Data Mining Refers to

question 127

Multiple Choice

Data mining refers to

• A) any form of electronically generated market research.
• B) the extraction of hidden predictive information from large databases to find statistical links between consumer purchasing patterns and marketing actions.
• C) a branch of marketing specializing in obtaining both objective and subjective data to be used by other companies or organizations.
• D) obtaining information about a competitor and its products for use by one's own firm.
• E) the use of information derived solely from unsolicited sources such as customer complaints or complements.

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Definitions:

Entrepreneurs

Innovative individuals who start and run businesses, often taking on financial risks in the hope of profit, and playing a key role in economic development.

Increase Value

The process of enhancing the worth or utility of a product, service, or asset.

Resource Value

Refers to the economic value assigned to natural or human resources based on their utility in producing goods and services.

Business Start-Ups

New ventures initiated by entrepreneurs aiming to meet a marketplace need or to offer an innovative product or service.