Factors Affecting Buying Behavior Of Consumer

Successful marketing requires the companies to fully connect with its customers. Adopting a holistic marketing orientation means understanding consumers and gaining full knowledge about their daily lives and the changes that occur during their lifetime. Understanding of the consumer buying behavior is very essential part of the marketing, it help the marketer to place right product to right person at a right time.

The consumer buying behavior is affected by the following factors:

1. Cultural Factors

 The most important factor which effect buying behavior of the consumer is their individual cultural. Culture is fundamental determinant of a person's wants and behavior. When a child born and grow in a certain environment, acquires some set of values perception, preferences and behavior through their family all these are nothing but culture of the child.

Subculture is also a part of culture of the individual which prove more specific identification of a person. It include nationality, religion, geographical region, gender, social class etc.

2.Social Factors

An individual's reference group consist of all group that have a direct and indirect influence on his/her behavior. Example for such groups are family, friends, neighbors which these groups an individual interact informally and other groups such as their work place and trade union where they interact more formaly. Their buying behavior is influenced by their reference groups. It expose an individual new behavior and lifestyle.

The other most important factor which influence the buying behavior is family in the society. The family of orientation consist of parents and siblings. From parents a person acquires religion, politics, love, self ambition etc. Even if an individual do not interact with her/his family continuously their buying behavior influenced by their family.

Position of the person in the society can be defined in the term of status and role of the person. Each person play certain role in the different groups and the role carries a status. For example a managing director of a company have a greater role in the company than a sales executive, in this case the MD of the company would prefer to buy more expensive product than the sales executive.

3.Personal factors

People prefer to buy different profuct throughout their lifitime depending upon their age and their lifecycle. An individual who is single will not prefer to spend his/her earnings on purchasing land and insurance where a person who has a family will always think about buying a property, insurance, etc.

Occupation and economic condition is also a most vital aspect which affect the buying behavior of the consumer. A chief executive officer of a complany will always prefer to buy luxurious product where the working employees will not prefer the same. Similarly economic conditions of an individual affect the buying behavior a person earning high income will spend more compared to the person who is earning less.

Each person has their own personality and characteristics which also influence the buying behavior. Personality is also decribed in terms of such traits that leads to relatively consisitent and enduring responses to environmental stimuli. A sports person will always interested in buying fittness products where as a person who has interests in travelling will happily spend their earnings in visiting to the places.