Lowe's learned that 25 percent of the time its customers buy a garden hose, they also purchase a sprinkler. Patterns and relationships like this are discovered through a technique called

Question

Miguel Daugherty

Business

2 June, 08:46

Lowe's learned that 25 percent of the time its customers buy a garden hose, they also purchase a sprinkler. Patterns and relationships like this are discovered through a technique called

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Answers (2)

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Will Harris · Answer 1

Answer: Data mining

Explanation: Patterns and relationships as indicated are discovered through a technique known as data mining, which is defined as the use of a variety of statistical analysis tools in marketing research to uncover previously unknown patterns in data or relationships among variables. It is also given as a technique for searching large scale databases for patterns; used mainly to find previously unknown correlations between variables that may be commercially useful.

Branden Lamb · Answer 2

Data mining

Explanation:

Data mining deals with companies converting raw data into useful information. This is achieved by using softwares to look for consistent patterns in large volumes of data.

It is useful in business as they learn more about their customers and develop more effective marketing strategies which in turn increases sales and decreases costs.