Internal /External Influences on Consumer Behaviour
· Consumer Behaviour External Influences – Consumer Culture a. Culture includes knowledge, belief, art, law, morals, customs, and any other capabilities and habits acquired by humans as members of society. d. Factors that Define a Culture i Unformatted text preview: External influences Competitive situation influences As an example, when two companies are fighting to be the market leader, they would cut stock costs to attract customers, which can be beneficial to both consumers and producers. Sales will increase, and more importantly, a profit will be made Table 4: Opinion of respondents regarding internal influences on consumer behaviour Factors Respondents Rank Consumer resources ( %) I Involvement & motivation 72 (4 8 %) IV Knowledge 65 (4 %) V Personal value 85 (5 %) III Life style 90 (6 0 %) II EXTERNAL & INTERNAL INFLUENCES ON CONSUMER BUYING DECISIONS
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· Since demand external and internal influences on consumer market affected by factors like, number and size of competitors, the prospective buyers, their capacity and willingness to pay, their preference etc. are taken into account while fixing the price Unformatted text preview: External influences Competitive situation influences As an example, when two companies are fighting to be the market leader, they would cut stock costs to attract customers, which can be beneficial to both consumers and producers. Sales will increase, and more importantly, a profit will be made · Internal influences basically come from consumers own lifestyle and way of thinking. These are consumers’ personal thoughts, self-concepts, feelings, attitudes, lifestyles, motivation and memory (Kotler, ). These internal influences can also be known as psychological influences
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Unformatted text preview: External influences Competitive situation influences As an example, when two companies are fighting to be the market leader, they would cut stock costs to attract customers, which can be beneficial to both consumers and producers. Sales will increase, and more importantly, a profit will be made Internal And External Factors Consumer Buying Behaviour better understanding of the consumer behaviour there is a need to study the opinion of consumer in external and internal influences on buying decisions hence the study was conducted to consumer behaviour will be, in a market different consumers have different needs as all consumers · Internal /External Influences on Consumer Behaviour Consumer behavior is rather subjective as a consumer decision-making procedure is affected by figure of factors. The most significant personal influences that affect consumers purchase determinations can be classified in two classs (Hoyer & A ; Macinnis, ) that are as follows
Factors influencing Consumer Behavior
Table 4: Opinion of respondents regarding internal influences on consumer behaviour Factors Respondents Rank Consumer resources ( %) I Involvement & motivation 72 (4 8 %) IV Knowledge 65 (4 %) V Personal value 85 (5 %) III Life style 90 (6 0 %) II EXTERNAL & INTERNAL INFLUENCES ON CONSUMER BUYING DECISIONS Unformatted text preview: External influences Competitive situation influences As an example, when two companies are fighting to be the market leader, they would cut stock costs to attract customers, which can be beneficial to both consumers and producers. Sales will increase, and more importantly, a profit will be made · Consumer Behaviour External Influences – Consumer Culture a. Culture includes knowledge, belief, art, law, morals, customs, and any other capabilities and habits acquired by humans as members of society. d. Factors that Define a Culture i
External Stakeholder: Types, Effects on Business– Penpoin.
Unformatted text preview: External influences Competitive situation influences As an example, when two companies are fighting to be the market leader, they would cut stock costs to attract customers, which can be beneficial to both consumers and producers. Sales will increase, and more importantly, a profit will be made · Internal influences basically come from consumers own lifestyle and way of thinking. These are consumers’ personal thoughts, self-concepts, feelings, attitudes, lifestyles, motivation and memory (Kotler, ). These internal influences can also be known as psychological influences Table 4: Opinion of respondents regarding internal influences on consumer behaviour Factors Respondents Rank Consumer resources ( %) I Involvement & motivation 72 (4 8 %) IV Knowledge 65 (4 %) V Personal value 85 (5 %) III Life style 90 (6 0 %) II EXTERNAL & INTERNAL INFLUENCES ON CONSUMER BUYING DECISIONS
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