What is 'consumer behavior'?

Consumer behavior refers to the study of how individuals and groups choose, buy, use, and dispose of products, services, ideas, or experiences. This area of study delves into the decision-making processes of consumers and the factors that influence their purchasing decisions, including psychological, social, and economic aspects. Understanding consumer behavior is crucial for businesses as it helps them tailor their marketing strategies, improve customer satisfaction, and ultimately drive sales by better meeting the needs and desires of their target audience.

The other options do not capture this specific focus on individuals and groups making product choices. Instead, they relate to different aspects of business and market analysis that, while important, do not directly address the intricacies of consumer choices and motivations.