Author Archives: gilbrets

Commercial Real Estate Prospecting – Get Your Great Sources of Market Intelligence Here

The more you know about the local area when it comes to investment property the better it is for you and your business in commercial real estate. Market intelligence is growing and changing each day and staying on top of the shifts and trends will give you a great source of leads for listings and sales or leasing deals.We are in a new property cycle so you have to get on top of opportunities before your competition does. Prospecting and cold calling on a daily basis is essential to the process of business generation for real estate agents and brokers. It is interesting to note that many real estate agents stop prospecting when they think they have enough business, thereby creating another low point in listings after about 90 days. If you do not want the stress of ups and downs in listings and commissions, then start prospecting and do not stop, no matter how successful or busy you think you are.

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One of the common and major problems in a real estate office that is just not performing is the existence of sales people that are just ‘order takers’. Those salespeople have no pipeline of opportunity and simply wait for a prospect to walk in the door. Those salespeople are ‘poor’ in more ways than one! A real estate office cannot nor should it carry people that are just ‘not cutting it’.So let’s look at some great sources of market intelligence that you cannot do without particularly if results and success are to be on the ‘radar for you’ this year in commercial or retail real estate.The minutes of the local planning authority at the local council are commonly available for public review. Find out how you can view them each month at they will very likely tell you about upcoming developments and zoning changes.
Other property agent’s signboards are a real reason to talk to other property owners and occupiers in the same street. This is particularly because the other property owners may be interested in competing with the other property being marketed.
Investors and businesses that purchased property about 3 or more years ago are the next ones that are most likely to consider change or purchase again soon. On average, a property will sell or the property owner will look to buy more property at about years 4 or 5. This says that you should create a contact cycle with those prospects before they get to that point of change.
Getting friendly with the local Solicitors and Accountants that handle property or property clients is a very good idea. If you create a position of trust and respect in these professional groups, significant business can come your way. The solicitors and accountants need the help of a good real estate agent and broker that they can trust will do a great job. Is that you?
The owners of businesses in your area and most particularly the larger businesses are high value people to get to know. These people are very likely the owners of other property from an investment or usage angle. Get to know them and build trust for the long term.
Walk the streets each day to talk to the people in the local businesses. Leave your business card. Ask them about what they have seen or know of property changes or activity locally. This process will also help you see more and know more about your area.

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If you build these processes into what you do with daily prospecting, then you will build a better real estate business faster. More listings will be possible and your control of your territory will be more profound.

Claims Settlement Record of Private Insurance Companies

As we know, there are 20 odd private life insurance companies in India, and there is LIC which is a public sector company. LIC is the 800 pound gorilla, managing to hold on to about 75% market share even 10 years after private companies have been allowed into the life insurance space. The private life companies position themselves on being more customer friendly, wider array of products etc while LIC holds on to its positioning of trust, experience and government backing. One of the key parameters on which to judge a life insurance company is their claims payment record. At the same time, we must note that given that life has become more of a savings and investment product, the returns that they provide are possibly more important than claims payout ratios. Neverheless, claims record is definitely not a variable to be ignored. A table illustrating the claims rejection percentages of the top life insurance companies in 2009-10 is presented below:

Life Companies: Claims rejection ratio (%)

LIC: 1.21%

Aviva: 9.75%

Bajaj Allianz: 5.2%

Birla SunLife: 10.62%

HDFC Life: 4.67%

ICICI Prudential: 3.27%

ING Vysya: 4.26%

Kotak Mahindra: 4.29%

Max New York Life: 12.31%

MetLife: 5.94%

Reliance Life: 7.05%

SBI Life: 14.75%

Tata AIG: 12.3%

An important observation from the above table is that the claims rejection ratio of LIC is the lowest, so implying that their record is the best as far as claims payment is concerned. At the same time, the very high percentage of claims rejection of SBI Life and Max New York Life is clearly coming in as a surprise.

It must however be noted once again that in Unit Linked products that life organizations promote aggressively (or at least was promoting till Sep 2010), the returns earned on the fund is possibly a more important variable than the claims payment (or rejection) ratio. However, for non life companies, which offer pure protection / insurance products with no savings or investment component, claims payment is the critical variable along with the speed of processing of claims.

