MANAGEMENT

Detailed explanation-1: -“Customer data can be collected in three ways: by directly asking customers, by indirectly tracking customers, and by appending other sources of customer data to your own, ” said Hanham. “A robust business strategy needs all three.” Businesses are adept at pulling in all types of data from nearly every nook and cranny.

Detailed explanation-2: -Companies continuously gather specific information about their customers legally. They do it by collecting license-plate images. All information, including a customer’s license plate number and the location where the images were taken, are often resold to global data brokering businesses.

Detailed explanation-3: -Companies collect information about the consumer and the market through their internal network. The data sources are social media, in-store sales, and online transactions. It is also a cheaper and more accessible way to collect information. Competitive marketing intelligence is another way to obtain information.