consumer-behavior

Vocabulary Word

Definition

'Consumer-behavior' is a field of study focusing on how individuals, groups, and organizations choose, use, and dispose of goods, services, or experiences. It helps understand what influences a customer's buying decisions.

Examples in Different Contexts

In business strategy, 'consumer behavior' refers to the study of how individual customers, groups, or organizations select, buy, use, and dispose products and services. A business strategist might note, 'Understanding consumer behavior helps us tailor our products and marketing strategies to meet the needs of our target audience.'

Practice Scenarios

Marketing

Scenario:

Our recent campaign did not resonate with our target audience. We need to revise our approach for better resonance.

Response:

I agree, by analyzing consumer behavior we can craft a better marketing strategy that resonates with our audience.

Innovation

Scenario:

Our customer complaints seem to hint at a demand for faster service. This could be a great opportunity for innovation.

Response:

Absolutely. We should use this consumer behavior insight to drive the innovation process and deliver a faster service solution.