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