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Which four groups of factors influence consumer decision-making?
ALegal, economic, technical and competitive factors
BCultural, social, individual and psychological factors
CProduct, price, promotion and distribution factors
DDemographic, benefit, volume and geographic factors
Answer & Solution
Correct answer: B. Cultural, social, individual and psychological factors
1. Buying decisions are shaped by four groups of influences.
2. Those groups are cultural, social, individual and psychological factors.
3. They act from the moment a need is recognized through to post-purchase behavior.
4. The third option lists elements of the marketing mix and the fourth lists forms of segmentation.
_Source: OpenStax Introduction to Business (CC BY 4.0), Ch 11 "Creating Products and Pricing Strategies to Meet Customers' Needs", section 11.4 Buyer Behavior_
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