Consumer behavior refers to the selection, purchase and comsumption of goods and services for the satisfaction of their wants. What are the three most important factors that influence customer's buying behavior?
The society we live in and the environment we are exposed to play an important role in how we make purchase decisions. Much like how advertisements coax us to try new products, people around us also play an important role in deciding consumer purchase behavior. Most of us can attest to having been influenced by the choices of our friends, acquaintances and colleagues. Think about it, how many clothes, shoes, accessories, electronics you have bought, based on suggestions of your friends and acquaintances. Additionally, a person’s social status also plays a role in how they purchase. People from a financially richer persuasion (upper middle class and upper class) are more likely to buy certain products than others (middle class and below). Cultural values are also important in defining the buying tendencies of people. For example, people of faith are more likely to purchase certain items over others. The country, state and language we speak play a role as well in shaping purchase decisions of customers. For example, Indians are more likely to buy white clothes before the festival of Holi. The sale of sweets, dry fruits and condiments also increases during the festive season.
Consumer behavior refers to the selection,
purchase
and
comsumption
of
goods
and services for the satisfaction of their wants. What are the three most
important
factors that influence customer's buying behavior?
The society we
live
in and the environment we
are exposed
to
play
an
important
role
in how we
make
purchase
decisions. Much like how advertisements coax us to try new products,
people
around us
also
play
an
important
role
in deciding consumer
purchase
behavior. Most of us can attest to having
been influenced
by the choices of our friends, acquaintances and colleagues.
Think
about it, how
many
clothes, shoes, accessories, electronics you have
bought
, based on suggestions of your friends and acquaintances.
Additionally
, a person’s social status
also
plays
a
role
in how they
purchase
.
People
from a
financially
richer persuasion (upper middle
class
and upper
class
) are more likely to
buy
certain products than others (middle
class
and below). Cultural values are
also
important
in defining the buying tendencies of
people
.
For example
,
people
of faith are more likely to
purchase
certain items over others. The country, state and language we speak
play
a
role
as well
in shaping
purchase
decisions of customers.
For example
, Indians are more likely to
buy
white clothes
before
the festival of
Holi
. The sale of sweets, dry fruits and condiments
also
increases during the festive season.