A Systematic Review and Analysis of Marketing Factors and Stimuli on Consumer Purchasing Behavior
DOI:
https://doi.org/10.58445/rars.131Keywords:
consumer purchasing behavior, marketing, behavioral economicsAbstract
Background—Amidst the ever-increasing economic affluence of the 21st century, consumer buying behavior is at an all time high. Consumer buying behavior explains the innate biases, preferences, and motivations that influence purchasing patterns.
Objective—This paper aims to review the literature investigating the influence of neurological and psychological factors on consumer buying behavior.
Methods—To find all relevant studies, a systematic search of PubMed was employed. Search terms included “consumer behavior,” “purchase decision,” and “neuromarketing.” Only clinical trials and randomized control trials with full-text access were used, except for the term neuromarketing, where no filters were applied.
Results— Both internal (psychological, demographic, emotional, neurological, physiological) and external (pricing, cultural, advertising, and branding) factors influence consumer purchasing behavior in positive or negative directions. Some examples of psychological factors are group conformity and color psychology, which influence consumer decisions by heightening brand appeal and brand association. Sociological and cultural factors include demographics, which discuss consumers’ preferences and needs according to age, race, gender and economic status. Economic factors stem from individual income and economic trends that influence consumers’ preferences for normal, inferior, substitute, and luxury goods. Neurological and physiological factors account for conscious and unconscious decision making. Unconscious decision making takes into account brain hemisphere activity and hormone excretion based on stress, sleep, hunger, and numerous other factors. Lastly, branding factors include all external decisions made by companies to influence the decision-making processes of consumers.
Conclusions—Overall, the majority of the literature found that neurological and physiological factors surrounding consumer purchasing patterns influence and are more susceptible to corporate influence on consumer buying behavior than external demographic, cultural, and economic factors. It is important to dissect the roots of consumer buying behavior in order to better understand consumer cognitive biases and preferences, and better allocate resources and information toward society, especially of underprivileged and minority communities.
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