Market Basket Analysis
Our expertise in ‘Market basket analysis’, also known as ‘association analysis’, can be used by marketers and retailers to redesign their marketing strategy and targeted promotions.
Market Basket analysis aims to give answers to the following:
The answers to the above can provide the framework for an advertising/ marketing campaign as well as the road map for the launch of new product.
Market Basket analysis aims to give answers to the following:
- What are the Purchase Patterns? (Items purchased together/sequentially/seasonally)
- Which products might benefit from advertising?
- Why do customers buy certain products?
- What time of the day do they buy it?
- Who are the customers? (Students, families etc)
The answers to the above can provide the framework for an advertising/ marketing campaign as well as the road map for the launch of new product.