Definition: The Economic Factors are the factors that talk about the level of sales in the market and the financial position of the consumer, i.e. how much an individual spends on the purchase of goods and services that contribute to the overall sales of the company. The following are the main economic factors that greatly influence the consumer buying behavior: … [Read more...] about Economic Factors Influencing Consumer Behavior
Personal Factors Influencing Consumer Behavior
Definition: The Personal Factors are the individual factors to the consumers that strongly influences their buying behaviors. These factors vary from person to person that results in a different set of perceptions, attitudes and behavior towards certain goods and services. Some of the important personal factors are: Age: The consumer buying behavior is greatly … [Read more...] about Personal Factors Influencing Consumer Behavior
Cultural Factors Influencing Consumer Behavior
Definition: The Cultural Factors are the factors that an individual learns at a very early stage of life due to socialization within the family and other key institutions, such as the set of values, preferences, behavior patterns, and perceptions are learned as the individual grows. Some of the important cultural factors are: Culture: The culture refers to the … [Read more...] about Cultural Factors Influencing Consumer Behavior
Social Factors Influencing Consumer Behavior
Definition: The Social Factors are the factors that are prevalent in the society where a consumer live in. The society is composed of several individuals that have different preferences and behaviors. These varied behaviors influence the personal preferences of the other set of individuals as they tend to perform those activities which are acceptable to the society. The … [Read more...] about Social Factors Influencing Consumer Behavior
Psychological Factors Influencing Consumer Behavior
Definition: The Psychological Factors are the factors that talk about the psychology of an individual that drive his actions to seek satisfaction. Some of the important Psychological Factors are: Motivation: The level of motivation influences the buying behavior of the consumers. It is very well explained by Maslow through his need hierarchy theory comprising of basic … [Read more...] about Psychological Factors Influencing Consumer Behavior
Factors Influencing Consumer Behavior
Definition: The Consumer Behavior is the study of how an individual decides to purchase a particular product over the other and what are the underlying factors that mold such behavior. Factors Influencing Consumer Behavior The marketers try to understand the actions of the consumers in the marketplace and the underlying motives for such actions. These motives are the factors … [Read more...] about Factors Influencing Consumer Behavior
Consumer Behavior
Definition: Consumer Behavior is the observational activity conducted to study the behavior of the consumers in the marketplace from the time they enter the market and initiate the buying decision till the final purchase is made. In other words, consumer behavior is the study of how the consumers, make purchase decisions and what are the underlying factors that influence … [Read more...] about Consumer Behavior
Secondary Data Collection Methods
Definition: When the data are collected by someone else for a purpose other than the researcher’s current project and has already undergone the statistical analysis is called as Secondary Data. The secondary data are readily available from the other sources and as such, there are no specific collection methods. The researcher can obtain data from the sources both internal … [Read more...] about Secondary Data Collection Methods
Primary Data Collection Methods
Definition: When the data are collected directly by the researcher for the first time is called as Primary Data. It is original in nature and is specific to a research problem under study. Primary Data Collection Methods A fresh data can be collected by using the following methods: Interview Method: It is the most widely used primary data collection methods wherein … [Read more...] about Primary Data Collection Methods
Data Collection
Definition: The Data Collection is a process by which the researcher collects the information from all the relevant sources to find answers to the research problem, test the hypothesis and evaluate the outcomes. While collecting the data, the researcher must identify the type of data to be collected, source of data, and the method to be used to collect the data. Also, the … [Read more...] about Data Collection