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Statistics Help

**Question: **There are 6 intervening psychological variables. How are these 6 variables effect the minds of the consumer when making a purchase to buy (or not buy) a product. Edit

**Answer: **There are six psychological variables that affect the purchasing behavior of the consumers for buying any product, such as- Situational cues, loss aversion, buy now or pay much later, motivation, learning, social norms (Oster 2017).

Situational Cues: A situational cue is one of such variables that plays major role in the buying behavior of the consumers. Buyers are often forced by the situation to purchase some products, which they may not buy normally. At the same time, during financial crisis, buyers often decide to resist themselves to buy any product (Oster 2017).

Loss Aversion: The thought of loss sometime influence consumers to resist buying any product. Eventually, it affects the market demand of the brand (Wen and Patterson 2014).

Buy now or Pay much later: If consumers can understand that they need to purchase any product right now, otherwise the price of the product will increase anytime soon, it will influence them to buy the product (Oster 2017).

Motivation: If any product motivates the consumers in any manner, consumers often become interested to the buy the product. Such as- if consumers can become motivated by the promotion of any health drink and convinced about the fact that it will help them to lose their weight, it will influence them to purchase that product to get perfect body (Wen and Patterson 2014).

Learning: Consumers often become interested to purchase those products that help them to learn anything new. Being a human, consumers always wait to learn something new. Hence, any product, such as- modern sewing machines, new gaming stations that teaches new things to the consumers, they purchase those products often (Wen and Patterson 2014).

Social Norms: People are bounded by social norms, so they purchase some products that are suitable according to the social norms and customs, such as- new cloths for occasions. Moreover, people look at their friends and neighbors and inherent their habit to match them. It also influences their buying behavior, such as- use of smart phones, consumption of fashionable cloths and so on. It puts significant impact on both- buying behavior of the organization and market demand of the brand (Oster 2017).

Edit

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