Let us now look at the claimed claims ratios of the non-life companies:

Non-Life Insurance Company: Incurred claims ratio

New India Assurance: 89%

Oriental Insurance: 99.69%

United India Insurance: 78.62%

National Insurance: 99.16%

Royal Sundaram: 68.95%

Reliance General Insurance: 77.3%

Iffco Tokio Insurance: 83.44%

Tata AIG: 60.54%

ICICI Lombard: 85.35%

Bajaj Allianz: 71.9%

HDFC Ergo: 80.73%

Bharti Axa: 104 %%

One data point that stands out from above is that Tata AIG General Insurance seems to be sourced the best quality business from the underwriting point of view, whereas the claims payment ratio of Bharti Axa seems to be quite high. Alo, the claims payment ratio of the public insurers, at an overall level, is higher than that of the private non life insurers.

Marketing Research & Elements of Marketing Research

Marketing research "The systematic gathering, recording and analyzing data about problems relating to the marketing of goods and services".

Market research on the other hand, is only a part of marketing research that covers a few of aspects of marketing. It is only the sub function of marketing research 'some companies use "market research" for describing research into markets the size geographic distribution imports, and so on. However it fails to cover the idea of ​​research into the effects of marketing efforts on markets, for which the term marketing research is the accurate. Elements of marketing research.

1. Market Research. It covers the aspects relating to size and nature of the market including export markets dividing the consumers in terms, of their age, sex, income (market segmentation), economic aspects of marketing etc.

2. Sales Research. This refers to the problem regional variations in sales fixing sales territories, measurement of the effectiveness of salesman, evaluation of sales methods and incentives, etc.

3. Product Research. This refers to the analysis of strengths and or weaknesses of existing product testing problems relating to diversification, simplification, trading up and trading down (all product line decisions), etc.

4. Packaging Research. In essence, it is a part of product research. But the recent development in packaging and its contribution in the advertising made it to occupy an independent position. This necessitates a separate study concerning the aspects of package to know its impact and response in the market.

5. Advertising Research. It undertakes a study relating to the preparation of advertisement copy (copy research), media to be used (media research) and measurement of advertising effectiveness.

6. Business Economic Research. Problems relating to input output analysis, forecasting, price and profit analysis, and preparation of break-even charts are the main fields of the research.

7. Export Marketing Research. This research is intended to study the export potentials of the product. In such cases any or all kinds of research mentioned above become necessary.

Know Everything About Drones

At times, you might have encountered a bouncing Unmanned Aerial Vehicle hovering in the aerospace moving to and fro, left and ride and what not! The researchers may still identify the device but the people totally unaware might have an extremely agile pulse accelerating curio as to what the gadget is and how it it work. Let us introduce you to Drones!

What is a Drone?

An Unmanned Aerial Vehicle also called as a drone is a battery-powered gadget which is designed to fly through a remote controller. The device can hover; Flight high and far as per the limits of the range. Also a drone is capable of clicking pictures, generating mesmerizing aerial videos and a lot more!

Military personnel named them as UAV (Unmanned Aerial Vehicle) or RPAS (subsets of Unmanned Aircraft Systems) ie Remotely Piloted Aerial Systems. Although they are primarily used in military services, still the emergence of drones for recreational and commercial purposes is a landmark. They have successfully presented them as a utility device which may be used for a variety of agendas.

Drone-producing companies have Parrot, DJI and similar ones at the top who are all committed to manufacture these robotic toys reflecting in a wide variety of pricing categories. The prices may differ from a few dollars to thousands of dollars as per your choice. However it is advised to be a pro on a budgeted one before investing grand bucks.

Drone History

The echoation of drones began in early 1900s and was originally planned to be restricted to military usage and none others. Later, an agency named CIA initiated the use in 2002 during a military operation held somewhere in Afghanistan.

Neverheless the circulars somehow widened with time and the acceptance stretched to commercial and even recreational concepts.

The 4-rotor design to these quad copters enhances its reliability. As of 2012, USAF has put to use a number of 7494 UAVs. Also 50 countries in the world are reported to be active drone users. The commercial usage of the drones marks USA as the leading enthusiast. There have also been certain development measures and countermeasures incorporated by FAA for the use of drones in commercial aspects.

