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MARKETNG2505 Market Research II

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Question:

Identify a problem from your own experience that you think would be amenable to market basket analysis (try to think of something besides the obvious shopping examples (e.g., how might the military use this?)).

Describe:

  • What the data is like (with some examples)? Consider providing some hypothetical examples.
  • What type of benefit do you hope to get from market basket analysis?  What major questions are you attempting to answer?
  • Is there anything being done in market basket analysis involving time?  For example, it is one thing to know a person might choose "option C" next ... but how long might it take?  (Feel free to do some external research on this.)
  • In your opinion, how does market basket analysis differ from clustering?  Is market basket analysis a special case of clustering?  Or are they completely different?  Explain your answer.

?Be sure to address each point in your main post.  Also, be sure to illustrate with an example (e.g., if you think market basket analysis is relevant, describe what you think a likely cluster might contain and what the real-world meaning would be).

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