Factors Influencing Consumer Buying Behavior
Consumers are the final individual and household buyers of products and
services. As a collective whole, all final consumers combined make up the
general consumer market. For years, marketers have studied the broad
consumer market in order to attempt to understand the reasons behind what
consumers buy, why they buy those things, and where, when, and in what
ways they make their purchases. Understanding the elements that influence
buying behavior can significantly help marketers be more effective in
increasing and sustaining optimal product sales.
impact consumer buying? Well, lots of things. Let's take a look
at some of the major factors that influence consumer purchasing.
Culture and Subculture
Defined by dictionary.com as "the behaviors and beliefs characteristic of a
particular social, ethnic, or age group", culture is one of the most
fundamental factors influencing a person's wants and needs. That seems
pretty natural, given that we are surrounded by culture and cultural
influences. We grow up within our respective societies, and from within
those societies and within our families we gain our basic values, perceptions,
expectations, and material wants. All those beliefs and values have a direct
impact on our purchase decisions.
Every society has its own culture. The wants, needs, and buying behaviors of
each culture may be very different from those of other cultures. Marketers
need to understand the cultural factors which may influence their target
markets and need to be able to spot cultural shifts to seize upcoming
Related to culture are subcultures.
are groups of people who
share specific value systems based on their common life experiences and
situations. Examples of subcultures include nationalities, religions, and racial
groups. Many of these subcultures, particularly prominent groups like
Hispanic, African-American, Asian-American, and mature (that is, older)
consumers, are important market segments targeted by marketers with
customized marketing programs and communications.
Social Class, Status, and Roles