The best way for businesses to improve their understanding
of consumer behavior is to gather as much data as they can regarding the purchasing
behavior of their customers.
One way that this can be done
is through loyalty cards of the sort that American grocery stores use. By tracking what
customers buy, the stores can better understand what combinations of things various
customers buy, for example.
Another way to do this is by
observing customer behavior directly. Firms might look at the ways in which customer
move through their stores. They might use this data to determine where to put their
displays. I recently read an article that said that customers buy more things at places
like Wal-Mart when the aisles are relatively cluttered. This is the sort of data on
customer behavior that can be very important for a firm to have.
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