Scope and Importance of consumer behavior

Updated: Aug 31

Within the consumer market, it is very important to gauge the consumer buying pattern. The reason for this is, selling wrong products/services to a market will lead not only to consumer negligence, but also to consumer repulsion. In general, consumer purchases are strongly influenced by the following factors:
  • Cultural Factors which consist of set of basic values, perceptions, wants, and behaviors that is passed on to the member of the society from family and other important institutions.

  • Social Factors which largely consist of Word-of-mouth influence, Opinion leaders, online social networks etc.

  • Personal Factors which consist of occupation, age and life stage, economic situation, personality and self-concept etc.

  • Psychological Factors which consists of motivation, perception, learning and beliefs-attitudes.

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