Before we understand the psychological factors driving consumers' buying behavior, it is important that we understand who consumers are. Consumers can be a single consumer, or a consumer can be an organization. Consumers can be any legal person that's buying goods and services from you. These are economic goods and services, and are typically paid for with a widely recognized currency.
Tweet Have you ever paused to consider why your customers choose your products over the closest competitor? If you really think about it, what sets your products apart?
In an effort to organize these factors, it would be appropriate to create two distinct categories.
There are product factors and non-product factors. Then you have non-product factors. Specifically, there are five non-product factors that commonly come into play. From a business perspective, you need to consider these as much as you do the product factors.
The way the brand name sounds and the images it evokes both impact the purchase decision. Using the mop example, would you be more likely to purchase a mop sold by the brand name Pure and Clean Solutions or Products Ltd.
The first evokes strong imagery, while the latter is boring and non-descriptive — most would choose the first.
Product Placement In physical retail environments, product placement is hugely important. This has nothing to do with the product itself, but is totally related to location.
For ecommerce businesses, product placement looks a little different. With that being said, you should spend a considerable amount of time and effort perfecting packaging if you want to grab attention and positively influence purchase decisions.
According to Yasushi Kusume, the innovation and creative manager for IKEA and other leading brands, product packaging must do three things. Second, it should encourage a purchase by conveying a unique and relevant value proposition.
Reputation In an age where social media is king, word of mouth marketing is the key to promoting and maintaining a positive reputation. What your current customers are saying about you will either help you sell more — or drive away business.
People will look at your product, recall what others have said, and choose you over the competition.
In many cases, a positive reputation can even offset deficiencies in other areas. Pricing The fifth non-product factor that buyers consider is pricing.
The challenge here is determining just how price sensitive your target market is. In some industries, price is the number one non-product factor. In others, it plays a very minimal role. For example, a customer buying a mop may be very price sensitive.
If you really want to influence purchase decisions, you need to look at the big picture and consider both product and non-product factors.The number of people involved in the buying decision increases with the level of involvement and complexity of the buying decision behaviour.
Consumer’s buyer behaviour and the resulting purchase decision are strongly influenced by cultural, social, personal and psychological characteristics. Buying Behaviour is the decision processes and acts of people involved in buying and using products which includes social and mental processes.
One of the objectives of this study was to investigate the factors that influence consumers’ laptop purchase decisions. Documents Similar To Factors Affecting Laptop Purchase. Questionnaire 5/5(6). The aim of this research is to analyze several factors that influence people buying decision on it, namely brand, quality of the water, and the packaging of the product.
Quantitative research was chosen as the methodology, with questionnaires distributed to gain the primary data. Personal Factors. A consumer's age, occupation, lifestyle and phase in life influences his buying behavior and the market as well. Most people tend to change their buying behaviors and tastes throughout their lifetimes.
Nov 05, · UMN Libraries: Factors That Influence Consumers’ Buying Behavior Resources (1) Consumer Buying Behaviour -- A Literature Review: A. Abdul Brosekhan et al. 10 Factors that Influence Silver Prices By its very classification as a “ precious metal,” silver finds itself in a small group of valuable commodities that includes gold, platinum, and palladium.