Consumer Choice

Topics: Marketing, Economics terminology, Retailing Pages: 2 (509 words) Published: May 21, 2013
Consumer choice: Do I really want this? Can I afford it? Is there something better? Price: How much is it?This is usually one of the first things you want to know. If the price of a good is more than you can afford, you will probably not buy it. Consumers want the best value for their money: that is, they want to pay the lowest price for the best quality. Price is one of the main factors affecting consumer decisions. Age: As a baby, you most probably wanted a toy or rattle. Now you are a teenager, you may want a mobile phone. By the time you are 18, a car becomes an important want. Later on, you might wish to buy a place to live in and when you are older and have retired, you may want to go on a world trip. Our wants change over time. Financial choice: What method of payment will I use? Should I save or spend? Marketing: This plays an extremely important role in influencing our consumer decisions. As consumers, we are constantly exposed to all aspects of marketing.The average consumer is exposed to an estimated 500 marketing strategies (mainly some form of advertising) every day. New products are released onto the market and advertised. If the marketing campaign is successful, consumers will be influenced into thinking they need this product. Service: Good pre-sales and after-sales service makes you feel you are a valued customer and, consequently, you will keep buying that product or going back to a particular store. Poor service can have the opposite effect. Environmental choice: Decide to purchase products less harmful to the environment. Gender: Males and females have a number of common wants, such as entertainment, music and a car. However, a person’s gender influences some types of purchase. For example, female consumers spend more on cosmetics than males. The influence of gender on consumer decisions is best displayed by the products advertised in catalogues for Mother’s Day and Father’s Day: mum gets the iron and dad gets the cordless drill. Convenience:...
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