For doing any business, a thorough research is a must for developing 'products' and 'services' as well as for developing 'acceptability' of the products and services among the customers/consumers....
Consumers or customers are the 'central' characters of any business activities....
Hence study of consumer psychology is of utmost importance for any business....
Consumers behaviors are founded on parameters such as...
- social status...
- economic conditions...
- cultural identity...
- educational background...
- general knowledge and awareness....
- general aspirations...
- peer groups...
- purchasing capacities...
- attitudes toward improvement in standard of living....
- ambitions...
We can develop a good business, if we understand consumer behavior(psychology) in general and market segment in which the quality and quantity of the well-researched 'product' could be popular....
Popularity of a product depends on 4P's(Product, Price, Place & Promotion)....
Comments
Post a Comment