Would you like to analyze the market for disposable diapers? It was too messy of

Question

Would you like to analyze the market for disposable diapers? It was too messy of a job for me. When a client called asking whether or not I was available, I couldn’t find the stomach to even return his call. I was working as a consultant doing market analysis about data transmission capacity prior to the advent of the Internet. I was thinking about computer terminals, databases and telecommunications, not visualizing baby bottoms, bodily functions and absorbency. It was rather arrogant of me especially since I had experience in the diaper industry – I had changed many diapers of my children a few years before! The general principles of consumer behavior that I applied to data communications were just as relevant to disposable diapers. I shouldn’t have turned my nose away from the client as if I smelled dirty diapers.

Please help me write what are the interesting statement in this section and why is it important to know at economics

Explanation / Answer

As per me the intresting statement in ghis section would be:

"The general principle of consumer behaviour that i applied to data communications were just as relevant to disposable diapers"

The importance of study of consumer behaviour in economics:

1) Most of the modern marketing philosophies are based on the consumer behaviour, i.e consumer needs and satisfy them better than competitors

2) The knowledge of consumer behaviour helps in achieving marketing goals

3) The consumer behaviour knowledge can help in predicting future market trend

4) Consumer behaviour study assists in facing competition

5) Market exhibits a lot of differentiation, i.e different segments have different needs and want different products, study of consumer behaviour can teach a lot about consumer differentiation

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