Why do they call that which is cheap 'cost effective', this phrase does not make any logical sense when it is used to mean that which is cheap! The word effective means that which has an effect, what does this have to do with 'cheap price'?!
Cost effective is used by marketers as a better way of saying cheap. It means cheap given all the factors though! Something more expensive may be more cost effective, because it last longer or has lower running costs, etc.