Understanding Consumer Demand and Behavior
This module will introduce you to two major approaches of gathering information about consumer behavior and demand for various products. The first is the marketing approach which includes surveys, experiments, test marketing and other methods.
The second is the economic approach which includes statistical and econometric methods for formally estimating demand relationships.
Managers need to use a combination of marketing and economic approaches to understand consumer behavior and demand for various products.
Explain using indifference curve graph Highlight substitute effect,income effect in inferior and normal goods with diagrams