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Consumer Behavior
The acts of individuals directly involved in obtaining and using economic goods and services, including the decision processes that precede and determine these acts.
Implications
The study of how individuals make decisions to spend their resources on consumption-related items, including the processes they use to select, purchase, use, and dispose of goods and services.
Example
Example: A fashion retailer analyzes consumer behavior to understand why customers prefer online shopping over visiting physical stores, leading to enhanced e-commerce strategies.
Related Terms
Different from market research, which often focuses on broader trends, consumer behavior specifically examines the decision-making processes and actions of individual consumers.
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