Understanding consumer behavior, or customer behavior, is fundamental to business success. Without knowledge of what customers value and why, how customers perceive competitive alternatives, where customers want to buy their products and services, how customers want to pay, and what information will influence customers to purchase, the marketing manager and the business he or she represents is going to market without the vision required for market success. Sometimes, blind luck can lead to success, but more often an absence of knowledge about customers is a recipe for failure, or at minimum, sub-optimal performance. Failure is an especially likely outcome when a firm’s competitors have an understanding of customers that the firm does ...
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