Psychological, sociocultural, involvement, and situational/personal are all examples of
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What type of consumer is your target customer? Do they shop every day or only occasionally? Do they do a lot of research or are they impulse buyers? Understanding what type of consumer your business targets can help to understand their buying behaviour. The more you understand what drives your customer to make a purchase, the more you understand how to connect with them emotionally on your website or through your storefront. Additionally, consumers that connect emotionally go beyond price when making a purchase decision. These loyal customers don’t mind spending more for your product. They also provide excellent referrals to friends and family. This is why it’s worth understanding what makes your target customer tick. What drives their behaviour? How can you use that knowledge to increase your profitability? In general, there are four factors that influence consumer behaviour. These factors impact whether or not your target customer buys your product. They are cultural, social, personal and psychological. How Do Cultural and Social Factors Play a Role in Consumer Behaviour?Culture and social factors can play a major role in the popularity of a product. Industry groups spend a lot of money trying to influence popular opinion because they know how influential culture can be on industry sales. In addition to culture, there may also be social factors, such as family or church roles, at play in a product’s success. Be mindful of culture and social factors when creating your marketing. You want to attract as many customers as possible without offending anyone. How Do Personal Factors Play a Role in Consumer Behaviour?In addition to cultural and social factors, personal factors also influence consumer behaviour. Tastes change over time. According to aging experts, senior consumer behaviours are highly variable, meaning that as a group they have more reasons for buying something than teenagers. If this is your target market, it’s important to know what those reasons are. Lifestyle, personality, and economic class may also influence behaviour. Class impacts education level, background, occupation, and health. As a result, the buying behaviour of one economic class can be very different from another. You want to make sure everyone in your target audience has access to your product regardless of age or economic class. The more people that have access, the better. This is particularly the case for payment methods. How Do Psychological Factors Play a Role in Consumer Behaviour?There are four psychological factors that influence consumer behaviour: Motivation, perception, learning, and attitude or belief system. Motivation speaks to the internal needs of the consumer. Understanding how to motivate your customer is a powerful tool. The way your target customer perceives the world or learns about your product, whether online or in person, can also influence behaviour. Finally, belief systems have the ability to influence all of the above. For example, some people learn best visually. Professional pictures and images of your product or service can communicate a thousand words regardless of belief system. This explains why pictures and images are so important for marketing. Consumers make purchase decisions every day. When they make a decision about your product, they’re thinking about solving a need. That need may be driven by a variety of factors. Each of the factors listed above can be tied back to ways a small business can leverage its storefront or website to increase the probability of a sale. Keep these factors in mind when designing your marking materials.
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Individual consumer behavior encompasses the research, selection, purchase and consumption of goods and services to meet specific needs. The consumer journey is a physiological process driven by emotions. The more you know about how people feel, why they make certain buying decisions and where they decide to shop, the better you can align your products and services — as well as your advertising and marketing campaigns — to their needs. In La Salle University’s online MBA program, students gain insights into consumer behavior through a course on the topic. Many broad categories influence consumer behavior and include important factors for each: Personal InfluencesIndividuals vary in backgrounds, personality, temperament and perceptions, so the predominant factors in one person’s consumer behavior may be less important to someone else. Generally, the most important personal factors marketers and businesses consider are:
Social InfluencesHuman beings are one of the most social of all species. What individuals do and buy is largely shaped by social influences, including:
Cultural InfluencesLike social influences, cultural factors exert considerable influence on individuals, starting as early as childhood. Most people would be very different consumers had they come from another culture.
Psychological InfluencesPerception, motivation, beliefs and attitudes all determine the conscious and subconscious thought processes that a consumer undergoes before eventually making a purchase, whether it’s an extensively researched decision or an impulse buy.
Mastering consumer behavior takes extensive training. The La Salle University MBA online program prepares professionals to make informed business and marketing decisions that account for the many factors that influence consumer behavior. Learn more about the La Salle University Master of Business Administration General Online program. Sources: Clootrack: Major Factors Influencing Consumer Behavior Educba: 4 Important Factors That Influence Consumer Behaviour
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What are the 4 factors that influence consumer behavior?In general, there are four factors that influence consumer behaviour. These factors impact whether or not your target customer buys your product. They are cultural, social, personal and psychological.
Which of these are situational or personal influences on consumer behavior?Situational influences are temporary conditions that affect how buyers behave—whether they actually buy your product, buy additional products, or buy nothing at all from you. They include things like physical factors, social factors, time factors, the reason for the buyer's purchase, and the buyer's mood.
What are the 5 factors influencing consumer behaviour?These factors are namely Psychological, Social, Cultural, Personal, and Economic factors.. Psychological Factors. ... . Social Factors. ... . Cultural factors. ... . Personal Factors. ... . Economic Factors.. |