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Explain why many businesses are willing to pay for services that to track consumer spending trends.?
October 28th, 2010 | 
Author: Question by Aww, too bad: Explain why many businesses are willing to pay for services that to track consumer spending trends.?
Explain why many businesses are willing to pay for services that to track consumer spending trends.
Best answer:
Answer by Simlqd
If you understand what your consumer wants you can provide a better product for them. Information is everything. You can also use the information to create a demand curve which will help you to know where your “profit maximisation” point is.
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its CRM – customer relationship management.
Industries do these for several reasons:
1. extrapolation of trends – to predict spending/consumption patterns – this will give the industry information on how to market/modify, develop their product, market segment – product development, market development, etc etc
2. to tally up data – statistics.. to let the firm know which product is demanded by the market – more sales = more demands, lower sales = lesser demand, and firm can use this information to cut down on that production to use it else where… ya dig????