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Many businesses use any of the following approaches to help analyze consumer behavior
Many businesses use any of the following approaches to help analyze consumer behavior.
A. expert opinion
B. consumer surveys
C. test marketing
D. pricing experiments
1) Choose the one method from the list above that you believe is the most effective overall approach among the four to help analyze consumer behavior. Describe what it is and how it works, and explain why you believe it is the most effective overall approach.
2) Choose the one method from the list above that you believe is the least effective overall approach among the four to help analyze consumer behavior. Describe what it is and how it works, and explain why you believe it is the least effective overall approach.
Expert Solution
1)The most effective approach to analyze consumer behavior is by conducting consumer surveys. Consumer surveys can be conducted door to door or through digital media platforms to save time. Consumer surveys help producers to get each and every detail of consumer preferences. The information collected through consumer surveys is first-hand information and transparent, and that is why it most effective of all.
2)The least effective approach to analyze consumer behavior is expert opinion. Consumer behavior can be fluctuating and hence, the expert opinion fails to gauge the changes in consumer behavior. The expert opinion, most of the time, do not take ground information into account. This leads to statistical error in analyzing consumer behavior.
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