This is one of the most important attributes to look at before embarking on production of any kind.
The theory of consumer behavior is a principle that fundamentally underscores the demand for commodities by consumers.
The theory explains the illuminates the mannerism of the distribution of income among competing commodities by a consumer in a bid to maximize the satisfaction deriavable. While the theory of consumer behavior seems to be the derivation of consumers reactions to price and income, it also provides a basis on which a consumer allocates his income among competing product and services with a view to maximizing his satisfaction.
The study of consumer behavior become paramount as the understanding of the working of the consumer good market extensively hinges on it.
The study of consumer behavior also help in determine the role of individual in the consumer good market. The essentiality of this is noticeable in the fact that the total purchase of any good in the consumer good market is equal to sum of the purchase of all the individual in the market.
But be alert that in examining the theory of consumer behavior, the concept of utility, total utility, marginal utility and consumer equilibrium must be considered in order to determine the accurate production to be made in any organization
In order for the organization not to run lost.
Good information for would be entrepreneurs and marketing professionals. Useful one! Keep doing the good job!