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Key Factors Affecting Consumer and Financial Decisions - Coggle Diagram
Key Factors Affecting Consumer and Financial Decisions
Customer Service
Good pre-sales and after-sales service makes you feel you are a valued customer
Poor service can direct customers away
Good service attracts customers and good reviews, leading to more customers
Price
Price can vary depending on production cost,, rarity, quality, quantity, etc.
If it is too expensive, this can mean the customer may not be able to afford it, which leads them to not buying the product
Putting in a "per unit" price can give customers a better understanding of what they're buying, allowing them to compare to other products
Convenience
Having a hassle free convenient store attracts customers
Multiple stores spaced out evenly and distributed in popular areas attracts customers
Convenient shopping times are important and depict whether or not a customer will shop there
Marketing and Advertising
Big, Bold and colourful writing and signs attract customers attention
New/Popular products are advertised more
Main purpose of marketing and advertising is to convince the customer into thinking that they need this product
Gender
Males and females have a number of common wants, such as entertainment, music, cars, etc.
Eg. Females may spend more on cosmetics, and males may spend more on power tools.
Mother's day and Father's day are examples of specific days directed at specific genders
Age
Age can vary a customers needs/wants
Eg. An Adult is less likely to buy a lego set than a child
One of Marketing's main factors is directed at age, depicting what approach they would take on the ad :
Disposable Income
Disposable income refers to the amount of money that households have available for spending and saving after income taxes have been accounted for.
A consumer's income determines what consumers regularly buy
People with higher disposable income can allow themselves to luxury more than someone who has a lower disposable income
Environmental Consideration
Many people may be influenced to purchase a product that has minimal packaging or packaging that can be recycled.
These problems can affect the consumers financial decisions
Many Consumers are aware of pollution and environmental problems
Social Media
Many people follow influencers decisions
Social Media can serve as a source of advertising
Social media also allows positive/negative reviews on customer service and price, convincing people whether they should shop here or not
Cultural Factors
An example of a cultural factor is behaviour, and how they were raised
Every individual has different sets of habits, beliefs and principles that they develop from their family status and background
Cultural factors are the values, perceptions, wants and behaviours of a particular community or group of individuals