Making a major purchase - Essay Example

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There are several factors that affect the consumer behavior in decisions relating to a measure purchase. Most of these factors are economic in nature because it is the major field of research when it comes to buying or selling and involves the market mechanism…
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Making a major purchase
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"Making a major purchase"

There are several factors that affect the consumer behavior in decisions relating to a measure purchase. Most of these factors are economic in nature because it is the major field of research when it comes to buying or selling and involves the market mechanism. Apart from many economic factors, one can say that non-economic forces also exist in the person’s decision of making a purchase. These factors in combination with economic factors tend to have an impact on consumers when a decision relating to a measure purchase is made. The demand for a good or services, in this case a house, comes from the consumers’ willingness and ability to make a purchase. In case there is no willingness and ability there will be no demand for a major purchase and chances are that the purchase will not be made. So, one can say that the demand and willingness to make a purchase are the key factors when it comes to making a purchase. Willingness of a consumer comes from the need for a good or services. Hence, willingness stems from various other factors which are social, behavioral, cognitive and affective in nature. Social factors might be that an individual is planning to get married and wants to start a new life, and so he needs a new house. Behavioral factor would be that the advertising of the houses has pressed consumers that he needs a home, and now he is looking for one. Cognitive factor would be that an individual thinks that he needs a house and thinks it as a necessary part of his life. Hence, he would go for active searching of a house. Read More
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