It is important to maintain good customer relationships by monitoring consumer trends and introducing new products when necessary.
What is a customer?
The first type of customer is the one who buys the product because they want to. They are not influenced by others and do not care about what others think of them. The second type of customer is the one who buys the product because they need it. They are influenced by others and care about what others think of them.
Resell customer
Wholesalers, manufacturers, and trade customers are a few of the resell customers. They buy products to sell them further in the market and draw profit. ..
Final customer
These types of customers are typically people who buy products for their own use, without any intention of reselling them. ..
Customers are the lifeblood of any business. They are the ones who drive sales and bring in profits. A business needs to cater to its customers in order to keep them happy and satisfied. Customers’ needs and behavior can change depending on what is going on in their lives, so a business must be flexible in order to meet those needs. ..
Loyal customers are highly valued in a business. They are considered an asset because they are loyal to a certain brand and are regular visitors to the business. Loyal customers are also considered reliable, as they have not shown any signs of changing their mind about the product or service that the business provides. This makes them a valuable resource for the business, as it can rely on them for support when needed and for sales when possible. Need-based customers are also highly valued in a business. They have a set priority and will buy products based on what is needed at that time. This makes them more likely to be loyal, as they know what is important to the business and can be counted on to make purchases accordingly. Wandering customers are least valued in a business. They may be difficult to please, but this does not mean that they will not be loyal or reliable in the long run. However, they may not have set priorities and may only visit the business sporadically. This makes them less valuable as resources for the company, as it can rely on other customers more often than it needs to.
What is a consumer?
A consumer is someone who buys or uses goods and services. A customer is someone who has a relationship with a business. The two are different concepts and should not be confused.
A person who uses a product or service is called a consumer. A customer can be a consumer at times, but not always. A customer cannot resell the product further and comes at the end of the supply chain. ..
A good example of a customer is a father who buys ice cream for his kids. The father is the customer, but the consumer is the kids who will ultimately, consume the product.
- The early adopters: These are the first to try out a product and are often the most passionate about it. They are often the ones that recommend it to others.
- The evangelists: These are those that promote a product to others and try to get them to switch over. They may be more vocal about their beliefs and what they think the product can do for them.
- The die-hard fans: These people have been following a product for years and will go out of their way to try out any new features or updates that come out for it.
The commercial consumer is someone who buys products or services in bulk, depending on the requirement of the consumer. They are discreet consumers, who have unique buying habits and a penchant for certain items like jewelry, apparel, shoes, cosmetics. These customers can splurge on products and items while the extraverted consumer is loyal customer and prefers buying good quality products for themselves irrespective of the price point. The inferior goodsconsumer is someone who is thrifty and might belong to the lower-income group and prefer buying poor quality products.
why is it important?
A business needs to understand the consumer trends in order to make profits.
The role of a company in the supply-demand chain is vital in order to maintain the balance between demand and supply. If demand for a product increases, the company has to increase its supply. This is because increasing the supply will result in an increase in the price of the product, which will then attract more consumers. Companies play an important role in creating consumer demands by providing services and goods that can be altered according to consumer trends or meet the needs of a target population. It is important to recognize your target niche when advertising your product so that you can reach out to your target audience. ..
Relationship between customers and consumers
A consumer is someone who uses a product for themselves. They are an important part of the purchasing process and should be taken into account when making decisions about what to buy.
A person buys groceries for his home. He is the one who has the monetary advantage of purchasing a product. He is the one driving sales. At home, the groceries are used by his family. Ultimately, making them the consumer.
