ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Consumer purchases are influenced strongly by cultural, social, personal, and psychologicalcharacteristics, as shown in Figure For the most part, marketers cannot control such factors, but they must take them into account access.

Detailed explanation-2: -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.

Detailed explanation-3: -Cultural Factors have a strong influence on consumer buying behavior. Cultural Factors include the basic values, needs, wants, preferences, perceptions, and behaviors that are observed and learned by a consumer from their near family members and other important people around them.

Detailed explanation-4: -In a general scenario, we’ve got five main factors that determine consumer behavior, i.e these factors regulate if a target customer purchases a product or not. These factors are namely Psychological, Social, Cultural, Personal, and Economic factors.

Detailed explanation-5: -Social perception is a very important attribute that influences the buying behavior of an individual. Example − A person from a low-income group may focus on price while making the purchase while a person from a higher income group may consider the quality and uniqueness of the product.