What Was the Technique Used to Suggest That the Customer

question 61

Multiple Choice

What was the technique used to suggest that the customer who wanted to buy the $29 shirt would also be a likely prospect for the cigar humidor?

• A) recency-frequency-monetary analysis
• B) predictive modelling
• C) market aggregation
• D) customer segmentation

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Definitions:

Prospect Theory

A theory in behavioral economics explaining the decision-making process of individuals when faced with alternatives that have uncertain outcomes, with known probabilities of these outcomes.

Behavioral Economics

A field of economic research that studies the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.

Policymakers

Individuals or groups responsible for making decisions and laws that govern a society, often within governmental institutions.