Factors Influencing Consumer Behavior

We speak about Value of Customer Behavior, Customer Behavior-- Intro, CRM as a part of leadorganizer and lead management with recommendation to crm. In last 2 post, we speak about Kinds of Consumers and Buyer Vs User. Today, I m going to talk different factors affecting consumer habits. Consumer behavior is affected y a lost of variables, varying from personal inspirations, needs, attitudes and values, character attributes, socio-economic and cultural background, age, sex, professional status to social influences of various kinds applied by household, friends, coworkers and society as a whole.

The combinations of these various factors produce a different impact on each one of us as manifested in our different behavior as consumers. You may think that the best way of utilizing your annual saving is to have a Christmas vacation, but your wife thinks it is wisest to invest in jewellery, while your colleague considers buying shares as the best way of spending savings. Thus you would find that each person has his or her own standards of judgments and distinct behavior in every aspect of his role as a consumer.

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But at the same time, underlying the individual differences are similarities which help explain behavior of specific types or groups of people. It is these similarities which make it possible for us to classify and analyze the behavior of individual consumers.

Psychological factors such as individual consumer needs and motivations, perceptions, attitudes, the learning process and personality characteristics are the similarities which operate across different types of people and influence their behaviour.

Amongst the social influences affecting behaviour, we can classify the influences of family, friends, leaders and the social class to which the consumer belongs. We shall discuss these factors one by one and see how they influence the individual’s behaviour as a consumer.