Factors influencing individual consumer choice

Income
1. high income = more choice
2. low income = less choice
3. e.g. brands (D&G vs. Target)
Price of the good
1. higher price = less likely to buy
2. lower price = more likely to buy
3. e.g. sale items
Price of substitiutes
1. Price of similar goods
  1. Apple vs. Microsoft
Price of complements
1. Price of a product that accompanies the goods purchased
  1. Xbox controllers
Preference and tastes
1. Consumer preference
  1. Cultural tastes, personal tastes
Advertising
1. Marketing of a product
  1. Target audience

Resource summary

	Created by nythomon over 12 years ago