Factors that influence consumers

Factors that influence consumers

1. Price - price is one of the most important factors for a consumer when purchasing a product. If the price of an item rises or falls and the consumers income remains the same they will be able to afford a differing amount than that they could have previously. However if the prices of one item falls or rises in comparrision to another item, the demand for that object will drop and increase the demand for the product that remained the same price

2. Marketing - Marketing is the entire process by which a product is promoted and sold. An effective advertising campaign will result in significant increases in the demand for a product.

3. Availability and cost of finance - The availability and cost of other payment options such as lay by/credit cards, may affect consumers willingness and ability to buy an item.

4. Consumer Preferences - Consumer purchases are heavily influenced by factors such as age, gender or individual preferences and because of this some business manage this by carefully targeting to a specific group of consumers to effectively sell a product.

5. Fashion trends - Fashion trends can be a strong element of consumer preferences and can lead to short term changes in patterns of demand

6. Convenience - Consumers may be willing to undertake some degree of inconvenience in order to obtain their desire good. However convenience is an important factor in consumers decisions.

7. Health, environmental or ethical - Some groups of consumers can be heavily influenced by considerations such ad health, organic farming, fair trade and sustainability. When maintained in the medium to long term these purchasing patterns can in turn influence behaviours by encouraging them to alter their producer ranges.

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