Factors That Influence Consumers Purchasing Decision Essay

Factors That Influence Consumers Purchasing Decision - Essay Example The researcher states that a mind map has been developed in order to explain the various factors that are observed to largely influence the buying procedure of iPhone 5S. A group debate has also been conducted in order to analyze the aforesaid subject matter, i.e. the patterns of consumer behavior in the iPhone 5S market context. In relation to the findings obtained, it can be apparently observed that psychological, personal, social and situational factors impose strong influences on consumers’ purchasing decisions. Furthermore, the group debate revealed various internal along with external factors that play a distinctive role to determine the selection and purchase procedures of products and/or services as followed by consumers in the modern-day markets. Consumer behavior is described as the study of the activities that commonly involve searching, evaluating and purchasing of specific products or services followed by the customers in satisfying their respective requirements. This concept mainly concentrates on how people make decisions concerning the utilization of money, time and effort on consuming products and/or services. In other words, it can be affirmed that consumer buying behavior can be described as the activities with respect to acquisition, utilization, and disposition of products, services, thoughts, and experiences. In the field of marketing management, consumer behavior explains the reasons and logic that trigger purchasing decision and consumption pattern of the buyers. It elucidates the procedure by which, consumers make purchasing decisions. This definition clearly exhibits the idea that consumer behavior is a decision-making procedure, which begins in the mind of the customers and leads towards a set if short-listed substitute products or services that can be purchased or availed to suffice their requirements. Subsequently, understanding consumer behavior is important because it assists organizations to develop strategies and ensure s uccessful attainment of their marketing goals.