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Word Count: 999
The internet has revolutionized the business world today and will alter the business world of tomorrow It has transformed the way consumers and businesses sell and buy product and services It has created many different types of distribution channels to businesses and their competitors Businesses now have to perform an accurate and precise research for a better understand of the purchasing process of its customers and to evaluate the market performance Businesses have used the internet as a research tools because it provides an efficient channel for fast cheap and reliable collection and processing of marketing information even in a multimedia format Principle and Practice A good research business analysis and plan will bring value to its customers and improve businesses bottom line In this paper I will differentiate the different types of methodologies that are used when conducting online market research describe the advantages and disadvantages of online market research the challenges of grouping respondents into categories information that would effect and impact e-business decision-making and compared and contrast online and traditional market research methods Principle and Practice of e-business describe consumer market segmentation as geographic - region size of city county statistical area population density climate Demographic - age occupation sex education family size religion family life cycle race income nationality Psychosocial - social class lifestyles personality Cognitive behavioral - Attitudes benefits sought loyalty status readiness stage usage rate perceived risk user status innovativeness usage situation and involvement One of the main reasons why businesses use segmentation is to reduce cost and overhead If businesses are not willing to use market segmentation then they are not able to analyze consumers-product relationships Businesses with marketing department have to be able to investigate and research on what consumers are likely to purchase and what type of product they are likely to use and use frequently Business often uses strategic concepts that are now a well-established kit to evaluate and develop a marketing strategy The
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