Factors which influnce the consumer choice
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This document discusses the various factors that influence consumer choice. It identifies personal factors like needs, wants, likes/dislikes, and economic factors like income and affordability. Social factors such as family, friends, trends also shape consumer decisions. Environmental concerns and psychological elements such as planned buying vs impulse also impact what consumers choose to purchase. The document provides examples for each type of influencing factor and asserts that while consumers have some freedom in their choices, there are many internal and external elements that affect how people spend their money.
Factors which influnce the consumer choice
- 1. Factors Which Influence Consumer Choice Submitted by Jithin Mathew S2 MBA
- 2. Who is a Consumer? A consumer is someone who buys goods, such as food, clothes, mobile phones, books, magazines, appliances, from a shop or other source. A consumer is also someone who buys a service, usually from a specialist, such as an electrician, technician, hairdresser, beautician, bus driver, or travel agent. A consumer buys goods or services for his or her personal use.
- 3. What is Consumer Choice? Consumer choice is the way people choose to spend their money. This is influenced by many factors. While people have some freedom of choice, there are many factors which may affect their choice.
- 4. What influences Consumer Choice? Environ- mental factors Psychological factors Economic factors Social factors Personal factors Factors Influencing Consumer Choice
- 5. Personal Factors Needs - essential items: e.g. food, clothes, etc Wants - something one can live without: e.g. another pair of shoes, a TV in the bedroom Likes/dislikes - personal taste or preferences Time available - time to shop around, time to do household chores and/or cook, time to travel
- 6. Values - what is personally important in life Emotions/mood - how one feels Knowledge the background information one has about the product or service Hobbies specialist equipment for hobbies Personal Factors
- 7. Social Factors Family likes and dislikes may be passed on to children Friends - likes and dislikes may be passed on; wanting to have the same Other people recommendations that help to make decisions Trends things which are fashionable
- 8. Entertainment options CDs, DVDs, parties, family outings, cinema, sports, holidays Gender norms for products and services; what is considered feminine/masculine Age different age groups have different interests, therefore different wants Social Factors
- 9. Economic Factors General personal/family income What one can afford at the time of purchase Credit cards available Value for money Special offers Reduced price (sales) Hire purchase options buy now pay later Free credit options e.g. No interest paid in first 12 months
- 10. Environmental Factors Buying products which can be reused e.g. washable lunch boxes rather than a plastic bag Energy efficient products e.g. light bulbs, appliances Water-saving products - e.g. certain dishwashers and automatic washing machines
- 11. CFC-free products e.g. buying appliances and aerosols (sprays) which are ozone-friendly Recyclable packaging Biodegradable packaging Items not tested on animals e.g. personal care products Lifestyle making consumption choices to promote sustainable development Environmental Factors
- 12. Psychological Factors Planned buying buying goods and services when all options have been considered; often to fulfil a need, but could also be a want Impulse buying buying something on the spur of the moment, without consideration of need or options available
- 13. To bribe, encourage or reward someone Emotions buying an item to make oneself feel good Celebrations extra money spent on special occasions; treats Advertisements Use different strategies to motivate consumers to buy Psychological Factors
- 14. THANK YOU