This website uses cookies to ensure you have the best experience. Learn more

External Factors Affecting Consumer Behavior Essay

3469 words - 14 pages

Executive Summary
Consumer is the real asset of any organziation. There are a number of factors that affect on consumer’s buying. Every organziation keeps an eye on those factors and always try to minimize them or have a good impact on its consumer purchase. These factors can be of any type, social, non-socil, cultural and religious factors. In this respect, marketers and producers are forced to conduct intensive market research in order to identify the various external factors that are likely to influence the decision making process or buying behavior of consumers in regards to a particular product. Like other products, tesco sales are also highly affected by these external factors, the paper focus on those internal and mainly focus on external factors of consumer purchase. Later sections focus on personal, cultural and psychological factors of Tesco purchase. Tesco Consumer’s purchasing is highly affected by these social and non-social factors, the paper discusses these factors in its later parts.

Contents
Executive Summary 2
Introduction 4
Discussion 4
Social 5
Cultural Factors 9
Psychological Factors 11
Personal Factors 12
Conclusion 19
References 21

Introduction
Tesco Corporation is one of the most prominent supplier and manufacturer of top drives and contractors. The company has a diversified presence across the globe. TESCO has a product line specially targeted to different needs of different types of the customers. Here, we will attempt to investigate the external environment for TESCO PLC, where different forces present in the external environment would be evaluated.

Discussion

Factors Affecting Consumer Behavior



One of the most discriminating outer business elements is rivalry. This is true for industrial work, blue collar jobs, and top CEO corporations. In order to properly function as a business one of the most important goals is to know the competition: therefore it behooves an employer to conduct proper research about the opposition. Some organizations do just that: they exam the market value of a product, the necessary marketing involved, the packaging, and the cost to benefit ratio in similar contender’s offices and base their final strategies about business on this information.

The regular outer components fall into a few classes, including socio-investment, legitimate or moral, political and mechanical. Socio-monetary components concern the buying power of the consumer as well as the actual target audience of the product. Withint the target audience, businesses asses their potential client’s spending power. Thus, ratios incorporating this spending power with market value and cost of production become instrinsic to business schematics. There are other implications outside of this ratio that also contribute to cost such as moral implications involved in marketing and selling certain products, political import, and lawful distribution of company funds...

Find Another Essay On External Factors Affecting Consumer Behavior

Factors Affecting the Complexity of Criminal Behavior

1615 words - 6 pages defining and contributing to people engaging in criminal behaviours. There are a range of theories that attempt to describe human behavior reflecting the complexities of human behaviour. Given the range of theories of behaviour, there is not any one theory that can fully explain criminal behaviour given the complexity of the behaviour. There are also a multiple of factors impacting on people’s behaviour including criminal behaviour. These include

Enhancing employee performance through effective human resource management

1900 words - 8 pages constantly tested and adapted in a dynamic equilibrium. It is important to understand and observe this environment in order to better understand the affect it has on the final outcome of consumer behavior. In addition, other intrinsic variables such as attitudes, personalities, and learning are all influenced by such external factors as culture and family (Engel et al.1968, 85). Extrinsic factors therefore have much further reach than simply

Consumer Socialization: Children as Future Consumers

4540 words - 18 pages , as future consumers, the skills, knowledge and attitudes the children acquire in their early life will have an effect on their adulthood consumer behavior, thus provide marketers and policy makers an approach to predict the trend of consumers’ skills, knowledge and attitudes in the years to come. As a result, the studies of children as consumers, as well as the way that they develop consumer behavior and the factors those affect the changing of

Chapter Six Summary

603 words - 3 pages Consumer behavior affects the way in which buyers make purchasing decisions. A variety of influences affects individuals buying items for themselves, as well as for other people. Every buying decision a person makes is influenced by a variety of internal and external factors. Marketers must understand what influences consumers so they can decide what goods and services to offer, to whom and where. By fully understanding the factors that will

This is a literature about consumer behavior

2370 words - 9 pages that there are two different models of consumer behavior: the high-involvement and low-involvement. (Engel and Blackwell, 1982) For the high-involvement they quoted the theory from John Dewey which has 5 steps: Problem recognition, Search, Alternative evaluation, Choice and Outcomes. In the first step, the problem recognition is acted by many factors. There are two principal reasons, one of them is motives which are very individual and they also

