Question

Through the use of __________, a catalog retailer might determine from its database that customers who purchased silver frames would also have a high probability of buying vintage hatpins. As a result, its sales representatives were instructed to offer a special price on hatpins when a customer places an order for a silver frame.

A) Regression analysis
B) Cross-tabulation
C) Data mining
D) Conjoint analysis

Answer 1

The correct answer is data mining. Data mining is the process of analyzing large sets of data to discover patterns, relationships, and trends. In this scenario, the catalog retailer is using data mining to analyze its customer database and identify the relationship between customers who purchased silver frames and their likelihood to buy vintage hatpins.

Step-by-step explanation:

The correct answer is C) Data mining.

Data mining is the process of analyzing large sets of data to discover patterns, relationships, and trends. In this scenario, the catalog retailer is using data mining to analyze its customer database and identify the relationship between customers who purchased silver frames and their likelihood to buy vintage hatpins.

By using data mining, the retailer can make informed decisions about offering special prices on hatpins to customers who order silver frames.