A retail company wants to understand customer buying patterns to improve sales. Which approach should they take to gather insights from their sales data?
Guess the most popular products based on personal opinions.
Survey customers about their preferences without using existing data.
Analyze historical sales data to identify trends and patterns.
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.
Ask Bash
Bash is our AI bot, trained to help you pass your exam. AI Generated Content may display inaccurate information, always double-check anything important.
What tools can be used to analyze historical sales data?
Open an interactive chat with Bash
Why is analyzing historical sales data better than guessing trends?
Open an interactive chat with Bash
What types of trends can be discovered using sales data analysis?