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.
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