IMPACT OF CONSUMER PREFERENCES ON PRODUCT AND PRODUCT MANAGEMENT

In the modern world of business, it's not enough to think about gaining profits and the amount of produced goods, it is essential to analyze the market when we start the business. As part of the market analysis, it is important to make good market segmentation. If we want to market a new product, service, or product that's known already to consumers and has only been modified or proved, it is necessary to have information whether consumers want such modified product or service. We are witnessing many homogenous products on the market, and for this reason, companies have no way of influencing the price of the products or services they offer. There is an old saying that wood is often not seen in the woods. Products that are homogenous represents companies that sell identical or similar products, which means that such products on the market are perfectly replaceable, and no company can raise the price of its product, as this would greatly affect competition or decline in sales. For these reasons, both the manufacturers and the consumers need to have information on what kind of product is required on the market and are it the manufacturer's able toa produce product according to required characteristics. For the modern market, we can say that is packed with various products and services, and trade has become very complex, both by bidders as well as by consumers. For these reasons, manufacturers are forced to change a the way they operate, so before they start producing the product, they know exactly all performance a particular product must have, It is possible for the consumer to buy a product that is personalized. This method of production in near future will be imperative in business because the consumer in busy lifestyle doesn't have time to explore the market to find a product or service according to his preferences.