Factors Affecting Consumer Choice
•What are my finance options?
•Factors that determine how much access to finance each consumer has are:
-Amount of income
-Level of saving
-How easily money can be borrowed
-Salespersons provide expert information on products
-High Priced, technical items such as computer and cars
-Statement garunteeing purchased good is of sound quality.
•What is my budget?
•Does price reflect quality
•is price clear and inclusive?
•How does the price compare to products substitutes?
•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
Eg. Foods, fashion, lifestyle and accommodation needs change with age
Eg. Separate specialty menswear shops and lingerie shops
•Differences in leisure interests
Eg. Types if movies men and women watch
- 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