Consumer Behavior

Consumer Behavior Consumer behavior holds significant importance in the business. What consumers will buy? when will they buy? how will they buy? how much they are willing to pay? and what attributes they look in a product or service while purchasing a product? It is certainly difficult to predict what exactly the customers need in a product but also, this prediction helps the company generate great profit. The complexity and uncertainty of consumer behavior also makes the companies get affected negatively when the prediction about the consumer behavior is wrong. Some managers go with their intuition when predicting consumer behavior. On the other hand, some managers perform prediction analysis which involves many people and decisions.