what do you understand by consumer behavior

Question

Accepted Answer

Consumer behavior refers to the study of how individuals make decisions to spend their available resources on consumption-related items.

Consumer behavior involves understanding how consumers make decisions, including what products they buy, where they buy them, how often, and at what price.
It also includes studying factors that influence consumer choices, such as cultural, social, personal, and psychological factors.
Marketers use knowledge of consumer behavior to develop effective marketing strategies and tailor products to meet consumer needs and preferences.
For example, understanding that consumers are more likely to purchase a product if it is endorsed by a celebrity can help marketers create successful advertising campaigns.

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