What is the importance of consumer behavior for a business firm?

Expert Answers

An illustration of the letter 'A' in a speech bubbles

Consumer behavior is important to any business firm that wishes to sell goods or services to consumers.  The study of consumer behavior tells firms many things that they need to know.  It tells them what kinds of things consumers want to buy.  It tells them why consumers want to buy...

Unlock
This Answer Now

Start your 48-hour free trial to unlock this answer and thousands more. Enjoy eNotes ad-free and cancel anytime.

Start your 48-Hour Free Trial

Consumer behavior is important to any business firm that wishes to sell goods or services to consumers.  The study of consumer behavior tells firms many things that they need to know.  It tells them what kinds of things consumers want to buy.  It tells them why consumers want to buy certain things.  It tells them when consumers are likely to buy and how often they will do so.  This is vital information for a business since the whole purpose of the business is to get consumers to buy products.  The more that you know about how consumers behave and why they behave that way, the more likely you are to be able to get them to buy from you.

Approved by eNotes Editorial Team