BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Buying power
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Competition
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Labor costs
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Production costs
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Detailed explanation-1: -Personal factors: Audience demographics such as age, culture, profession, age and background play major roles in forming consumers’ interests and opinions. Social factors: A person’s social groups affect how they shop. Their income, education level and social class influence their buying behaviors.
Detailed explanation-2: -The factors that affect people’s purchasing power consist of four independent variables, namely economic growth (X1), per capita income (X2), inflation (X3), and consumer credit (X4).
Detailed explanation-3: -A customer is surrounded by four key factors when considering any purchase: the product, the price, the promotion and the sales channel. Shopping in a physical store isn’t the same experience as shopping online, neither shopping in a website or a mobile app.
Detailed explanation-4: -In general, there are four factors that influence consumer behaviour. These factors impact whether or not your target customer buys your product. They are cultural, social, personal and psychological.