Question

What are the 4 categories of factors that influence a consumer’s
buying behaviour?

Answer 1

Consumer buying behavior is influenced by four key categories: psychological, social, personal, and cultural factors. Each factor contributes to the decisions consumers make regarding what products to purchase based on their individual preferences, societal influence, personal circumstances, and cultural background.

Step-by-step explanation:

Factors Influencing Consumer Buying Behavior

There are four main categories of factors that influence a consumer’s buying behavior:

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• Psychological Factors: These include a consumer's motivation, perception, attitude, and beliefs. How a consumer feels about a product and their personal preferences greatly influence their purchasing decisions.
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• Social Factors: The influence of society, such as family, friends, social media, and culture, plays a role in how consumers make their buying decisions.
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• Personal Factors: A consumer’s age, occupation, lifestyle, economic situation, and personality can dictate their buying patterns. For example, income levels affect a consumer's ability to purchase products.
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• Cultural Factors: The cultural background of a consumer affects their behavior. This includes tradition, values, and norms that shape their tastes and consumption habits.

Answer 2

Consumer buying behavior is influenced by four primary categories: tastes and preferences, income, prices of related goods, and population size and composition. These factors affect product demand and the economic standard of living, which are critical for businesses to understand in order to serve their markets effectively.

Step-by-step explanation:

Understanding consumer buying behavior is key to analyzing market demand and assisting businesses in tailoring their products and marketing strategies. There are four primary categories of factors that influence a consumer’s buying behavior:

1. Tastes and Preferences: This relates to a consumer's desire for a product, which could be influenced by cultural, social, or individual factors.
2. Income: The ability to purchase is largely dependent on the consumer's income, which dictates what and how much they can buy.
3. Prices of Related Goods: The cost of alternatives can sway a consumer's decision to purchase a particular item. For example, if the price of a Honda goes up, the demand for a Ford might increase as a substitute.
4. Population Size and Composition: Demographics affect demand because family size and the age composition of a family can dictate the type of products in demand, such as clothing or car insurance.

Each of these categories plays a significant role in the economic standard of living and market demand. Companies must consider these factors to effectively reach and serve their target market.