One of the most challenging concepts in marketing, is the understanding of why financial service customers do what they

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One of the most challenging concepts in marketing, is the
understanding of why financial service customers do what they do or
don’t do. But such knowledge is critical for marketers since having
a strong understanding of buyer behavior will help shed light on
what is important to the customer and also suggest the important
influences on customer decision-making. Using this information,
marketers can create marketing programs that they believe will be
of interest to customers. As you might guess, factors affecting how
customers make decisions are extremely complex. Buyer behavior is
deeply rooted in psychology with dashes of sociology thrown in just
to make things more interesting. Since every person in the
world is different, it is impossible to have simple rules that
explain how buying decisions are made. But those who have spent
many years analyzing customer activity have presented us with
useful “guidelines” in how someone decides whether or not to make a
purchase a financial service. So understanding consumer purchase
behavior involves not only understanding how decisions are made but
also understanding the dynamics that influence purchases. There are
many factors that can affect this process as a person works through
the purchase decision. The number of potential influences on
financial consumer behavior is limitless, discuss extensively four
of these key influences.