Factors for influencing consumer behavior

Consumer behaviour might be broadly classified as the decisions and actions that influence the buying behaviour of a consumer. What drives consumers to choose a certain product with respect to others is a question which is frequently analyzed and studied by marketers. majority of the selection process involved with buying is based on emotions and reasoning.

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The study of consumer behaviour not only can help to comprehend the past but even predict the future. The below underlined factors pertaining to the tendencies, attitude and priorities of individuals must be given due importance to have a fairly good understanding of the buying patterns of consumers

5.Marketing Campaigns

Advertisement plays a greater role in influencing the buying decisions made by consumers. they’re even known to bring about a great shift in market shares of competitive industries by influencing the buying decisions of consumers. The Marketing campaigns done on regular basis can influence the consumer buying decision to such an extent that they might opt for one brand over another or indulge in indulgent or frivolous shopping. Marketing campaigns if undertaken periodically even help to remind consumers to shop for not so thrilling products like health care products or insurance plans.

4. Economic Conditions

Consumer spending decisions are known to be significantly influenced by the economic situation prevailing in the market. This holds true specifically for purchases made of vehicles, houses along with other household appliances. A positive economic environment is known to make consumers more confident and willing to indulge in purchases regardless of their personal financial liabilities.

3.Personal Preferences

In the personal level, consumer behaviour is influenced by various shades of likes, dislikes, priorities, morality and values. In certain dynamic industries like fashion, food and personal care, the personal view and opinion of the consumer pertaining to style and fun can become the dominant influencing factor. Though advertisement might help in influencing these factors to some extent, the personal consumer dislikes and likes exert greater influence on the end purchase made by a consumer.

2 .Group Influence

Group influence is also seen to affect the decisions made by a consumer. The primary influential group consisting of members of the family, classmates, immediate relatives and the secondary influential group consisting of neighbors and acquaintances are seen have greater influence on the buying decisions of a consumer. Say for example, the mass liking for junk food over home cooked food or the craze for the SUV’s against small utility vehicle are glaring samples of the same.

1. Purchasing Power

Purchasing power of a consumer plays a huge role in influencing the consumer behaviour. The consumers usually analyze their buying capacity before making a decision to purchase and services or products. The product can be excellent, but if it fails to meet the buyers buying ability, it may have high impact on it its sales. Segmenting consumers based on their buying capacity would help in determining eligible consumers to achieve better results.