By using virtual items, data about the customers themselves, or which store the items sold at, or which sales representative sold the item can be considered in the analysis without changing the method by which it is performed.
How is a basket of goods and services used to measure the price level
Price level is measured by constructing a hypothetical basket of goods and services—meant to represent a typical set of consumer purchases—and calculating how the total cost of buying that basket of goods increases over time.
The rate of inflation is measured as the percentage change between price levels over time.
What are the 4 types of market analysis
Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.
What is support confidence and lift in market basket analysis
For rule 1: Support says that 67% of customers purchased milk and cheese. Confidence is that 100% of the customers that bought milk also bought cheese.
Lift represents the 28% increase in expectation that someone will buy cheese, when we know that they bought milk.
What is entrepreneurial market analysis
Market analysis is a detailed assessment of your business’s target market and competitive landscape within a specific industry.
This analysis lets you project the success you can expect when you introduce your brand and its products to consumers within the market.
What basket of goods is used to construct the CPI
The market basket used to compute the Consumer Price Index is representative of the consumption expenditure within the economy and is the weighted average of the prices of goods and services.
What is the most common type of basket
Perhaps the most common type of basket, consumer market baskets provide a buyer-focused picture of total inflation.
Which are the marketing strategies t by gaining insight into which items are frequently purchased together by customers
A typical example of frequent item set mining is market basket analysis. The discovery of such associations can help retailers develop marketing strategies by gaining insight into which items are frequently purchased together by customers. market basket analysis may help you design different store layouts.
How do you calculate the consumer price index?
- Gather prices for common products or services in the past
- Collect prices for current products or services
- Add the product prices together
- Divide the current product price total by the past price total
- Multiply the total by 100
- Convert this number into a percentage
What is product affinity analysis
The Product Affinities Analysis provides insights into what customers purchase together in a shopping trip; for example, how they are composing specific meals or fulfilling a larger weekly shopping trip.
Essentially, it provides a weighted score to identify the products most commonly bought together.
How do you enter data mining in Excel?
- Choose File → Options
- Select the Add-Ins option on the left, and select COM Add-Ins from the Manage drop-down menu
- Select SQLServer
What is regression analysis in data mining
Regression refers to a data mining technique that is used to predict the numeric values in a given data set.
For example, regression might be used to predict the product or service cost or other variables.
It is also used in various industries for business and marketing behavior, trend analysis, and financial forecast.
Which analytical technique is best suited for cross selling or finding next best product offers
This is called Market Basket Analysis (also called MBA). It is a widely used technique to identify the best possible mix of frequently bought products or services.
This is also called product association analysis.
How is the Consumer Price Index used
The CPI is often used to adjust consumers’ income payments (for example, Social Security), to adjust income eligibility levels for government assistance, and to automatically provide cost-of-living wage adjustments to millions of American workers.
How do you complete an affinity analysis?
- Step 1: Record each idea with a marking pen on a separate sticky note or card
- Step 2: Look for ideas that seem to be related in some way and place them side by side
- Step 3: Begin a discussion with your team
- Step 4: Combine groups into “supergroups,” if appropriate
What is association analysis
Association analysis is the task of finding interesting relationships in large datasets. These interesting relationships can take two forms: frequent item sets or association rules.
Frequent item sets are a collection of items that frequently occur together.
How do you view market share in tableau
for E.g. If total sale for 8 products in country 1 is 100 and sale for products A+B+C is 35, then market share of my company in country1 is 35/100= 35%
What are different types of analytics?
- Descriptive Analytics
- Diagnostic Analytics
- Predictive Analytics
- Prescriptive Analytics
How do you calculate price level
When using CPI to calculate price level changes, a base year is chosen. The current year’s CPI is calculated by taking the current year’s prices and dividing them by the base year’s prices.
The result will then be multiplied by 100 to express the CPI as a percentage.
How do you measure cross-sell and upsell
Sales breadth expands – measured by the number of products or services for each individual.
Your aggregate cross-selling ratio improves – measured by the number of products or services divided by the number of clients.
What are the different techniques used for data mining
There are numerous crucial data mining techniques to consider when entering the data field, but some of the most prevalent methods include clustering, data cleaning, association, data warehousing, machine learning, data visualization, classification, neural networks, and prediction.
What is the goal of association analysis
The goal of association rules is to detect relationships or associations between specific values of categorical variables in large data sets.
This technique allows analysts and researchers to uncover hidden patterns in large data sets.
Why do we use association analysis
Uses of association rules in data mining In data mining, association rules are useful for analyzing and predicting customer behavior.
They play an important part in customer analytics, market basket analysis, product clustering, catalog design and store layout.
What is classification of analysis
Classification analysis is a data analysis task within data-mining, that identifies and assigns categories to a collection of data to allow for more accurate analysis.
The classification method makes use of mathematical techniques such as decision trees, linear programming, neural network and statistics.
What are the 6 processes of data mining
Data mining is as much analytical process as it is specific algorithms and models.
Like the CIA Intelligence Process, the CRISP-DM process model has been broken down into six steps: business understanding, data understanding, data preparation, modeling, evaluation, and deployment.
Is an example of association analysis
In association analysis, a collection of zero or more items is termed an itemset.
If an itemset contains k items, it is called a k-itemset. For instance, {Beer, Diapers, Milk} is an example of a 3-itemset.
The null (or empty) set is an itemset that does not contain any items.
What are the 3 types of data mining?
- Predictive Data Mining
- Descriptive Data Mining
- CLASSIFICATION ANALYSIS
- REGRESSION ANALYSIS
- Time Serious Analysis
- Prediction Analysis
- Clustering Analysis
- SUMMARIZATION ANALYSIS
What is Price Index formula
The consumer price index formula can be mathematically represented as follows: Consumer price index (CPI) = [Cost of the basket in the current year/Cost of the basket in the base year] x 100.
Or it can be represented as. CPI = [Cost of the basket (t) ÷ Cost of the basket (0)] x 100.
What is Consumer Price Index and why is it important
Broadly speaking, the CPI measures the price of consumer goods and how they’re trending.
It’s a tool for measuring how the economy as a whole is faring when it comes to inflation or deflation.
When planning how you spend or save your money, the CPI can influence your decisions.
What does an Affinity Analysis do
Affinity Analysis is the kind of predictive analysis technique that does the process of data mining and fetches the hiding insightful correlation between the different variables based on their co-occurrence happening in between the individuals or the groups in the dataset.
References
https://www.sciencedirect.com/topics/computer-science/market-basket-analysis
https://docs.microsoft.com/en-us/archive/msdn-magazine/2018/december/artificially-intelligent-market-basket-analysis
https://www.myaccountingcourse.com/accounting-dictionary/price-level
https://benchpartner.com/q/what-are-the-techniques-to-improve-the-efficiency-of-apriori-algorithm
