FINAL EXAMINATION IN PHILOSOPHY OF BUSINESS

It influences the buying behavior of the person. A person has many needs such as social needs, basic needs, security needs, esteem needs, and self-actualization needs.

It is a major factor that influences consumer behavior. A process where a customer collects information about a product and interprets the information to make a meaningful image of a particular product.

It comes over some time through experience. A consumer’s learning depends on skills and knowledge. While skill can be gained through practice, knowledge can be acquired only through experience.

Consumers have certain attitudes and beliefs which influence the buying decisions of a consumer. Based on this attitude, the consumer behaves in a particular way towards a product. This attitude plays a significant role in defining the brand image of a product.

It plays a significant role in shaping the buying behavior of a person. A person develops preferences from his childhood by watching a family buy products and continues to buy the same products even when they grow up

Is a group of people with whom a person associates himself. Generally, all the people in the reference group have common buying behavior and influence each other.

A person who is a Chief Executive Officer in a company will buy according to his status while a staff or an employee of the same company will have a different buying pattern.

It includes the basic values, needs, wants, preferences, perceptions, and behaviors that are observed and learned by a consumer from their near family members and other important people around them.

A person tends to buy things that are appropriate to his/her profession. For example, a doctor would buy clothes according to this profession while a professor would have a different buying pattern

When a consumer is offered easy credit to purchase goods, it promotes higher spending. Sellers are making it easy for consumers to avail of credit in the form of credit cards, easy installments, bank loans, hire purchases, and many other credit options.