Question

Through the use of ____, a hardware retailer might learn that 30 percent of the time when its customers buy a table saw, they also purchase nails.

A) Regression analysis
B) Data mining
C) A/B testing
D) Conjoint analysis

Answer 1

The hardware retailer might learn that 30 percent of the time when customers buy a table saw, they also purchase nails through the use of Data Mining.

Step-by-step explanation:

Through the use of Data Mining, a hardware retailer might learn that 30 percent of the time when its customers buy a table saw, they also purchase nails. Data mining involves analyzing large sets of data to discover patterns and relationships that can inform business decisions, such as understanding customer buying habits in retail.

It is different from Regression Analysis, which is used to understand the relationship between dependent and independent variables, or A/B Testing which compares two versions of a variable to find out which performs better, and Conjoint Analysis which is used to understand how people value different features of a product or service.