Consumer Behavior and Marketing: Factors Influencing Consumer Behavior

Buyer’s behavior is strongly influenced by members of their family. Personal factors can also affect the consumer behavior. Some of the important personal factors that influence the buying behavior are: lifestyle, economic situation, occupation, age, personality and self-concept. Age and life-cycle have potential impact on the consumer buying behavior. The occupation of a person has significant impact on his buying behavior. Consumer economic situation has great influence on his buying behavior. If the income and savings of a customer is high then he will purchase more expensive products. On the other hand, a person with low income and savings will purchase inexpensive products. Lifestyle of customers is another import factor affecting the consumer buying behavior. There are four important psychological factors affecting the consumer buying behavior. These are: perception, motivation, learning, beliefs and attitudes. The level of motivation also affects the buying behavior of customers. Every person has different needs such as physiological needs, biological needs, and social needs. Customer possesses specific belief and attitude towards various products. Since such beliefs and attitudes make up brand image and affect consumer buying behavior; therefore, marketers are interested in them.

Consumers are the centre of many marketers work. While the consumer is part of the marketing environment, it is also very important to recognise and understand the more personal and specific influences effecting consumers and the nature of the decision making process they use.

In the modern marketing world, consumers are classified in many types according to various criteria and characteristics, such as: gender, age, geographic area and individual customer behavior. In general, customer behavior and especially buying behavior represent the most essential element that sellers take into account when planning a marketing strategy.

Consumer behavior is an elaborate part of marketing, without it marketing would not be entirety. The human conduct is perplexing, loaded with discussions and inconsistencies, does not shock anyone to marketing academicians and in addition practioners, consumer behavior is no special case, against the background of far reaching acknowledgement of consumer behavior just like the way to contemporary marketing success (Demirdjian & Mokatsian, 2014). Some consumer behaviors are profoundly established, for example, outside habitations, for example shopper’s way of life, home life, demographics, and economic wellbeing. Other inside elements, for example, feelings, demeanors, observations, recollections, and learning are pliable characteristics that have the ability to influence in another direction. Inspiration, observation, learning, convictions, states of mind, and so on all have been utilized as part of clarifying why the consumer behaves on the way he or she does, ideas, for example, social observations, social impact, social prizes, companion weight, expressive gestures, social approvals, and so forth all shed light on the puzzles of consumer behavior (Demirdjian & Mokatsian, 2014).

Understanding consumer behaviour is essential to succeed in business. As Solomon et al. (2013) stresses, businesses exist to satisfy consumer’s needs. By identifying and understanding the factors that influences their customers, firms have the opportunity to develop a more efficient strategy, marketing message and advertising campaigns that is more in line with the needs and ways of thinking of their target consumers (Perreau, 2015).

A company called YuMe Inc. has recently surveyed over 5,000 consumers to “understand how cultural, environmental and life events influence purchase behavior, media viewing habits, device preferences and the impact on consumer marketing.” In that research they were able to segment millennials which made then realize that “by segmenting into different consumer models, companies can focus on the individuals who actually show interest in their product”. This is great for companies in choosing which approach to take when trying to reach these millennials. The results in sales become greater because the reach to a certain segment becomes more accurate. According to Mike Randazzo’s article “What Influences and drives millennial purchasing behaviors” Randazzo found that “while there are common characteristics that define the entire generation, there are more depth and nuance to the audience that advertisers should be aware of in order to influence this segment and drive high engagement.” This shows that if advertisers begin to lump a generation, in particular the millennial generation, into one segment the results will be

When making a consumer decision-making there are several influences that can affect, motivation, attitude, lifestyles, learning, and perception. A person behavior is a key point since it shows the person within their cycle. As we change daily as family our cycle changes as well. In the US, we have different socials classes, and each of them shows different values, behavior, and way of seen life in

There is a significant correlation between Gen Y, social media and marketing occurring in this day and age. According to a survey conducted by Piper Jaffray, approximately 9 out of 10 American teens use some sort of social media. Gen Y is a distinctive generation; it is the largest generation of them all and with access to huge social networks, their range of connections allow them to have a voice that is louder, and more impactful, than any previous generation. With this in mind, marketers are able to target these teens and turn this into a huge profit in just a short amount of time. Majority of teenagers are unaware that they are contributing to the profits that companies gain primarily because the use of social media is free.

These factors will ultimately influence a consumer’s buying decision and allow organisations to create differentiation strategies. A

As part of their means of segmenting consumers, marketers and the media have usually demonstrated some bias for the individuals' life stage and demographics. The main reason for the use of these factors to segment consumers is because the economic, cultural, and age-specific characteristics have a significant influence on the consumer's behaviors and their purchase decisions. However, life stage does not necessarily cover for the entire reason that influences a person's behavior and purchase decisions. This is mainly because the way with which an individual lives his/her life is also a major contributing factor to their purchase decision and behaviors.

In today’s world of various products and services, businesses aim to excel and lead the competition by marketing the most number of consumers, which is a full time endeavor of business. To survive in the market, a firm or an organization has to be constantly innovating and understand the latest consumer trends and tastes. Marketers need to understand consumer behavior because the decision-making process for consumers is anything but straight forward. Consumers’ behaviors and their purchasing patterns is a huge advantage to understanding the way customers think and the reason for their purchases. Therefore, the study of consumer behavior is important because it allows the

This paper will discuss the psychological and social factors, such as motives, perception, attitudes, personality, family, social class, and reference group that influence consumer behavior toward a product or service. It is important for marketers to develop an effective marketing message, understand and know how to apply this knowledge of consumer psychology to create and develop an effective marketing of its products and services.

Consumer behavior is the most important factor which we need to concentrate. The more we understand this factor the more success for our business. In our case, we focus on the following elements:

Understanding consumer buying behavior entails marketing, relationships, and consumer behavior. Consumer behavior comprises all the consumer decisions and activities connected with the choosing, buying, using and disposing of goods and services. Marketers must pay very close attention to consumer behavior that occurs before the purchase and after the particular product has been used. Studying consumer habits is one of the steps in marketing search and analysis. In addition to other basic principles of consumer buying habits, marketers also need to study the decision and actions of real people. Until recent history the study of consumer behavior was focused on generalized consumer decisions. With

1. Consumers are often` confronted with incomplete information. How do consumers deal with incomplete information for (a) attribute values (b) brands? (give examples)