FACTORS THAT INFLUENCE CONSUMERS

FACTORS THAT INFLUENCE CONSUMERS

1. MARKETING

   • Process in which products are promoted and sold
   • Can range from advertising to the visual appeal of product packaging

2. PRICE

   • The inverse relationship between price and demand.
   • Affected by the law of demand as a result of income effect and the substitution effect.

3. AVAILABILITY AND COST OF FINANACE

   • The availability of alternate payments such as lay-by, store loans, payment plans, credit cards and bank loans.
   • Can influence a customer's willingness and ability to buy items.

4. CONSUMER PREFERENCE

   • Purchasing patterns influenced by individual factors such as age, gender or individual preference.

5. FASHION TRENDS

   • Elements of consumer preference that leads to short-term changes in patterns of demand

6. CONVENIENCE

   • Consumers can chose whether to undertake some degree of inconvenience to obtain desired goods or services

7. HEALTH, ETHICAL AND ENVIRONMENTAL

   • Influence by considerations of health, ethics, fair trade, sustainability and beliefs.
   • Can influence companies to change their behaviour in order to appeal to certain groups.