A Better Understanding of Consumer Behavior Through Analytics Directly Leads

question 29

Multiple Choice

A better understanding of consumer behavior through analytics directly leads to

• A)more profits.
• B)better pricing strategies.
• C)reduced advertising costs.
• D)reduced risk.

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Definitions:

Firm

An organization that uses resources to produce goods or services for profit in an economic system.

Goods

Items or products that are produced to satisfy wants or needs of consumers. Goods can be tangible, like food and cars, or intangible, like services.

Services

Intangible and non-physical goods provided by individuals or companies, such as healthcare, education, and financial consulting.

Total Product

The total quantity of output produced by a firm or economy as a result of its production process.