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Entrepreneurship

Branding & Marketing Series for Restaurant Episode 15 [Video]

People think psychology and consumer behaviour has nothing to do with business but this is farther from the truth. It is important especially for a business to understand the consumer’s buying behaviour. We have already discussed how to segment target markets and create a USP for that target market. So, now we need to go one step deeper. Does our restaurant attract those types of customers and their buying decision? This question needs to be answered. If a restaurant is opened in a high-class location and targets people with higher socio-economic status, are you creating that type of environment inside the restaurant? If there is no car parking, then those target customers will not bother to come to your restaurant. In order to understand these concepts, there are several factors that influence consumer’s buying behaviour. First are situational factors such as social situation, time, reason for the purchase and mood. Second is personal factors which include personality, gender, age, stage of life, attitude and lifestyle. Moving along, there are psychological factors such as motivation, perception, learning and mental positioning. Last but not the least, there are societal factors that include culture, social class, opinion leaders and friends/families. Follow me on social media:Facebook – https://www.facebook.com/hospitalityexpert101/Instagram – https://www.instagram.com/hospitalityexpert101/YouTube – https://www.youtube.com/channel/UC4_1lKKUNWebsite – https://www.hospitalityexpert101.com/