What are factors that affect consumer decisions?

Factors that affect consumer decisions can be divided into internal and external factors. Internal factors include a person’s preferences, values, income, and lifestyle. Preferences refer to individual likes and dislikes. Values reflect a person’s general views on the world, while income and lifestyle refer to a person’s economic and social status. Depending on these factors, consumers will choose certain products or services that fit their needs and preferences. External factors include advertising, research, cultural influences, and government regulations. Advertising influences how consumers perceive products and services, often creating a desire to purchase them. Research provides consumers with important product information to help them make informed decisions. Cultural influences shape people’s beliefs and tastes, thereby affecting their purchasing decisions. Lastly, government regulations can have an impact on the prices, availability, and quality of products and services.