The progressive decline of manufacturing cost of the drones has allowed the manufacturers to lower the prices and make it quite affordable for the users.

Hereforth, drones have also fascinated media and news houses to use them for optimum purposes.

Conclusion

UAVs are the all new trend-setters that tend to administrator the techno-era by eliminating complexities. Despite the regulations as prescribed by FAA, the statistics of the drone using hobbyists have agreeably increased. In fact, the hobbyists, commercial users have popularized it to the extent where all age groups are into the deed of buying one, nurturing their passion of aerial photography and enjoying the pleasant experience of flying drones.

Eleven Key Attributes of a Good Property Manager

Property Management is a career profession. The industry allows for employment growth, continuous learning experiences, and the opportunity to work with diverse people and income groups. The Property Manager can work either directly for an owner of real estate properties, or for a property management company, contracted by an owner or legal entity to care for the real estate over a specific period of time.

The Property manager has a fiduciary relationship with the management company and property owner. A fiduciary relationship is one that is based on a mutual trust and complete confidence in one another.

The Property Manager is provided an owner's real estate portfolio to manage to its "highest and best use" in exchange for an employment contract or salary. Real estate assignments for the property manager includes apartment buildings, condominiums, hotels, storage facilities, shopping centers, office buildings, government subsidized properties, rooming houses, abandoned buildings and plots of vacant land, to name a few.

I have managed almost all of the above types of properties for over twenty years. I have managed public and private housing, for non-profit organizations, for the federal government, and for private developers and real estate investors. I also owned my own property management company for eight years. I now teach, speak, and write about property management standards and techniques. Here are some crucial skills, which I know from first hand experience, must be accepted as required attributes and learned skills in order to be a good property manager.

1. Must Know and Stay Current on Local Ordinals and State Laws

Managers are required to perform their work according to the laws of the land. The government (city, state, and federal) dictates how real estate is to be managed, from requiring a real estate license (depending on the state), to the use of the real estate (such as rent control laws). From proper trash removal to how and where we must keep security deposits, the manager has to keep abreast of the many legal requirements of managing real estate. If a mistake is made or a task is forgotten, it could cost the owner his or her property, and / or a management company's reputation, loss of the account, or even the loss of real estate licenses.

2. Must Be Highly Ethical and Honest

Property Managers work on the Honor Code when they handle other people's money. By collecting rent, security deposits, laundry machine money et al, the property manager holds a fiduciary relationship with the property owner and / or management company. The owner entrusts the property with thousands of dollars each month, plus the value of the real estate itself. The manager is hired to perform at his or her highest level of integrity. On a daily basis, the property manager's good judgment and sense of what is right and wrong is called into play.

3. Must be Detail Oriented and Organized

Managers collect the rent daily, and must ensure that each rent is paid and posted to the tenants' account as received. Financial records detailing each and every rent transaction are kept, either by rent cards, or on the computer. Lease expirations and renewals, rent increase letters, and rent invoices must be processed on time. Lines for court appearances must be kept, and clients must receive their written monthly report of operations. A skilled property manager is able to multi-task, keep site files organized, and prioritize repairs and assignments.

4. Must Have Good Communication Skills

Managers must be able to communicate with people from all walks of life, cultures, ethnicities, and personalities. Managers must be able to articulate their cases in front of judges, talk to the owner, negotiate with vendors as well as speak appropriately with tenants, who are often frustrated, upset, or angry. A good manager must be able to stay calm, and communicate in a professional manner. Familiarity speaking in other languages ​​is always a plus.

5. Must have Good Computer Skills

Computer competency is a technical skill, like driving, typing, etc. The use of email, mail merge, and faxing through the computer is at the heart of property management today. This is especially true if the property is on one part of the city or state, and the home office is a distance away from the site. If a manager does not have a solid command of the computer and its basic programs, such as Microsoft Word and the spreadsheet Excel, you may be hard pressed to find an administrative position in this field.

