Information Systems Whose Purpose Is to Glean from Raw Data

question 55

True/False

Information systems whose purpose is to glean from raw data relationships and trends that might help organizations compete better are called business intelligence (BI) systems.

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Definitions:

Economists

Experts who study, describe, and predict patterns relating to the economy, including aspects of production, consumption, and the distribution of goods and services.

Diversity Of Products

Refers to the variety of different items a company offers to meet the varied preferences of its consumers.

Monopolistic Competitor

A firm operating in a market structure where many companies sell products that are similar but not identical, allowing for significant differentiation and some degree of market power.

Product Differentiation

The marketing and production strategy of making a product distinguishable from other similar products in the market by emphasizing its unique features.