Data Mining Refers to

question 234

Multiple Choice

Data mining refers to

• A)any form of electronically generated market research.
• B)the extraction of hidden predictive information from large databases.
• C)obtaining information about a competitor or competitor's products for use by one's own firm.
• D)the use of information derived solely from unsolicited sources such as customer complaints or complements, or public service announcements.
• E)a branch of marketing specializing in obtaining both objective and subjective data to be used by other companies or organizations.

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Definitions:

Controllable Factor

An element or variable in a business or process that can be modified or adjusted according to the needs of the manager or operator.

Experience Economy

An economic concept where businesses create memorable events for their customers, and the memory itself becomes the product.

Service Blueprint

A detailed diagram that visualizes the service process, points of customer contact, and the front and back-office activities that a service entails.

Customer Contact Audit

An evaluation process that examines all the points of interaction between a customer and a company to improve customer service and experience.