Impact on a consumer’s buying decision
Generally, there are many factors that can impact the buying decision of consumers/customers. Base on this topic, I would like to highlight and discuss some of the factors that I believe are mostly impacting consumer’s buying decision. These factors are the economic status of the consumer, consumer’s interest and influences, upbringing and culture, and the media’s marketing strategy.
Culture can be defined as the beliefs and attitudes of human being. Every human being is influence by their parent and family member during the childhood development stage, where they were raised by a certain culture and religion. The type of culture and religion a child choose to belief could influence his/her attitude towards a certain goods or services which would eventually impact his/her purchasing decision. For instance, it is very uncommon to see a Christen belief child/family to purchase an Islamic goods or services and vice versa.
Secondly, the economic status of a consumer makes a huge influence on their buying decision. It does not matter whether the consumer loves to purchase online or purchase physically from the stores, what really matter is the purchasing power that the consumer has towards the goods or services they want to buy. It is clear that the lifestyle and purchasing power of a consumer earning $30,000 annually would be different from a consumer earning $300,000 in a year.
Also, consumer’s interest and reference is another major factor that usually impact the consumer’s buying decision. I see consumer reference and interest as the capacity of their reference groups to have a significant effect on their character to develop an interest on a certain goods or services. However, reference group is a set of people such as celebrities that the consumers look up to. Celebrities may influence the consumer buying decision just because the consumer has some personal interest towards the celebrity. For example, I know about friends that purchase a jersey shirt branded
Culture can be defined as the beliefs and attitudes of human being. Every human being is influence by their parent and family member during the childhood development stage, where they were raised by a certain culture and religion. The type of culture and religion a child choose to belief could influence his/her attitude towards a certain goods or services which would eventually impact his/her purchasing decision. For instance, it is very uncommon to see a Christen belief child/family to purchase an Islamic goods or services and vice versa.
Secondly, the economic status of a consumer makes a huge influence on their buying decision. It does not matter whether the consumer loves to purchase online or purchase physically from the stores, what really matter is the purchasing power that the consumer has towards the goods or services they want to buy. It is clear that the lifestyle and purchasing power of a consumer earning $30,000 annually would be different from a consumer earning $300,000 in a year.
Also, consumer’s interest and reference is another major factor that usually impact the consumer’s buying decision. I see consumer reference and interest as the capacity of their reference groups to have a significant effect on their character to develop an interest on a certain goods or services. However, reference group is a set of people such as celebrities that the consumers look up to. Celebrities may influence the consumer buying decision just because the consumer has some personal interest towards the celebrity. For example, I know about friends that purchase a jersey shirt branded
References: Essentials of Business Development I (2nd ed). (2012).Marketing’s value to consumers, firms, and society. (557). Columbus, OH: McGraw-Hill Corporations, Inc