Factors Affecting Consumer Choice
Cory Butlin
Finance.
•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
-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.
Cory Butlin
Email: Butlinc@macstudent.com
Price.
•What is my budget?
•Does price reflect quality
•is price clear and inclusive?
•How does the price compare to products substitutes?
Marketing.
•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
Eg. Foods, fashion, lifestyle and accommodation needs change with age
Gender
Eg. Separate specialty menswear shops and lingerie shops
•Differences in leisure interests
Eg. Types if movies men and women watch
Convenience
- 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