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Questions and Answers
What is the purpose of analytics in understanding customer behavior?
What is the purpose of analytics in understanding customer behavior?
- To tailor offerings and marketing strategies (correct)
- To eliminate competition
- To reduce customer satisfaction
- To increase costs
What does prescriptive analytics do?
What does prescriptive analytics do?
- Recommends actions to achieve desired results (correct)
- Analyzes historical data
- Identifies market trends
- Summarizes past events
Which of the following is a primary data collection method?
Which of the following is a primary data collection method?
- Social media monitoring
- Web scraping
- Data mining
- Surveys and Questionnaires (correct)
What is the Data Privacy Act of 2012 also known as?
What is the Data Privacy Act of 2012 also known as?
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What is one of the obligations under the Data Privacy Act?
What is one of the obligations under the Data Privacy Act?
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What is one benefit of using analytics in businesses?
What is one benefit of using analytics in businesses?
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What does predictive analytics help with?
What does predictive analytics help with?
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Which of the following is a data collection method?
Which of the following is a data collection method?
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What is the purpose of the Data Privacy Act of 2012?
What is the purpose of the Data Privacy Act of 2012?
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What is one of the major types of analytics?
What is one of the major types of analytics?
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Study Notes
Analytics and Customer Behavior
- Analytics helps businesses understand customer preferences and behavior.
- This understanding allows for tailoring offerings and marketing strategies to improve customer satisfaction.
Types of Analytics
- Descriptive Analytics: Summarizes past events and data.
- Predictive Analytics: Uses historical data to predict future outcomes.
- Prescriptive Analytics: Recommends actions to achieve desired results.
Data Collection Methods
- Primary Data Collection: Directly gathered from a source, like surveys or questionnaires.
- Secondary Data Collection: Collected from existing sources, like web scraping or data mining.
Data Privacy Act of 2012
- Also known as RA 10173
- Protects personal information from unauthorized access, use, disclosure, processing, or handling.
- Emphasizes consent, accountability, and data subject rights.
Benefits of Analytics
- Cost savings: Optimizing resource allocation based on data-driven insights.
- Improved customer satisfaction: Tailoring products and marketing to individual customer needs.
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