Nails On the Fly: Consumer Behavior Issues

1320 words - 5 pages Nails On the Fly: Consumer Behavior Issues PROPOSAL Nails on the Fly would be a small nail salon station located at various airports around the country. It is targeted toward women who are usually traveling due to business and do not have time to get their nails done in town, so while waiting to board their flight can get their nails done. INTRODUCTION This paper addresses consumer behavior matters relevant to the marketing of Nails

Consumer Buying Behavior

2393 words - 10 pages . (2) Searching out alternatives and making a decision takes less time than with extended problem solving. c. Routine problem solving () In routine problem solving the consumer makes a quick choice, taking little time to consider the alternatives. () This mode occurs when people habitually buy the same product or brand with little conscious thought. 4. External and internal influences also affect consumer behavior. III. EXTERNAL

Marketing Strategies for John Deere Company

1471 words - 6 pages As a consultant, I would apply major marketing strategies that would fit the new consumer segments and also serve the old consumers just the same. Both short and long term marketing strategies are equally needed for urgent and future decisions. Consumer behavior is also a factor to be considered, because factors affecting consumer behavior will make clients not to buy, for one reason or another. To get the target market or rather to increase

A Consumer's Buying Behaviour

749 words - 3 pages A Consumer's Buying Behavior A consumer's buyer behavior is influenced by four major factors; cultural, social, personal, and psychological factors. These factors cause consumers to develop product and brand preferences. Although many of these factors cannot be directly controlled by marketers, understanding of their impact is essential as marketing mix strategies can be developed to appeal to the preferences of the target market. When

Spending Behavior

1014 words - 5 pages most of the students spend their money. Significantly, the way the students changed their spending habits is by the use of their credit cards. With the use of credit card, most of the students satisfy their needs and wants. Therefore, students may keep on swiping their credit card every time there would be different trends yearly. More recently, Clow and Baack (2004) examined the consumer behavior process and affecting factors. As a result on

Internal and External

1941 words - 8 pages person's distressed personal state of mind, can cause the external and internal affects to collide with one another creating a precarious wind of disarray in the workplace. These combined forces have a real impact and can negatively affect and weigh heavily on an employee; ultimately affecting the organization. Consumer demands are usually just that- demands. The business of consumer assistance may not always result in supplying what the customer

Similar Essays

Factors Affecting Organizational Behavior: Sinclair Oil Corporation (Soc)

1308 words - 5 pages All companies today have internal and external forces that impact organizational behavior. The purpose of this paper is to explore the impact of internal and external forces on organizational behavior. The four forces we will discuss are, customer demands relating to Sinclair Oil, economic forces outside of Select Portfolio Servicing, restructuring within Nestle, and globalization factors relating to Northrop Grumman.Customer DemandsCustomer

External Factors Affecting Yahoo Performance For Period [2004 To 2007] Fayez Alsoufyani

916 words - 4 pages Environmental scanning is critical in building organizational strategy . In this report, three external factors , that were affecting Yahoo performance during the period January 2004 to December 2007, will be domenistored. Historical Overview During the period 2004 to 2007, Yahoo was considered a global Internet business provider and its site was one of most daily visited site. Yahoo site was acting as gateway for multifarious

Factors Affecting Ethical Behavior Essay

1814 words - 7 pages Work ethics and ethical behaviorTo understand what is the work ethics and what is meant by ethical behavior and what are the factors influencing the ethical behavior, we need to know the meaning of some key words.Ethics is a philosophical term derived from the Greek word "ethos" meaning character or custom and can be defined as the code of moral principles that sets standards of bad or good or wrong or right in one's conduct.Work ethics can be

Factors Affecting Financial Spending Behavior Of Senior High School Students Father Saturnino Urios University Research

4170 words - 17 pages FACTORS AFFECTING THE FINANCIAL SPENDING BEHAVIOR OF SELECTED GRADE 12 ABM STUDENTS OF FSUU PUEBLOS Chapter 1 THE PROBLEM AND REVIEW OF LITERATURE Background of the Study In today?s generation, individuals especially teenagers exhibit various behaviours with regards to spending their money. It is evident that the younger generation, particularly the students, are fond of spending money not only to satisfy their needs but also in order to acquire