Consumer Behaviour Represents the Process by Which Goods, Services, or Ideas

question 71

True/False

Consumer behaviour represents the process by which goods, services, or ideas are used and transformed into value.

Analyze the impact of big data and analytics on targeted advertising and business strategies.

Explore the concept of crowdsourcing, its effectiveness, and factors contributing to its growth.

Discuss contemporary approaches to enhance decision-making in organizations.

Understand how different domains like fashion and sports apply analytics and big data.

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Definitions:

Efficient

The quality of achieving maximum productivity with minimum wasted effort or expense.

Cycle Inventory

Inventory that is held to manage the normal fluctuation of production or supply and demand, rotating through cycles of replenishment.

Safety Inventory

Extra stock kept in storage to guard against uncertainty in demand or supply, ensuring product availability.

Seasonal Inventory

Inventory that is purchased or produced in anticipation of season-based demand increases, such as holiday merchandise.