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Discuss consumer behavior and how it applies to decision making in business and marketing.

Discuss consumer behavior and how it applies to decision making in business and marketing.

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Consumer behaviour is defined as the study of purchasing behaviour of a customer. It involves understanding the consumption through his income, age, family size, taste and preferences. So when a firm tries to understand a consumer while launching any service or good in to market it would help the firm to make decisions confidently so that it can reduce its risk and losses. So most of the firm’s does market researches though primary and secondary resources, which help to decide on price, package, utility, competition etc which would help to stay competitive and innovative.

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