Factors Affecting Consumer Choice

Cory Butlin

Finance.

•Do I have the finance to make this purchase now?

•What are my finance options?

-Personal loans

-Credit cards

•Factors that determine how much access to finance each consumer has are:

-Amount of income

-Level of saving

-Employment stability

-How easily money can be borrowed

Service

•Customer Service

-Salespersons provide expert information on products

•After-Sales service

-High Priced, technical items such as computer and cars

•Warranty

-Statement garunteeing purchased good is of sound quality.

Click me for further information

A youtube video on the factors affecting consumer decisions

Price.

•Can I afford this?

•What is my budget?

•Does price reflect quality

•is price clear and inclusive?

•How does the price compare to products substitutes?

Marketing.

•Activities used to persuade consumers to purchase a product

•Creates an image in mind of consumer when buying product

•Advertising stimulates interest in products

Eg. TV, magazine, social media, youtube.

•Packaging is oart if marketing — describe product specifications

Age

•Consumers needs and wabts change with age

Eg. Foods, fashion, lifestyle and accommodation needs change with age

Gender

•It influences what you buy and whem you buy

Eg. Separate specialty menswear shops and lingerie shops

•Differences in leisure interests

Eg. Types if movies men and women watch

Convenience

•Why are consumers looking towards convenience when shopping?

- Busy lifestyles

- Consumers value time saved more than money saved

—> trade off between time and cost

- Extended trading hours

- Mobile bussiness

Eg. Mobile mechanics, pet grooming services etc.

- Internet shopping