ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Consumer s buyer behaviour is influenced by four major factors: 1) Cultural, 2) Social, 3) Personal, 4) Psychological. These factors cause consumers to develop product and brand preferences.

Detailed explanation-2: -Some consumers use an intense system of thorough investigation before they decide to purchase, while others are basic impulse shoppers. Either way, three factors affect all purchasing decisions: economic, functional, and psychological.

Detailed explanation-3: -Price of product Higher prices create lower demand and lower prices create higher demand. This is due to the satisfaction levels of consumers. If they can’t afford your good, there won’t be much demand for it.