You Work for a Retail Clothing Chain Whose Primary Outlets

question 70

Multiple Choice

You work for a retail clothing chain whose primary outlets are in shopping malls,and you are conducting an analysis of your customers and their preferences.You wish to find out if there are any particular activities that your customers engage in,or the types of purchases made in the month before or after purchasing select items from your store.To do this,you will want to use data mining software that is capable of

• A)identifying associations.
• B)identifying clusters.
• C)identifying sequences.
• D)classification.
• E)forecasting.

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Definitions:

Excess Demand

A market condition where the quantity demanded of a good or service exceeds its quantity supplied at a given price.

Equilibrium Price

The cost in the market at which the supply and demand for goods are balanced.

Invisible Hand Principle

An economic theory proposed by Adam Smith, suggesting that individuals' pursuit of self-interest in free markets leads to economic prosperity and efficiency as if guided by an invisible hand.

Market Prices

The current value at which goods and services are bought and sold in the market, determined by supply and demand forces.