Do you know how businesses try to influence consumers to buy behaviors? What are the factors influencing consumer behaviour?
What is Consumer Behaviour?
Consumer behavior refers to actions and the decision process that purchases goods and services for self -consumption. It is necessary for every business to understand consumer behavior to know how your potential/target customers are gonna react looking at your product on the shelf. For example, the ex CEO of Pepsico Indra Nooyi used to visit every supermarket to observe how the product is placed on the shelf, Is it influencing a consumer to buy that product. What all feeling the consumers has while buying that product.
Factors Influencing Consumer Behaviour
Marketing mix includes the 4P’s of marketing. Product- If your product satisfies the need of consumers. Price- If the consumer is willing to pay that particular price for the product. Place- If your companies product is available when the customer needs it. Promotion- How well your consumer knows your company and product.
These factors include age, gender, income, education, etc. Age, for example, McDonald’s came up with a happy meal to satisfy its young consumers and it’s affordable by parents. If you go shopping for clothes and if a t-shirt is not in your budget you drop it this shows the income study of a consumer.
These factors include motivation, perception, attitudes, and beliefs. The level of motivation influences consumer’s buying behavior. Perception also influences consumer’s buying behavior. People like buying Apple products to get associated with the elite section of society. Cultural means all the beliefs means religion or certain beliefs that might affect his buying behavior.
These factors include reference, family and friends. You must have noticed a lot of times you go shopping with family and friends you like a product but the one your shopping with doesn’t like it so you leave that particular product. Reference means you referring a particular product to someone.
Demographic And Geographic
The process of dividing a market through variables such as gender, age, family size is called demographics. Geographic means target customers based on predefined geography boundaries. For example Nike and Adidas after studying the Indian market they knew North India was into cricket but East and South were more into football.
A marketer must understand consumer behaviour so that they can offer consumers great satisfaction. An understanding of who and why individuals or groups buy product and services help marketers design more appealing marketing programs. If an organization is able to determine what satisfies customers, the organization can implement the marketing concept and better predict how consumers will respond to different marketing programs.