Customers purchasing behavior is analyzed by pattern analysis models like association analysis or market basket analysis. These models help retailers to understand the likelihood of items or products, which tend to be purchased together.

BUSINESS ANALYTICS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Customers’ purchasing behavior is analyzed by pattern analysis models like association analysis or market basket analysis. These models help retailers to understand the likelihood of items or products, which tend to be purchased together.

A	Supply Chain
B	Business Analytics
C	Customer Engagement
D	HR Analysis

Explanation:

Detailed explanation-1: -Market basket analysis is a data mining technique used by retailers to increase sales by better understanding customer purchasing patterns. It involves analyzing large data sets, such as purchase history, to reveal product groupings, as well as products that are likely to be purchased together.

Detailed explanation-2: -Answer: Retailers use analytics methods like market basket analysis (MBA) to comprehend the purchasing patterns of their customers. It is used to find out which products customers usually buy together or put in the same basket. This purchasing data is used to increase the efficiency of sales and marketing.

Detailed explanation-3: -Association rules or market-basket analysis.

Detailed explanation-4: -1 Answer. The data mining algorithm called the Apriori algorithm is used to do market basket analysis. This apriori algorithm systematically identifies itemsets that are bought frequently by using support, confidence and, lift metrics.

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BUSINESS ANALYTICS