Identify and explain significant factors outside the consumer that have an effect on consumer choices.
One very significant factor outside of the consumer that has an effect on consumer choices is the economic environment, or climate. A weak economy would usually mean that consumers and other individuals would have less spendable or discretionary income, and would thereby affect consumer choices. In a situation of this nature, consumers would usually choose the cheaper of the available items. This is a very important external factor, due to the fact that under ideal ...
This solution discusses factors that affect consumer choices.
Evaluation of Consumer Behavior
I need help with a 1,050-1,400-word summary in which you address the following:
Discuss how the following consumer behavior concepts are applied by answering the following questions:
1) What additional external factors or macro factors should be considered in your analysis.
2) What additional social and cultural factors would you consider in this scenario?
3) How do you account for variations in different geographic regions?what do you really look for? Why is there a difference?
4) Considering the importance of keeping existing customers, what methods can be used to encourage loyalty among existing customers in a service business?
Analyzing Buyer Behavior
Buyer Behavior refers to everything from a consumer's beliefs about a brand to the actions that culminate in the purchase of that brand. Factors ranging from cultural patterns, to income levels of consumers, to the nature and price of the product, can affect Buyer Behavior. This simulation illustrates the use of Buyer Behavior analysis to arrive at quantifiable information on which investment decisions can be based.