The most difficult thing for a businessman is to predict the behavior of the consumers, consumer behavior can never be predicted accurately because consumer are humans and the behavior of humans changes even more rapidly than the stock prices. Given below is the list of some of the factors which affect the consumers behavior –
- Cultural Factors – The first factor which influences the behavior of consumer is the Culture; it refers to the caste, region, nationality, beliefs etc…, so for example the consumer demand for a particular product for a Christian is different from that of Hindu.
- Personal Factors – A person who is of 60 years of age requires different products while a person who is 18 years of age requires different products. Apart from age other personal factors influencing consumer behavior are economic situation, occupation, personality etc….
- Social Factors – How often you buy a product when you best friend has bought similar product, this behavior is explained by social factors. The social factors influencing consumers include the family and friends of the consumer and also the position of the consumer in the company if he or she is working.
- Psychological Factors – Some consumers do not like the products of apple even if it is better than its competitors, it is Beliefs and Attitudes of consumer about the product which explains their behavior Apart from Beliefs and Attitudes other psychological factors which affect consumer behavior include Perception, motivation etc…