TOZZIBLINKZ
VIP Contributor
Consumer behaviour is considered to be the backbone for which a particular release products in the local market can be patronized by members of the public. However if goods and services produced and available in the local market does not suit the taste and preference of individuals surrounding the business environment, there will be no profit made. Below are some of the importance that it brings to a business owner to understand his or her consumers behaviour:
* Design product to suit their taste: understanding the behaviour and attitude of your consumers simply means knowing what they like and dislike, as a result of this you would be able to produce, distribute, assemble, and make available goods and services that they are more likely to purchase. In a product manufacturing company, understanding the behaviour and attitude of consumers is important so as to design products fitting to their taste and preference.
* To know the effects of price on buyers: secondly understanding the behaviour and attitude of your customers and consumers, helps you to know how to price your business products. If more customer patronizing a particular product it doesn't only mean that the product is effective, but also mean that the product is cheap to purchase. However for you to place the right price on the goods and services, you must understand your consumers behaviour as well as reaction to cheap or expensive products.
* To carry out further research: understanding you consumer's behaviour helps business managers and owners, to estimate for the research in the business organisation, as to what product or services to provide or render next, as well as what price should be imposed on newly distributed or produce goods and services.
* Design product to suit their taste: understanding the behaviour and attitude of your consumers simply means knowing what they like and dislike, as a result of this you would be able to produce, distribute, assemble, and make available goods and services that they are more likely to purchase. In a product manufacturing company, understanding the behaviour and attitude of consumers is important so as to design products fitting to their taste and preference.
* To know the effects of price on buyers: secondly understanding the behaviour and attitude of your customers and consumers, helps you to know how to price your business products. If more customer patronizing a particular product it doesn't only mean that the product is effective, but also mean that the product is cheap to purchase. However for you to place the right price on the goods and services, you must understand your consumers behaviour as well as reaction to cheap or expensive products.
* To carry out further research: understanding you consumer's behaviour helps business managers and owners, to estimate for the research in the business organisation, as to what product or services to provide or render next, as well as what price should be imposed on newly distributed or produce goods and services.