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.