Factors Influencing Consumer Buying Decision

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Cultural Factors

• Cultural factors are related to the cultural
  environment or culture of the consumer.
• Individuals are influenced by their families,
  friends, cultural environment and the society.
• These teach an individual values, preferences and
  common behaviors.
• They will always influence the buying decision of
  an individual.
• People want to conform to the expectations of
  their culture when buying a product or service.

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Common Cultural Factors

• Religions
• Age groups
• Nationality
• Gender
• Ethnic groups

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Social factors

• Social factors have a lot of influence on the
  buying decision of a consumer.
• These factors can be categorized into three
  groups
• Family
• Reference groups
• Social status and roles

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• A buying decision of a consumer is influenced by
  the reference group that they belong to.
• These groups are usually related to the social
  origin, residential place, hobbies, work,
  leisure, and age of the members.
• Lifestyles, values and mindsets perpetuated by
  these groups influence the buying decisions of
  the members.
• A family is perhaps, the most influential social
  factor.

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Personal factors

• The characteristics of a consumer influence their
  buying decision.
• Such characteristics include the way of life and
  age of a consumer.
• The way of life of a consumer that also
  influences their buying decision.
• Revenue and purchasing power of an individual
  definitely influences their buying decision.
• Buying decision is also influenced by
  self-concept and personality

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Psychological factors

• These include
• Perception
• Motivation
• Attitudes and beliefs
• Learning
• All these factors work together in the mind of
  the consumer.
• They determine the kind of a buying decision that
  they make.

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