Consumer behavior has everything to do with people’s purchase habits or buying behavior. This involves the decision making process that consumers go through and their actions when it comes to buying and using products or services. In studying consumer behavior, there’s the need to understand why consumers make the purchases that they make, what factors influence their purchases, and the changing factors in our society that ultimately have an impact on consumer behavior. Based on what you have learned from your course materials this week and any additional research that you have conducted, please explain the reasons why companies need to understand consumer behavior.

Consumer behavior has everything to do with people’s purchase habits or buying behavior. This involves the decision making process that consumers go through and their actions when it comes to buying and using products or services. In studying consumer behavior, there’s the need to understand why consumers make the purchases that they make, what factors influence their purchases, and the changing factors in our society that ultimately have an impact on consumer behavior. Based on what you have learned from your course materials this week and any additional research that you have conducted, please explain the reasons why companies need to understand consumer behavior.

 

 

Answer:

Consumer behaviour is an integral part of economics. It is the basis for what the consumers buy and why they buy it. Therefore, it is very much important for the organisations to understand consumer behaviour. There are certain trends in the demand for goods and these trends are determined through consumer behaviour.

Asked on February 14, 2018 in economics.
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