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Factors which are affecting consumer behavior is divided into categories. These categories are:
1) Psychological Factors
- Motivation- Motivation is one of the major factors that affect the consumer behavior. A need becomes motive when it is too urgent. Everybody is having physiological, biological, social needs etc. For example- Like for clothes, people would buy it first to cover their body and then they will think about the other factors. Same with shoes, core want is to cover their feet rather than elegance in style.
- Perception- Perception refers to interpreting information in such a way that it becomes a meaningful experience for you. Everybody is having a different perspective regarding a product or anything. For instance, a half-filled glass or half empty glass. There are three different processes of perception- selective attention, in this type of approach; the seller tries to attract the attention of the consumer. Whereas in case of selective distortion, customers try to interpret the information in a way that supports what customers already believe. Similarly, in the case of selective retention, marketers try to retain information that supports their beliefs.
- c) Beliefs and Attitudes- There are different beliefs and attitudes of individual towards a product. For example, a non-vegetarian would love to enjoy chicken whereas, for a vegetarian, it is not a good habit. This belief and attitude of the consumers shape the brand image of the product in the eyes of the consumer and thus becomes an important part of influencing.
2) Social Factors
- References Groups- References groups are having a potential to form an attitude or belief of an individual. Impact of the groups on the consumer will be different, for instance, if the product is visible then the impact of the reference group will be high.
- Family- Like it is said, a person learns to behave from his family, in the same way, his buying habit will also be influenced by his family. For example- If a wife has more say in buying a particular product then the marketers will try to impress women rather than impressing men who have very little to say.
- Role and Status- As we all know, there is a different type of individual in our society. And different as in their role and status too. For example- A married working woman has two roles, one, of an employee and another one of a housewife. So, her purchasing decisions will mostly be influenced by both these factors.
3. Cultural Factors
- Culture- Culture’s influence on consumer varies from country to country. But it is not permanent and it changes with society. It is a set of belief and values. For example- fish is regarded as a delicacy in Bengal, and the Bengalis boast of several hundred different varieties, in Gujarat. Rajasthan, fish is regarded as a mostly unacceptable food item.
- Social Class- Every individual is linked to a society. And every society has some class. A society which comprises of poor people will not tend to buy luxury goods more often. So, marketers should make sure that they advertise or put efforts in the right place.
4. Personal Factors
- Age- People consumes according to their age. An old man will not purchase jeans. So, age is one the important factors. With the change in the age, buying habit also gets changes.
- Occupation- The occupation of a person has a significant impact on their buying behavior. For example, a marketing manager of an organization is trying to buy business suits, while a low-level worker in the same organization buy-resistant clothing works.
- Economic Situation- How much financially strong a person is will have an impact on his buying habit? A person with high income and saving will buy more expensive product whereas a person with low income and saving will buy cheaper products.
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