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Subject: Marketing
There are several factors affecting individual buying decision and they are as follows:
Economic factor directly affects consumers behavior. Buying decision and willingness to spend depend on the purchasing power. Similarly, purchasing power and willingness to buy depend on the economic condition depends on the income of the other members of the family expectation of income in future, availability of liquid asset, credit facility etc. So, purchasing power and willingness of customers are the main economic forces that affect individual buying decisions.
Personal characteristics like age, sex, race, ethnicity, income, family, occupation etc are included in demographic determinants. Personal factors affect the person involved in family decision-making process age and income of a person may affect number and type of information, sources, and time used in a collection of information. It may even affect the type of specific goods used by any person.
A consumer's buying behavior is also influenced by various cultural factors.
A consumer's buying behavior is also influenced by various social groups and social class.
Psychological factors like motivation, perception, learning , beliefs, and attitudes influence the consumer behavior considerably. Psychological factor within the individual determines their consumption behavior.
References:
Koirala, Dr. Kundan Dutta. Elementary Marketing. Kathmandu: Buddha Academic Publishers and Distributors Pvt. Ltd, 2014.
Thapa, Gopal, Dipendra K. Neupane and Dilli Raj Mishra. Introduction to Marketing. Kathmandu: Asmita Books Publishers and Distributors (P) Ltd., 2014.
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