Entrepreneurs look to consumers to guide business models. Check this post on how consumer psyche plays into making a final product offering.
Tapping into the consumer psyche to influence business decisions has its benefits and drawbacks, the Journal noted. Asking for public opinion is likely the cheapest way to get business advice, and increases the chances that the resulting business will be tailored to clients' needs and wishes. However, there is no guarantee that the advising consumers will end up being the buying consumers, making the latter benefit irrelevant.
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