Why predict customer’s behavior? Whether the business is big or small like the one described in the adage website (J.C. Penney Company), predicting customer’s behavior is a paramount activity in any business. It helps in predicting customer’s preferences present and future. Therefore, with the data they have gathered, the business will brand their product according to customer’s preferences.
Impact of not understanding the concept Analyzing products using field data may lead to serious downfall in a business if the concept is not well understood. The reason is that most of the respondents, and recent customer trends may be flawed therefore, misleading the company.
Impact of failing to predict customers’ behavior …show more content…
An example is J.C. Penney’s efforts. The company made efforts to predict the consumer’s behavior during World Cup campaign. They ended up ripping success in their products; therefore, the opposite can also happen in any business which fails to strategize. In this regard, the three factors that predict consumer behavior assures that the market trend is indeed predictable. A prime example is presented by J.C Penny Company that is researching about the culture, social and personal factors that affect the preferences and trends of Hispanic women so that it can grant them the exact products and services. This is the same reason that has pushed Steven Perlberg to research and predict the future consumer behavior towards the mobile and