Tracking CVS Products through Infoscan
What market research technique does CVS pharmacy use to track product demand and pricing?
The correct answer is option-b.-Infoscan. The given statement is an example of Infoscan. Infoscan is a point-of-sale data gathering system for fast-moving consumer goods. Data is gathered by scanning the barcodes of products purchased by customers. The gathered data is analyzed and combined to monitor demand trends by product. This method is used to track pricing data to ensure that pricing is competitive. Infoscan is a market research technique that captures information on the movement of goods and services from the manufacturer to the consumer, as well as the price paid by the consumer. It is a kind of consumer survey conducted by means of data scanning.
Understanding Infoscan Market Research Technique
Infoscan is a method of data collection and analysis used in market research, specifically in the retail industry. It involves scanning barcoded products purchased by customers to gather information on sales, pricing, and consumer behavior. This technique allows businesses to track product performance, analyze pricing strategies, and monitor demand trends in real-time.
By implementing Infoscan, companies like CVS pharmacy can stay competitive in the market by understanding what products are in demand and how pricing affects consumer behavior. In the case of CVS pharmacy, the data collected from barcoded products helps them identify which products are popular among customers and adjust pricing accordingly to remain competitive.
Infoscan provides valuable insights into consumer preferences and purchasing habits, allowing businesses to make informed decisions about product assortment, pricing strategies, and marketing campaigns. It enables companies to optimize their product offerings based on actual sales data, rather than relying on guesswork or assumptions.
In the example given above, CVS pharmacy utilizes Infoscan to collect and analyze data from barcoded products to track product demand and pricing. By leveraging this market research technique, CVS can effectively monitor consumer preferences, make data-driven decisions, and maintain a competitive edge in the retail industry.