What are the Important Factors that Influence Buying Decision? – 7 Factors
The factors that influence the buying decision to contact it discovery influencing customers buying decisions, ISN, ISN Global solutions, sales support services, account profiling.
1. Economic Factor
- The most important and first on this list is the Economic Factor. It is one of the main foundations of any purchasing decision.
- And the reason is simple people can’t buy what they can’t afford. The need for the product also doesn’t play a role here, but the most important thing is affordability.
2. Functional Factor
- The factor is totally about needs, backed by the logic that makes sense and fits the customer’s best interest. It’s one factor that also plays a vital role in the buying decision.
3. Marketing Mix Factors
- There are four components in the marketing mix. Suppose product, pricing, promotion, and place of distribution, and each of these components take the direct or indirect impact on the consumers’ buying process.
- And consumers consider various things like the characteristics of the product, the price charged, availability of the product at the required location, and much more.
4. Personal Factors
- The personal factors include age, occupation, lifestyle, social and economic status, and the gender of the consumer. These factors can individually or collectively affect the buying decisions of the consumers.
- And factors that influence the buying decision contact discovery, affecting customers buying decisions, ISN, ISN Global Solutions, Sales Support Services, Account Profiling.
5. Psychological Factor
- When it comes to psychological factors, there are four essential things affecting consumer buying behavior. That is perception, motivation, learning, beliefs, and attitudes.
6. Social Factors
- The social factors include reference groups, family, and social status. And also these factors are affecting the buying behavior of the consumer.
- Also these factors, in turn, reflect a continuous and vigorous inflow through which people learn different values of consumption.
7. Cultural Factors
- Firstly, the cultural factors subtly influence consumers’ purchasing decisions since they live in a complex social and cultural environment.
- Secondly, also, the kinds of products and services they intend to use can, directly and indirectly, be influenced by the overall cultural context in which they live and grow.
- Lastly, these Cultural factors include race and religion, tradition, caste, and moral values.
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