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- Title
MARKET BASKET ANALYSIS: UNDERSTANDING INDIAN CONSUMER BUYING BEHAVIOR OF SPAIN MARKET.
- Authors
Venkatachari, Kavitha
- Abstract
Market Basket Analysis is a useful tool for retailers who want to better understand the relationships between the products that people buy. There are many tools that can be applied when carrying out Market basket analysis and the trickiest aspects to the analysis are setting the confidence and support thresholds in the apriori algorithm and identifying which rules are worth pursuing. Ultimately the key to MBA is to extract value from the transaction data by building up an understanding of the needs of the consumers. This type of information is invaluable if you are interested in marketing activities such as cross-selling or targeted campaigns. Retailers nowadays are having large amounts of data but poor in information extracted from that data. Big data is seen as a valuable resource and although the concept of data mining is still new and developing, companies in a variety of industries are relying on it for making strategic decisions. Such information can be used as a basis for decisions about marketing activity such as promotional support, inventory control and cross-sale campaigns. The main objective of the research paper is to see how different products in a mall interrelate and how to exploit these relations by marketing activities. Mining association rules from transactional data will provide us with valuable information about co-occurrences and co-purchases of products. Such information can be used as a basis for decisions about marketing activity such as promotional support, inventory control and cross-sale campaigns. The data is collected from the Indian consumers who purchase the products from Spain retail shops.
- Subjects
MARKET basket analysis; CONSUMER behavior; HUMAN behavior; PSYCHOLOGY; INDIANS (Asians)
- Publication
BVIMSR Journal of Management Research, 2016, Vol 8, Issue 1, p49
- ISSN
0976-4739
- Publication type
Article