By Obtaining Information About Customer Preferences,and Past Purchase Behavior,retailers Operating

question 43

Multiple Choice

By obtaining information about customer preferences,and past purchase behavior,retailers operating an electronic channel are able to:

• A)design more secure sites for credit card users
• B)develop faster download times
• C)offer lower prices
• D)respond immediately to consumer inquiries
• E)tailor merchandise and recommendations

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Definitions:

Likelihood of Outcome

The probability or chance that a specific outcome will occur out of a set of possible outcomes.

Personal Estimate

An individual's judgment or assessment of something, often based on personal experiences or perceptions.

Representativeness Heuristic

A cognitive bias in which an individual categorizes a situation based on how similar it is to a typical case from one's experiences, potentially leading to errors in judgment.

Byron

A reference to Lord Byron, a British Romantic poet known for his flamboyant lifestyle and works such as "Don Juan" and "Childe Harold's Pilgrimage."