Factors that influence consumers

Factors that influence consumers

1. PRICE

   • LAW of DEMAND
     • As the price of an item rises the demand for the item decreases
     • Relationship Between a price and demand

2. CONSUMER PREFERENCE

   • Factors such as age, gender and personal preference influence the consumer purchase pattern
     • E.g - If a consumer hates strawberry milk, no matter what advertising is promoted the consumer will not buy the milk.
       • Individual desires

3. MARKETING

   • The process of how a product is promoted and sold
     • E.g. Newspapers, Tv, Ads
   • Plans to change consumers attitudes towards products making them think they need it rather than want it.
     • Aims to build long-term customer loyalty

4. AVALIABLILITY AND COST OF FINANCE

   • factors such as loans, payment plans and credit cards effect the consumers' willingness and ability to buy the product
   • Outlines your payment options

5. CONVIENCE

   • How easy it is to obtain the item
     • E.g. Delivery by purchasing online

6. HEALTH, ETHICAL AND ENVIROMENTAL

   • Consumers can be heavily influenced by health, organic farming, fair trade and sustainability because of emotional attachment, beliefs convictions and religion.

7. FASHION TRENDS

   • Lead to short term changes in the pattern of demand.