Both Internal and External Forces Influence Consumers in the Decision

question 25

Essay

Both internal and external forces influence consumers in the decision making process.Explain the internal psychological and personal characteristics that affect consumer choices.

---

Definitions:

Dynamic Pricing Policy

A pricing strategy where the prices of goods or services are adjusted in real-time based on demand, competition, and other market factors.

Competitive Factors

Elements that influence a company's ability to compete in the market, including product quality, price, marketing strategies, and customer service.

Demand Changes

Alterations in consumer desire or need for products and services, influenced by factors like price, trends, and economic conditions.

Price War

A competitive strategy involving retailers or companies reducing their product prices to gain more customers and market share from competitors.