Consumer preferences as a competitive indicator in the large-consumption industries
The price is no longer the only indicator used by the consumer to choose between the goods and services offered on the market. Under the free competition, companies have to learn more about the stimuli, which play an important role in determining the attitudes and behaviors of consumers, whether the first or end, by approaching them to take advantage of their views and aspirations about what they want to get.
This can lead to the study of fundamental factors that are subject to evaluation and comparison of the products and their use in practice.
In order to form a clear image of the features and trends of consumers and other market factors, and to align them with its priorities, the company has to follow both sides to ensure the loyalty and satisfaction of the first, and the relative stability of the second. This is based on statistical methods and mathematical models that have proved efficacy in this aspect, particularly those aiming to measure and determine the degree of consumers’ preferences such as BASS and TALARZYK model.