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Factors Affecting Consumer Decision Process – Personal
Several Personal factors influence consumer decisions.
First is the Age and Life Cycle Stage. A family with young children may prioritize safety features and spaciousness in a car, while a retired couple might focus on safety and easy driving.
The second is occupation. A construction worker might seek safety and durability in work boots, while a business executive might choose formal shoes that align with their professional image.
Third is the economic situation. Families with higher incomes might opt for luxury cars with extra features, while those on a tighter budget may choose more affordable and functional options.
Fourth is lifestyle. Those who value environmental concerns may select hybrid or electric cars, while families fond of outdoor activities might go for rugged SUVs for off-road capabilities.
And finally, personality and self-concept. An adventurous individual is inclined to try new products or experiences. Someone with a minimalist lifestyle might prefer a reliable, well-known brand with good resale value over extravagant ones.
These factors collectively highlight the complexity and diversity in consumer decision-making.
Factors Affecting Consumer Decision Process – Personal
Personal factors are individual characteristics and traits that influence consumer behavior. These factors are unique to each person and can significantly impact how individuals perceive and respond to marketing stimuli.
Some key personal factors affecting consumer behavior are:
- • Age and Life Cycle Stage:
- ⚬ Different life stages come with varying needs and preferences.
- ⚬ Major events like marriage, parenthood, or retirement can profoundly influence purchasing behavior.
- • Occupation:
- ⚬ Occupation correlates with income, influencing product affordability and preferences.
- ⚬ Job demands influence purchasing decisions, such as work attire or technology preferences.
- • Economic Situation:
- ⚬ Economic situations impact purchasing power, affecting consumer confidence and spending habits.
- ⚬ Different economic situations lead to varying comfort levels with financial risk and priorities for saving and investing.
- • Lifestyle:
- ⚬ Lifestyle choices, including hobbies, influence product preferences.
- ⚬ Social interactions shape lifestyle choices and consumption patterns.
- • Personality and Self-Concept:
- ⚬ Individual personality traits, like extroversion or conscientiousness, impact purchasing behavior.
- ⚬ Certain personality types may be more inclined to specific brands that align with their values.
- ⚬ Consumers may choose products that reflect their desired social identity.
- ⚬ Consumers make purchases to enhance or express their self-image.
Understanding these personal factors enables marketers to create targeted campaigns that enhance communication and product positioning for specific population segments.