Market research development Edit
Businesses are turning to use electronic means to gather the data their marketing strategies require. Not only questionnaire that can be spread out over the internet, but firms can also access the vast quantity of information that electronic data retrieval methods offer them. Example, supermarket “loyalty card”. From this loyalty card, the supermarket itself will know the types of goods bought by each customer, and the firm will have a picture of how much the customer purchase the goods, their age and gender and possibly their income. This will allow retailers to target each customer with promotions and special offers. This form of marketing is cost effective, because it doesn’t need a lot of money wasted on making advertisement.
Cost effectiveness of market research: Edit
Using minimum amount of money to conduct research or surveys.