6. Should Like Working with the Public

If everyone paid the rent on time by the fifth day of each month, the manager would not have rent collection work to do. If a property never had problems, such as toilet overflows, lost keys, or defective smoke detectors, a property manager would have little to do. Therefore, it is important that a manager enjoy dealing with people with problems. A manager should at least like helping tenants with dignity, and in a responsible manager. If you do not like being interrupted several times a day with a dilemma to resolve, this type of job may not be for you.

7. Must Be Patient and Have a Sense of Humor

There is some pressure involved working with the public. There are days when nothing seems to go right, and if you happen to have a headache that day, it could be a long 9 to 5. A calm personality or a good sense of humor will take you a long way in property management. If you tend to be high-strung, anxious, or become angry or impatient while working with tight deadlines or with people with problems, you may want to re-consider taking on this profession.

8. Must Like to Read and Conduct Research

There are many types of leases, agreements, forms, and other legal documents that must be signed between tenants, the manager, government agencies, the site attorney, and / or the owner. Real estate and governmental regulations change; The manager must be willing to read up on them and stay current. Documentation must be read and checked before submitted to tenants, agencies, the owner, etc. If you do not like to read in order to keep up with the latest trends, legal and industry changes and terminology used, you will not be able to properly do your job.

9. Must Have a Strong Sense of Duty and Commitment

Ensuring that the tenants under your control are treated with respect, have heat and hot water, are not subjected to or committing illegal activities or disruptive behavior of their neighbors, are some of the managers' duties. Tenants depend on the manager's sense of obligation to the property and the families or professionals who live in it. The manager may not always have the funds to do everything all the time, but what can and should be done, such as keeping the building clean, and having a sense of urgency to get work completed in a timely manner.

10. Should be Flexible-Minded

Property Management is a fluid profession, in that it follows economic, governmental, industry, and societal changes that affects how a property is managed. Managers who still like the "good old days" of mistreating tenants and making rental applicants jump through unnecessary hoops to get an apartment (or the opposite, by not checking anything), will find him or herself out of touch, and maybe out of a Job. The ability to accept changes of law, obey fair housing laws, have a positive, or at least a neutral, attitude about people who are different, and above all, to be open-minded, is a key element of a successful manager.

11. Must Be an Excellent Follow-Up Person

A manager can never assume that a repair or rent payment plan will happen on its own. Our mantra is: "Follow Up, Follow Up, Follow Up!" This is one of the most critical skills of a good property manager. The ability to multi-task, keeping multiple balls in the air without dropping any of them is challenging, and difficult at times. The ability to successfully multi-task is often rewarded both financially and in promotion decisions.

What To Do With An Economics Degree

Economics deals with the production and distribution of wealth, goods, and other services. Many students who obtain a degree in economics find jobs as economist, while others pursue similar careers in other relevant fields in business, academia, private sectors, and government. Students who wish to pursue a degree in economics will study topics such as forecasting, macroeconomics, global and emerging markets, economic development, microeconomics, economic reporting and analysis, managerial economics, and calculus.

While at their college or university, students should explore different concentrations that align with their desired career. Those who hold economics degrees can work in businesses such as banks, petroleum companies, universities, credit card companies, medical associations, and many others. Some specific jobs include economist, financial advisor, accountant, financial analyst, stock broker, personal banker, investment advisor, and actuaries. Individuals will most likely be working with finances, so both liking and understanding simple and complex math foundations is a plus.

If individuals are interested in the business sector, they will be finding jobs in transportation, health, labor, industry, and private firms. Employees in these fields typically have advanced statistics, writing, verbal communication, and computer skills. For those who are learning more towards government, the most likely departments in which to be employed include finance, business, labor, agriculture, international trade, transport, and urban economics. In order to submit an effective resume to these departments, students should try to involve themselves in student government, find an internship in a government agency, and consider graduate school to be eligible for a wider variety of careers.

Many individuals who hold an economics degree go into the economic and market research field. These typically include business firms, consulting firms, consumer goods manufacturing firms, and market research firms. An accompanying business minor is also a great support when finding a job in this field. Students should also try to involve themselves in the campus newspaper, work for a political campaign, and take a business research practicum.

Another available field is in banking and finance. Graduates may work at regional and commercial banks, or Savings & Loan associations doing work such as trusts, operations, systems, and credit lending. In order to be successful in this career, students should have advanced computer and analytical skills, and have some experience as a cashier, teller, or have worked as a financial officer or treasurer.

