Essays on Consumer Decision-making - Internal Factors Assignment

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Introduction In each and every market, consumers are guided by a multiplicity of factors that define the likely decisions that a consumer is likely to make in regards to the purchase of a particular product or service. It s the same when in comes to car market, consumers are influenced by several internal and external factors to settle on a car choice. The internal factors are those factors that are personal to the consumer and have a very minimal connection to the outside world. Given the difficulty of understanding different personalities in the society, it is correct to say that a study of consumer behavior can be a very difficult task to accomplish when it comes to understanding internal factors influencing consumer behavior (Stewartr, 1999).

Schiffman (2007) believes that consumers are rational decision makers who are only concerned with self interest making it even complex since different people have varying interests and personal ambitions. This argument by schiffman (2007) is based on the utility theory which holds that consumers make choices based on the expected benefits they are likely to obtain from the decisions they make.

To understand the factors influencing consumer decisions, the approach then should be centered on what benefits is a consumer likely to derive from purchasing a particular product and what are the constraints. A number of different approaches have been used to understand internal factors influencing consumer decision making. Different researchers have used different approaches to understand psychological factors influencing consumer behavior over the years. These factors are also the key influencers when it comes to consumer choice of cars as discussed in the following sub-topics. ValueConsumer generally want to buy something hat will add value into their life and will therefore study the different options available in the market and compare their features to understand what will add value into their life.

This is what Solomon, (2006) calls the economic man concept. It is anchored on the utility theory which holds that a man will make the best decision that benefits him. This will also be influenced by the amount of information the consumer has with him and what does the consumer value. While the consumers that seek to reduce their recurrent expenditure will prefer a car that consumes less fuel and costs less to keep within their budget.

Another consumer will not mind spending even more on car that consume more fuel and is expensive to maintain. The two consumers have different value that they attach to a car. The former it is basically a mode of transport that should cost him the least but for the latter, the car is a luxury item 6that should be as comfortable and prestigious as it can be.

LifestyleThis is particular kind of life that an individual has chosen to lead. Our lives are defined by personality and self-concept themes. Lifestyle can be defined by the form of activities one engages in, interests and opinions. Different people basically have different lifestyles which influences the choices of cars they buy (Lindsay, 2007). The different lifestyles are a result of internal constructs of an individual. Some people want to lead casual lifestyle where they go on with their businesses in a less formal way and they will mostly be spotted in sport cars.

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