Final answer:
In his analysis of consumer behavior, Prasad may have failed to consider close substitutes and misjudged customers' preferences and tastes.
Step-by-step explanation:
In analyzing consumer behavior, Prasad may have made some missteps in his analysis. One potential mistake is failing to account for close substitutes when studying consumer preferences and tastes. This means that Prasad did not consider alternative options that consumers may choose instead of a particular product or service.
Additionally, Prasad may have misjudged customers' preferences and tastes. Consumer behavior is influenced by various factors such as personal preferences, cultural influences, and social norms. It's important to consider these factors to understand why consumers make certain choices.
Overall, successful analysis of consumer behavior requires considering substitutes, understanding consumer preferences, and accounting for various influences that shape consumer decision-making.