Preference for a product refers to the tendency of consumers to favor one item over others based on various factors. These factors can include quality, price, brand reputation, and personal experiences. For example, a consumer may prefer Brand A over Brand B because they believe it offers better durability or value for money. Understanding consumer preferences is crucial for businesses as it helps them tailor their marketing strategies and product offerings. By analyzing preferences, companies can identify trends and make informed decisions about product development, pricing, and promotions to better meet the needs of their target audience.