[MUSIC] Let's have a look at the factors affecting buyer behavior. Marketing, if it's done correctly, leads to an understanding of all of the elements that could influence a person in the decision to purchase or not to purchase a particular product or service. Typically these might include cultural matters and these are matters which the customer values, for example, alcohol. Certain cultures value alcohol and some most certainly do not. What about subcultures, subsets of culture, social class. This has an impact on the way that people think and behave towards products. And thinking about social. What about preference groups? People with who the consumer would like to be associated with. Fashion, pop stars. There's family values. Roles and status. Customers role in society. There's also personal issues of factors here that need to be addressed. Age and life cycle, occupation, wages, specific economic circumstances, the wellbeing of the person, their lifestyle, their self-concept if you wish. Marketeers make a lot of play on the psychological aspects. Motivation, the reasoning behind any action, the perception, if you wish, of the product. This can be through learning and education, beliefs and attitudes. But in addition a second strong influence on a person's purchase decision, with regard to the product or brand choice, is that of what other people's perception is. There's a term called public luxury. Public perception, if you wish, of the product and its brand. Is this of high importance? Golf clubs, yachts, skis, the latest tech products. There's a perception of private luxury, public perception of the product brand sometimes is of higher importance than the product itself. Maybe a coffee maker, a waste disposal unit, an ice maker. It doesn't really matter, you could probably get cheaper versions of these particular products. But actually, it's the brand that matters. Public necessity. The public perception of the product is of high importance than the brand itself. A typical example here would be watches, what people perceive about a particular brand of watch. But there's also private necessity, the public perception of both the product and its brand is of no consequence, no importance whatsoever. A mattress, low quality or high quality. It's up to the individual to choose. They're not really bothered about what other people think [MUSIC]