional Factor: The functional factor plays a crucial part when it comes to the buying decision. It is everything about needs that is backed via a logic which makes sense as well as fits in the customer’s best interest.
- Marketing Mix Factors: The marketing mix has 4 components, namely the pricing, product, place of distribution and promotion and each has an indirect or direct impact on a consumer’s buying process. The consumers will take into consideration a couple of things such as the product characteristics, product availability at the required destination, the price charged and much more.
- The Psychological Factors: There are 4 vital factors that affect the buying behavior of a consumer, namely attitudes and beliefs, learning, motivation, and perception.
- Personal Factors: Under this category, the factors include the consumer’s gender, economic and social status, lifestyle, occupation, and age. These factors can affect the purchasing decisions of a consumer either individually or collectively.
- Social Factors: The social factors comprise of the social status, family status, and reference groups. Such factors as well help in affecting a consumer’s buying behavior and help in reflecting a vigorous and endless inflow with the help of which people learn different consumption values.
- Cultural Factors: This factor, however, possesses a subtle influence on the purchasing decision process of a consumer. As every person resides in a complex cultural and social setting, the types of services or products they wish to use can be influenced directly or indirectly by the entire cultural context where they live as well as grow. Such cultural factors comprise of moral values, caste, tradition, religion, and race.
What goes on in the mind of the customer is the most common question, in fact, a billion dollar one that every brand manager actually scrutinizes. Along with wanting to know what the customers consider prior to purchasing a product they also strive to discover what factors influence a consumer’s buying decision.
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