Question

Discuss the 3 steps involved in the study of consumer behaviour giving relevant examples to each?

Answer 1

There are three steps involved in consumer behaviour these are described below first one is

Consumer preference-In this consumer decide what to preferred over other in the Limited choice available

2.Budget constant -every person has its own budget limit and based on that company decides their consumer behaviour preferred choices.

3rd step is When We combine consumer preference and budget constant then we will get third step that is consumer's choice so based on these steps any organisation or a company decides consumer behaviour

for example iPhone studies deeply consumer behaviour ,budget constriant of their customer base and design product accordingly with having all three steps back in the mind.