A retail company wants to understand customer buying patterns to improve sales. Which approach should they take to gather insights from their sales data?
Analyze historical sales data to identify trends and patterns.
Survey customers about their preferences without using existing data.
Guess the most popular products based on personal opinions.
Use random unrelated data that does not reflect sales.
The correct approach involves analyzing historical sales data to identify trends and patterns. This method helps the company detect which products are popular at specific times, leading to better merchandising and promotions. Other options like guessing or using unrelated data do not provide accurate insights and could lead to misguided strategies.
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What types of historical sales data should the retail company analyze?
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How can the analysis of sales data lead to better merchandising?
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What tools can the company use to analyze historical sales data?