The majority of people who pursue this degree are interested in becoming economists. These professionals will analyze and conduct research on how resources are distributed and used in order to produce services and goods. Most individuals will have specialized knowledge in a certain concentration in this field, such as industrial economics, organizational economics, and microeconomics.

Modern Gadgets And Their Benefits

The gadget is a device that is able to perform one or several functions. Gadgets often have funky designs but have useful functions as well. It is also being referred as gizmos. The history of gadgets can be traced back to the early 1800s. There is a wide variety of gadget including GPS system, USB toys, smartphone and etc. The first appearance of the term "gadget" occurs in 1985. Amiga OS uses the term to describe the GUI widget in a graphical user interface.

1. Benefits of Modern Gadgets

Gadgets offer many benefits to the users. It usually has a small size so you can bring it with you to any place. Spy gadgets incorporated a recording player and video camera. For example, a spy pen gadget can have a camera. It functions just like a pen and can be used to write words. No one will know if the camera is recording scane because it is hidden within the pen. There are also gadgets that design to aid people with physical impairment. For example, the electronic eyes gadget allows the blind person to cross the road.

2. Where to Shop for Modern Gadgets

You can shop for technology gadgets at the local store or online store. The online store usually offers more variety of technology gadgets compare to the local store. The technology gadget can be as cheap as $ 1 depending on the type of function it offers. If you buy the technology gadget online, you can save money by using coupons.

3. Doing Research by Reading Technology Reviews on Technology News Site

Before buying gadget online, you have to do some research by reading the technology reviews. The technology reviews are available in the technology news site. The technology news site offers reviews on the latest gadgets.

4. How to Shop Online for Modern Gadget

To shop online, you simply enter the type of gadget in the search engine. For example, if you want to buy a spy gadget, you should enter the keyword "spy gadget" into the search engine. After you have submitted the query, you will see a list of gadget stores that sell spy gadgets. Each store offers a different selection of the gadgets. You should browse every gadget store so that you know what your choices are.

5. Using Shopping Search Engine

To make online shopping more convenient, you can use the shopping search engine. The shopping search engine such as Google Products will list all kinds of gadgets and the prices. You will be able to compare the prices of the different gadget stores. You should use shopping search engine that is based in your location. For example, if you are from the United Kingdom, you should use UK shopping search engine. In this way, you will be able to buy the gadget from a local online store and save money on the shipping charges.

An Overview of Modern Technology

Present-day technology has changed development in a lot of ways. People have often been on a way of movement, yet on account of technology. Some of the technology progresses has turned into a necessity of life because of their significance and our dependence on them.

Correspondence

One of the regions where present-day technology is most essential is in the domain of correspondence. Long back, speaking with people outside your prompt area was a troublesome procedure, requiring correspondence by physical letter and a much measure of tolerance. The Internet has made long separations practically straightforward, permitting clients to relate with people on the opposite side of the planet in a moment. Technology has additionally expanded our availability, with mobile phones and different gadgets.

Training

Another territory where PCs and the Internet have turned out to be critical is in training. PCs can store a lot of information in a little space; Diminishing whole give up work of refer to books down to a voluntary CD of information. The Internet likewise serves as an essential asset for learning, connecting educational locales together and permitting the inquisitive to scan for any subject possible. A solitary PC could store many instructional diversions, sound, and visual lessons and also give access to an abundance of learning for understudy. In the classroom, virtual whiteboards can supplant boards, permitting instructors to give intuitive substance to understudy and play instructive movies without the need to set up a projector.

Wellbeing

Technology has likewise affected the human services industry. Advances in symptomatic instruments permit specialists to distinguish sicknesses and conditions early, expanding the odds of an effective treatment and sparing lives. Progressions in medicines and antibodies have likewise demonstrated very powerful, about killing infections like measles, diphtheria, and smallpox that once thought about huge plagues. Cutting edge pharmaceutical likewise permits patients to oversee constant conditions that were once incapacitating and life-underlining, such as, diabetes and hypertension. Innovative advances in solution have likewise developed life expectations and improvement personal satisfaction for people around the world.

