LLBean,Inc

question 80

Multiple Choice

L.L.Bean,Inc.has been reducing the number of catalogs it sends out while increasing its sales and profits.With _____,L.L.Bean now identifies customers who have purchased recently and often and have spent considerable money.Such customers are most likely to purchase again.

• A) predictive data
• B) trending
• C) correlation analysis
• D) recency-frequency-monetary analysis
• E) hypothesis testing

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Definitions:

Belief Perseverance

The tendency to maintain one's convictions even in the face of contradictory evidence.

Availability Heuristic

A psychological shortcut made by referencing the initial instances that pop into an individual's head when considering a certain theme, notion, approach, or decision-making process.

Confirmation Bias

An inclination towards sourcing, understanding, valuing, and recollecting insights that reinforce one's standing beliefs or presumptions.

Older Workers

Individuals in the workforce who are typically beyond middle age, often defined as being aged 50 or older, bringing experience and skills to their roles.