External Forces Affecting Consumer Behavior
The external factors that affect consumer choices can drastically affect the company’s performance. Therefore, marketers should take into account all those factors by tailoring and monitoring the possible changes that may affect the profit and their sustainability in the respective industries. Although, there are also internal factors that contribute in consumer choices; nevertheless, we will mainly focus on the external factors which is basically the external environment that can affect consumers buying patterns in influencing in their choices. Moreover, these external factors can be categorized from Socio-cultural, Economical, Technological,
Under socio-cultural, consumers can be influenced by their peers or groups. In a society, there are different groups that distinguish the social status of an individual. Therefore, consumers can definitely be influenced by their workmates in choosing what really suit in their group in order to be up to the level as the people who are in its network. For example, if most of the employees in an organization own luxury cars and I belong to that group, there are many possibilities for me to be influenced by them. Hence, marketers should take this into account in order to strengthen
Under economical which is also one external factor that can affect consumers buying decision, it can influence them in the sense that if the level of income it is very low, they will hardly be able to purchase items that are very expensive due to the reason that they will not be able to cover all their monthly expenditures
Another factor can be the technology, which can affect the decision of some group of customers who mainly used high tech devices. As customers will seek for the latest item that has recently be delivered in the market. Thus, marketers should strongly address this issue in order to meet customers demand and expectations. In the other hand, if marketers do not update their products, they are more likely to lose market share as
Under socio-cultural, consumers can be influenced by their peers or groups. In a society, there are different groups that distinguish the social status of an individual. Therefore, consumers can definitely be influenced by their workmates in choosing what really suit in their group in order to be up to the level as the people who are in its network. For example, if most of the employees in an organization own luxury cars and I belong to that group, there are many possibilities for me to be influenced by them. Hence, marketers should take this into account in order to strengthen
Under economical which is also one external factor that can affect consumers buying decision, it can influence them in the sense that if the level of income it is very low, they will hardly be able to purchase items that are very expensive due to the reason that they will not be able to cover all their monthly expenditures
Another factor can be the technology, which can affect the decision of some group of customers who mainly used high tech devices. As customers will seek for the latest item that has recently be delivered in the market. Thus, marketers should strongly address this issue in order to meet customers demand and expectations. In the other hand, if marketers do not update their products, they are more likely to lose market share as