Describe the Importance of Data Mining to a Retail Company

question 82

Essay

Describe the importance of data mining to a retail company.

Understand the shift from behaviorism to cognitive psychology and its implications for studying mental processes.

Understand the development and focus areas of different psychological schools of thought from the late 19th to the 21st century.

Recognize the contributions and challenges faced by pioneering women and minorities in psychology.

Identify the various specializations within psychology and their focus areas.

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Definitions:

Sales Commissions

A portion of the sale price paid to salespersons as a reward for their sales efforts, typically a percentage of the sales they generate.

Monthly Sales

The total revenue generated from the sale of goods or services by a company within a month.

Net Operating Income

The profit a company generates from its normal business operations, excluding extraordinary items and expenses like taxes and interest.

Break-even

The point at which total revenues equal total costs, resulting in no net profit or loss for a business.