What Is Data Mining

question 14

Multiple Choice

What is data mining?

• A) The common term for the representation of multidimensional information
• B) A particular attribute of information
• C) Uses a variety of techniques to find patterns and relationships in large volumes of information and infer rules from them that predict future behaviour and guide decision making
• D) Process of analyzing data to extract information not offered by the raw data alone

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Definitions:

External Benchmarking

The process of comparing a company’s performance, products, or processes against those of other leading companies, typically outside one’s own industry.

Retailing Strategies

Approaches taken by retailers to attract customers, increase sales, and gain competitive advantage in the market.

Means-Ends Chain

A conceptual framework linking consumer behavior with their personal values, where products or services are seen as a means to achieving ultimate life goals or ends.

Lower-Level Objectives

Specific, operative goals that are set to achieve more strategic, higher-level goals within an organization, often short-term and tactical.