3 Business Factors

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Business is your primary income, secondary income or you are just planning to start a business. These three factors can scale your business to a higher level and you can convert your visitors to customers.

You may be persisting in your business to succeed or trying to place your product in the market, these factors can solve your day-to-day business struggle.

Introduction:

Controlling any business is focusing on customers or consumers and satisfying their demands. While focusing on consumers, it’s necessary to identify your target market.

Consumer behavior plays a major role while focusing on your consumers. You have defined your demographics but still, consumer behavior can help you focus on specific consumers. For a firm to survive, it is necessary to analyze the needs and wants of your customers.

To gain customers, you need to relate market research along with consumer behavior. The behavior of each individual is different from one another. It depends on their knowledge, culture, etc.

The marketer assumes that consumers would react similarly to a product or service offering and behave likewise to a corresponding marketing strategy.

Target Market:

Target Market in Business

Target market is necessary because the entire market or consumer wants your product or service. It also helps to focus on a particular consumer group to draw maximum profit for your product.

Market segmentation is the process of identifying consumer groups in the market who have distinct factors like characteristics, behavior who require separate product or service.

Consumer behavior is the most primary element of market segmentation and an important part to control your business.

Today, I’ll be describing 3 factors of consumer behavior which can control as well as run your business. Social, cultural and personal factors are three factors that influence consumer behaviour.

1. Social Factors

Social Factors in Business

Social factors, the factors dependant on society, reference groups, family, etc. A reference group is a group who act specifically as per their behavior, values, opinions, attitudes, etc. The reference group is further divided into two groups called primary and secondary group.

i) Primary Group

Consumers frequently interact with their family, friends. These come under the primary group. People are more attached with their family and friends. This criteria helps marketer to focus on primary group.

ii) Secondary Group

People also belong to secondary groups such as colleagues, trade-union groups. These primary and secondary groups play a vital role in social factors.

People usually prefer your product consulting their family, friends, professionals, etc. A marketer can identify the attitude, behavior of a consumer through these groups.

Along with primary and secondary groups, two more teams influence the consumer. They are aspirational and dissociative teams.

iii) Aspirational Team

Aspirational team are those who are willing to join you or your business. After identifying consumer from primary and secondary groups, aspirational teams play a role to draw the consumer to buy your product.

iv) Dissociative Team

Dissociative team are those whose values or behavior a person rejects.

Buying your product depends on your consumer’s priority. Consumer’s priority depends on their family members. Consumer groups often are an important source of information and help to define norms for behavior.

2. Cultural Factors

Cultural Factors in Business

The behavior of the consumer also depends on cultural factors. Cultural factor is a significant part to identify consumer behavior. It focuses on values, demand, and behavior of a consumer.

As discussed earlier, the family plays a vital role in consumer behavior. This family has different values and principles taught to their children.

i) Rich Class

A high rich class child is taught about success, growing a business, focusing on expanding an empire, and respect for people, learn new technologies, etc.

ii) Middle Class

A middle-class child is taught to do a job and earn. They are taught to focus on earning than learning. While placing your product in your market, you should be aware of cultural factors of the consumer.

A term multi-cultural marketing is careful marketing research for placing your product in the right market to grow your business. These marketers focus on consumer groups according to their behavior as well as through geographic regions.

A specialized marketing strategy is designed to focus on subculture group. This subculture group provides more information about a specific culture or geographic region.

3. Personal Factors

Personal Factors in Business

The consumer has different personalities or behavior while buying a product. It is necessary for marketers to understand human psychology to drag them to buy the product or service.

i) Demographics

Marketers also study about demographics of a consumer while assessing their behavior towards a product. Demographics like age, occupation, personality traits, etc.

The age group of 18 to 24 usually prefer to buy stylish and attractive products. Most of fashion and fitness products are bought in this age group. Occupation also plays a role in this assessment. Students prefer a product with low price and high quality.

Working professionals are interested in online activities as they have time limitations in their schedule.

Product choice is greatly affected by economic conditions like salary, savings, investments, etc. Economic conditions provide a marketer to create a particular marketing strategy which is suitable for those consumers who are economically sensitive.

ii) Personality Traits

Personality traits are considered an important factor while designing a marketing strategy.

People with influencing, honest, rebellious, loyal, passionate characteristics may be interested in buying the product related to traveling or sports coaching.

In addition, group of people with learning attitude, mysterious characteristics may be interested in reading books or engaging with detective web series.

People with independent, love to look attractive may be interested in fashion products.

People with a cool attitude, charming, intelligent characteristics may be interested in arts, music or new technology.

Conclusion

A marketer can easily identify a consumer through these factors. It is necessary to target the specific group of consumer assessing them through these factors.

In addition, more visitors are turned into customers after learning their behavior and personality traits. I hope these factors will be useful to grab more consumers and grow your business. Take references from these factors and achieve your business goals.

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