Purchase of a product is primarily dependant on how consumer wants to buy and there can be several factors to this.
Explanation:
The factors affecting consumers buyer decision could be:
Economic factor- the most important factor that a consumer considers before buying any product. One cannot simply buy a product that is not affordable. The economy depends on market conditions as well. The economic factors that affect the most are employment, wages, inflation, and costs. A positive economic factor will boost consumer's buying confidence.
Psychological factors- An emotional factor that is well understood and tuned as per the advertising of the products. As it is all that the consumer wants. Having built an easier side of life through effective advertising, gets consumers to go for that product.
This factor is also connected with personal image and person will like to buy something that goes well with his image and hence considering these points the commercials try to focus more on image than pricing.
Iceland. Apart from dramatic scenery, Iceland has a 100% literacy rate in the 300,000 population Living among an educated population which is tolerant towards minorities is a great bonus.
In business, purchaser are the people or organizations that make economic sacrifice in order to obtain a specific goods and serviced.
From the example above,
In order to obtain the new big-screen television, Russell will most likely need to spend the money that he earned from his work and exchange that money to for the TV. This is what considered as economic sacrifice.
