Factors of consumer behavior



Over the next few months we are going to look at different characteristics that affect consumer behavior. While we aren't able to control these factors, we should always take them into account.

Each person has different factors that affect their purchasing behavior - cultural, social, personal, and psychological. Cultural factors (including culture, sub-culture and social class) exert a broad and deep influence on consumer behavior.

A person's culture is defined by their basic set of values, perceptions and wants learned from their family or other important institutions. Specifically, in the US, we have recently seen a culture shift toward greater concern about health resulting in surges in the health-and-fitness, exercise equipment and clothing, organic foods and diets sectors. It might be worthwhile for your pharmacy to add a vegan or organic supplements section.

Subculture consists of a group of people with shared value systems based on life experiences and situations. For example, Hispanic Americans, African Americans and Asian Americans. In addition to racial groups, subcultures can include religions and geographic regions. Statistically, Hispanic Americans favor brands that show special interest in them, African Americans are motivated by quality and selection and Asian Americans are fiercely brand loyal. Take a look at your community and talk with your GRX Marketing rep about what subcultures are represented near you.

Social classes are divisions in a society whose members share similar values, interests, and behaviors. Social class is not determined by a single factor, but is measured as a combination of occupation, income, education, wealth and other variables. Each social class shows distinct product and brand preferences. It might be necessary to re-evaluate your store's offerings and change some things to reflect the local social classes preference(s).

#targeting #customergroups #segmentation

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