Profitability

Technology has likewise expanded efficiency. The capacity of PCs to settle complex numerical conditions permits them to accelerate any undertaking requiring estimation or different figuring. PC displaying of physical impacts can spare time and cash in any assembling circumstance, giving specialists the capacity to renovate structures, vehicles or materials to give essential information on execution before prototyping. Indeed, even in the workplace environment, the capacity of organized PCs to share and control information can speed a wide assortment of errands, permitting representatives to unite proficiently for most extreme efficiency.

Thus, the role of technology is essential for all of us.

Convert Excel to VCF Format Using a Manual Trick

Microsoft Excel is known as the most popular information management tool in the world. It is developed by Microsoft Corporation. It provides users a smart grid interface to organize and manage a large amount of data and information with ease. Excel stores all your data in a document, which is called a workbook.

Many professionals use MS Excel spreadsheets for keeping a record of their highly critical and confidential data in a tabular form. In times past, people used Excel workbook to store their contact information. The idea of ​​saving contacts in Excel files was quite reliable as all the data and information were stored in an organized way. Due to a change in the way of communication, people have become more serious for their contact information. As storing contacts in Excel files has become an old trend, the vCard is now becoming a popular file format among computer users.

The vCard file format is commonly used for storing contacts and transferring business card data. It is highly popular among computer users, and it is widely supported by many devices, programs and platforms. For a flexible communication, wider contacts accessibility is really very important. This is the reason why users need to convert their Excel files' contacts into vCard format.

There is an easy and simple manual trick that can import all the contacts from Excel files into vCard files. The trick requires no third-party tool during the manual operation. Just follow the steps given below:

Perform Excel to CSV Conversion

  • Open the Excel (XLS or XLSX) file on your system.
  • Click on Office button> Save A s> O ther Formats. You may also press F12 for instant action.
  • Define a location for saving this new file. Also, give a name to it. Now click on the drop down arrow just near Save as t ype option.
  • Select CSV (Comma delimited) (* .csv) and click on Save button.
  • Click OK to save only the active sheet.
  • Click Yes to keep the workbook in CSV format.

The selected Excel file has been successfully converted into CSV format at the defined location.

Import Contacts from CSV File

  • Click Start on the taskbar> type Contacts on search box. Results will be displayed. Click Contact under programs list.
  • The Contacts window will be launched. Click on Import tab.
  • The Import to Windows Contacts window will pop up. You need to select CSV (Comma Separated Values) and then click Import button.
  • Click Browse button to locate the FileName.csv file.
  • Browse the location of the file and select it. Confirm your selection by clicking Open.
  • Your FileName.csv file will be listed in the edit box. To continue the process, click Next.
  • In this step, you need to map the fields which you want to import, ie Text field as well as Contacts field.
  • Once the mapping is done, click Finish button.

All the contacts from the CSV file have been imported successfully to your system.

Export Contacts to VCF File

  • In the Contacts window, select all the contacts which you want to export to vCard.
  • Now click Export tab on the top.
  • The Exports Windows Contacts window will pop up. You need to select vCards (folder of.vcf files) and click Export button.
  • You need to define a location at which you want to save the vCard files. You can save the vCard files into a new folder at any location. Once the location has been defined, click on OK.
  • In a split of a second, the contacts will be successfully exported to vCard format.

The above manual trick is considered an easy, safe and effective way to import the contacts from Excel files to vCard format. But sometimes, it becomes a time-consuming task if you have numerous contacts in your Excel files. You can try an advanced converter tool that can quickly convert your Excel files' contacts into the vCard format with ease.

Factors Affecting Consumer Behavior

Consumer behavior refers to the selection, purchase and consumption of goods and services for the satisfaction of their needs. There are different processes involved in the consumer behavior. Initially the consumer tries to find what commodities he would like to consume, then he selects only those commodities that promise greater utility. After selecting the commodities, the consumer makes an estimate of the available money which he can spend. Lastly, the consumer analyzes the prevailing prices of commodities and takes the decision about the commodities he should consume. Meanwhile, there are various other factors influencing the purchases of consumer such as social, cultural, personal and psychological. The explanation of these factors is given below.

1. Cultural Factors

Consumer behavior is deeply influenced by cultural factors such as: buyer culture, subculture, and social class.

