People who buy goods and services collectively are commonly referred to as consumers. This term encompasses all individuals or groups that engage in the purchase of products or services for personal use or consumption.
The concept of consumers plays a crucial role in the economy. They drive demand for various goods and services, influencing production and marketing strategies. Understanding consumer behavior helps businesses tailor their offerings to meet the needs and preferences of their target audience.
Additionally, consumers can be categorized based on their purchasing habits, such as occasional buyers, loyal customers, or impulse buyers. This classification aids companies in developing effective marketing campaigns and enhancing customer satisfaction.