Analytics, Which Allows Organisations to Analyse Large Sets of Data

question 1

Multiple Choice

Analytics, which allows organisations to analyse large sets of data, can help businesses to:

• A) analyse market trends.
• B) target their advertising to potential customers.
• C) predict consumer behaviour.
• D) provide new efficiencies for customers.
• E) All of these responses are correct.

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Definitions:

Club Good

A type of good that is excludable but non-rivalrous, meaning people can be prevented from using it, but one person's use does not reduce its availability to others.

Common Resources

Resources that are not owned by anyone, cannot be easily limited, and are available for use by more than one person or group.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be consumed by one individual without preventing the consumption by others, and without leading to a decrease in available quantity.

Inefficient Allocation

When resources are not optimally distributed, leading to a situation where it is possible to improve at least one person's well-being without worsening any other's situation.