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:

Fixed Costs

Fixed costs are business expenses that remain constant irrespective of the level of goods or services produced, such as rent, salaries, or loan payments.

Output

The total amount of goods and services produced by a firm or country.

Average Fixed Costs

The fixed expenses of a business divided by the number of units produced, demonstrating how those costs dilute with increased production.

Implicit Costs

The opportunity costs of using resources owned by the firm for its own production instead of earning income from these resources elsewhere.