Factors influencing economic choice

Price 

• The amount of mony paid by customers for a product/service

Price Elastic 

Price Inelastic

Market Strategies

• These strategies raise awareness and desires for the product/brand
  • Ads (on TV, online, newspapers, magazines, bilboards etc)
  • Promotions
  • Product Placement 
  • Celebrity Endorsement 

Finance 

• Consumers often don't have enough cash so they need to borrow money
• The consumers could get into a debt cycle if they're not careful (they can't keep up with repayments so they borrow more money)

Personal Factors

• Consumers differ in age, gender, lifestyle, personality, ocucpation and economic circumstances
• These differences influence their economic choices

Social and Cultural Factors

• Word of mouth and 'peer pressure' can influence a consumer's decision making 
• Fairtrade or organic products are an example of a cultural shift in consumer priorities 

Psychological Factors 

• A brand's image or reputation can influence our perception and turn wants into what feels like, needs
• Markets tyr and influence our loyalty and commitment to the brand