Many Technologically Advanced Retailers Are Using a Technique to Interpret

question 72

Multiple Choice

Many technologically advanced retailers are using a technique to interpret the huge amounts of data collected through their point-of-purchase scanning equipment.The examination looks for products that are commonly purchased together to help retailers merchandise their stores to place products in the right places.What is this process?

• A)market-basket analysis
• B)simulated test marketing
• C)market cross-tabulations
• D)customer lifestyle analysis

---

Definitions:

Population Standard Deviation

A measure of the dispersion of a population’s values from the mean, indicating how spread out the data points are.

Sample Size

The number of observations or elements selected from a population to study certain characteristics.

Standard Error

A statistical measure that estimates the accuracy with which a sample distribution represents a population, often used in the calculation of confidence intervals.

Fill Weights

The predetermined or measured weights of product that fill a container or package.