Question

What is the specific method that uses data from sources such as scanning data, catalog purchases, and customer databases to gain insights into customer behavior and actions?

a) Market segmentation analysis
b) Customer relationship management (CRM)
c) Data mining
d) Consumer behavior modeling

Answer 1

The method called data mining uses various data sources to gain insights into customer behavior by analyzing patterns and trends in large datasets.

Step-by-step explanation:

The specific method that uses data from sources such as scanning data, catalog purchases, and customer databases to gain insights into customer behavior and actions is c) Data mining. Data mining involves the process of discovering patterns, correlations, and trends by sifting through large amounts of data stored in repositories, using pattern recognition technologies as well as statistical and mathematical techniques. It can uncover hidden information in data that can be used to make informed business decisions about marketing strategies, customer relationship management, and beyond. This approach often utilizes quantitative data to build predictive models and understand consumer behavior.