Step-by-step explanation:
In order to determine the nature and type of discount to offer in our direct mail campaign, I would conduct market research to assess the customer base and determine the most attractive coupon offer. This research could be both qualitative and quantitative in nature.
For the qualitative research, I would conduct focus groups and surveys to gauge customer sentiment on the types of discounts they would prefer and the types of discounts they would be most likely to respond to. This would help us to better understand the motivations and behaviors of our customers.
For the quantitative research, I would use analytical tools such as customer segmentation, data mining, and market basket analysis to identify potential consumer groups, determine the potential customer lifetime value, and understand the buying patterns of our customers. This would help us to better understand which types of discounts would be the most effective in driving sales.
I have been asked to be a part of research in the past. The research was mainly qualitative in nature, as researchers were looking to gain a better understanding of customer preferences and attitudes towards different products and services. They asked me to participate in a survey and focus group discussions to provide insights into my buying habits and opinion on the various products and services on offer.