THE INFLUENCE OF CONSUMER BEHAVIOR ON BUSINESS STRATEGIES
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ABSTRACT: THE INFLUENCE OF CONSUMER BEHAVIOR ON BUSINESS STRATEGIES
This study aims to: 1) identify key factors influencing consumer behavior; 2) assess the impact of consumer preferences on product development; and 3) analyze strategies businesses use to respond to changing consumer demands. A survey research design is chosen for its ability to collect detailed consumer insights. Using Taro Yamane’s formula, a sample size of 360 respondents, including marketing professionals and consumer behavior analysts, is determined. Lagos, known for its diverse consumer market, is selected as the location. The survey instruments achieve a reliability coefficient score of 0.88. Findings reveal that consumer behavior significantly influences business strategies, product offerings, and marketing approaches. Businesses must continuously monitor and adapt to changing consumer preferences to maintain competitiveness. The study recommends that companies invest in market research and consumer behavior analysis to develop targeted strategies that resonate with consumer needs and preferences.
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