What, in terms of marketing, is the importance of consumer behavior for a business firm?

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If a firm wants to sell its products (and of course they do), understanding the behavior of their potential consumers is absolutely vital.  The company must understand the behavior of the consumers so as to know how to market their product.

Consumer behavior refers to the ways in which consumers...

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If a firm wants to sell its products (and of course they do), understanding the behavior of their potential consumers is absolutely vital.  The company must understand the behavior of the consumers so as to know how to market their product.

Consumer behavior refers to the ways in which consumers decide what they will or will not buy.  Companies need to know this because knowing how customers decide allows companies to market their products in ways that will appeal to consumers.  For example, if you find out that customers decide what to buy in a store based on what they see first, you would want to market your product by placing it in a display that would be seen when customers enter the store or when they enter a certain department of the store.

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