A research tallies that consumer purchases are impacted by various components that include their social, personal, cultural and psychological values. According to the market experts, such variables can never control or minimize the strength of the buying behavior, however, the companies need to focus on such aspects to create the desired results.
The Cultural Factors:
The cultural factor is the combination of norms and values that deeply affect the consumer behavior with sheer limits. It should be in our best interest that selling off products to a culturally stable person can become a difficult task. Since, the consumer is being moved by forces from culture, sub-culture as well as the social classes.
It is considered as a pack of norms and basic values followed up with perceptions and gestures learned from the society as well as socializing with people sharing same variables
It is considered as a group of humans who exhibit mutual values based on real-life experiences and situations that were created in the past.
It is considered as a method of breaking down socieities into permanent divisions with members possessing same interests, norms and values followed up with behavioral patterns.
The social factors include groups, friends and social status of the person which impacts the consumer’s buying behavior in numerous ways.
Indeed, a person’s individual behavior is impacted by various groups composed of limited people. However, some groups can directly influence our behavior and such variables are labeled as ‘membership groups’. In contrast, the reference groups are made to compare people and the different attitudes within their personalities either in person or indirectly. The most interesting part about the reference group is that it influences people from the outer circle.
Buying behavior is impacted and moved through various components in life, one of them is via our family. According to experts, it genuinely influences the buying decision and is considered as the most essential buying organization in the society. For example, marketers and companies have focused over the role of husbands with their wives and children to launch products accordingly.
Roles and Statuses:
The marketers and business gurus state that people choose products that are relevant to their roles and statuses in the society, it includes, different roles being played by a working mother. For example, she is held responsible to render services as a brand manager at the office and at the same time, a mother delivers the best of everything being a ‘wife’ and a ‘sister’. Now as per her white-collar job, she would go with high-profile clothing which defines her specific roles and statuses within the society.
We must understand the importance of ‘personal factors’ to study more about the buying behavior. Indeed, such personal components that include age, life-cycle stage, financial stability and self-perception disperse a strong impact at the time of purchasing any product.
Age and Life-Cycle Stage:
The buying behavior depends on our age and the life-cycle stage that help us in purchasing the right product. It indicates that our taste in food and sense of wearing might have altered over the years and we’re always on the mode of accepting the change within us. Therefore, marketers are breaking down target-markets as per the life stages to cater to the needs of customers as per the requirement. For example, insurance plans are created for people who are interested in receiving a good chunk of money after getting retired from their jobs.
Occupation directly impacts the buying behavior because of divergence in roles and objectives followed up with workplaces. The blue-collar workers would not claim to have the margin of spending money over high-profile brands however, for white collar employees, it has become mandatory to dress exceptionally well.
The Economic Situation:
The economic situations either stable or unstable will deeply intervene with the buying behavior with various rationalities concealed within this statement. In such scenarios, marketers develop a strong bond with average salaries, savings and the interest rate obtained from a certain market segment to craft products accordingly. During ‘recession’, the same people revamp and redign along with market offerings to get instant results. Therefore, the socieities are stapled with prices as per their statuses and prestigue.
Associated with the person’s psychographics, life-style marks a specific pattern of living which includes the habits, curriculum/social activities followed up with some piercing interest in food and sports. The long list of studying the components of the life-style do not end on this, since, it encapsulates all the aspects related to opinions and products accordingly.
Moreover, it highlights the most flamboyant characteristics of the person when we’re on the verge to interact with the society. Marketers can reap benefits by exploring the changing values of the consumers and inventing beneficiary products in the markets.
The Psychological Factors:
Being pushed by inner forces to fulfill the desired satisfaction is called ‘motivation’. It’s an adrenaline rush helping marketers in dragging the client base to the outlets/stores to make purchases.
A vision through which people develop the tendancy to select, arrange and understand the true interpretation of the situation to grasp over its bigger picture. Perception is an imaginary picture of the products that give customers a rough idea.
The behaviorial change that results due to past-experiences and current situations is called ‘Learning’.
Beliefs and Attitude:
Thoughts laced with description to perceive about something in life.
A consistent pattern of behavior which showcases the feelings and expressions of a person.