• Culture

Basically, culture is the part of every society and is the important cause of person wants and behavior. The influence of culture on buying behavior varies from country to country therefore marketers have to be very careful in analyzing the culture of different groups, regions or even countries.

• Subculture

Each culture contains different subcultures such as religions, nationalities, geographic regions, racial groups etc. Marketers can use these groups by segmenting the market into various small portions. For example marketers can design products according to the needs of a particular geographic group.

• Social Class

Every society possesses some form of social class which is important to the marketers because the buying behavior of people in a given social class is similar. In this way marketing activities could have been tailored according to different social classes. Here we should note that social class is not only determined by income but there are various other factors as well such as: wealth, education, occupation etc.

2. Social Factors

Social factors also impact the buying behavior of consumers. The important social factors are: reference groups, family, role and status.

• Reference Groups

Reference groups have potential in forming a person attitude or behavior. The impact of reference groups variates across products and brands. For example if the product is visible such as dress, shoes, car etc then the influence of reference groups will be high. Reference groups also include opinion leader (a person who influences other because of his special skill, knowledge or other characteristics).

• Family

Buyer behavior is strongly influenced by the member of a family. Therefore marketers are trying to find the roles and influence of the husband, wife and children. If the buying decision of a particular product is influenced by wife then the marketers will try to target the women in their advertisement. Here we should note that buying roles change with change in consumer lifestyles.

• Roles and Status

Each person possesses different roles and status in the society depending upon the groups, clubs, family, organization etc. To which he belongs. For example a woman is working in an organization as finance manager. Now she is playing two roles, one of finance manager and other of mother. Therefore her buying decisions will be influenced by her role and status.

3. Personal Factors

Personal factors can also affect the consumer behavior. Some of the important personal factors that influence the buying behavior are: lifestyle, economic situation, occupation, age, personality and self concept.

• Age

Age and life-cycle have potential impact on the consumer buying behavior. It is obvious that the consumers change the purchase of goods and services with the passage of time. Family life-cycle consists of different stages such young singles, married couples, unmarried couples etc which help marketers to develop appropriate products for each stage.

Occupation

The occupation of a person has a significant impact on his buying behavior. For example a marketing manager of an organization will try to purchase business suits, whereas a low level worker in the same organization will purchase rugged work clothes.

• Economic Situation

Consumer economic situation has great influence on its buying behavior. If the income and savings of a customer is high then he will purchase more expensive products. On the other hand, a person with low income and savings will purchase inexpensive products.

• Lifestyle

Lifestyle of customers is another import factor affecting the consumer buying behavior. Lifestyle refers to the way a person lives in a society and is expressed by the things in his / her surroundings. It is determined by customer interests, opinions, activities etc and shapes its whole pattern of acting and interacting in the world.

• Personality

Personality changes from person to person, time to time and place to place. Therefore it can greatly influence the buying behavior of customers. Actually, Personality is not what one wears; Rather it is the totality of behavior of a man in different circumstances. It has different characteristics such as: dominance, aggressiveness, self-confidence etc which can be useful to determine the consumer behavior for particular product or service.

4. Psychological Factors

There are four important psychological factors affecting the consumer buying behavior. These are: perception, motivation, learning, beliefs and attitudes.

Motivation

The level of motivation also affects the buying behavior of customers. Every person has different needs such as physiological needs, biological needs, social needs etc. The nature of the needs is that, some of them are most pressing while others are least pressing. Therefore a need becomes a motivational when it is more pressing to direct the person to seek satisfaction.

• Perception

Selecting, organizing and interpreting information in a way to produce a meaningful experience of the world is called perception. There are three different perceptual processes which are selective attention, selective distortion and selective retention. In case of selective attention, marketers try to attract the customer attention. Whereas, in case of selective distortion, customers try to interpret the information in a way that will support what the customers already believe. Similarly, in case of selective retention, marketers try to retain information that supports their beliefs.

Beliefs and Attitudes

Customer possesses specific belief and attitude towards various products. Since such beliefs and attitudes make up brand image and affect consumer buying behavior therefore marketers are interested in them. Marketers can change the beliefs and attitudes of customers by launching special campaigns in this regard.