Consumer Purchasing Decisions and Market Segmentation
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What are some factors that influence consumer purchasing decisions? Which do you believe are most important? Why?
What are some ways markets can be segmented? How do firms decide which market segments to target? Provide a brand-specific example.
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Solution Summary
This solution discusses factors that influence consumer purchasing decisions and which are most important.
It also discusses how markets can be segmented, and how firms decide which market segments to target. It provides brand specific examples and a helpful link.
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What are some factors that influence consumer purchasing decisions? Which do you believe are most important? Why?
Consumers are influenced by many factors during purchasing decisions depending upon the item that is involved. Consumers may be influenced based upon their exposure to opinion leaders, for instance, when brands use a celebrity to pitch a product. The behavior of the group with which one identifies also has impact. An example might be that consumers sometimes consider what other friends buying when buying an item. Social class also has an impact on purchases, since it determines the type, quality, and quantity of products that a person may buy and where the person may buy. Situation also plays a part in the decision since consumers may be inclined to buy something at some point over another based on need and desire. An example might be that you always get peanuts at the ballgame but never eat them otherwise. Culture impacts buying ...
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- BA, University of Southern California
- MSS, United States Sports Academy
- Ed.D, Boise State University
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