Asked by McKall Hulsey on Jun 25, 2024
Verified
When retailers use the information gathered about their customers' behavior in order to predict consumer trends, forecast demand, or identify consumer interest in products, they do so by applying
A) journey mapping.
B) category management.
C) the marketing mix.
D) big data analytics.
E) merchandising techniques.
Big Data Analytics
The process of examining large and varied data sets to uncover hidden patterns, unknown correlations, market trends, customer preferences, and other useful business information.
Consumer Trends
Patterns or behaviors in purchasing and consumption that are widely observed among consumers over a period.
- Understand the role of big data analytics in predicting retail trends.
Verified Answer
EP
Elizabeth PedersenJul 02, 2024
Final Answer :
D
Explanation :
Big data analytics is the process of examining large and varied data sets to uncover hidden patterns, unknown correlations, customer preferences, and other useful information that can help organizations make more informed business decisions. Retailers use big data analytics to predict consumer trends, forecast demand, or identify consumer interest in products by analyzing the vast amount of data gathered from their customers' behavior.
Learning Objectives
- Understand the role of big data analytics in predicting retail trends.
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