ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -There are four psychological factors that influence consumer behaviour: Motivation, perception, learning, and attitude or belief system. Motivation speaks to the internal needs of the consumer.

Detailed explanation-2: -When it comes to the psychological factors there are 4 important things affecting the consumer buying behaviour, i.e. perception, motivation, learning, beliefs and attitudes. Social factors include reference groups, family, and social status. These factors too affect the buying behaviour of the consumer.

Detailed explanation-3: -The key psychological factors to understand when considering consumer behavior are motivation, perception, attitudes and beliefs, along with lifestyle. Understanding these factors will assist any marketer in understanding the behavior of their consumers in order to successfully appeal to them.

Detailed explanation-4: -What are the factors influencing consumer behavior? 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.