Bundling is strategy that involves offering several products for sale as one combined product. Consumers have heterogeneous demands and such demands for different parts of the bundle product are inversely correlated.
Today, when we were looking at the “cell-inter” data, we got to know that SMS, Games, Alarm and Time & Date were the three most used variables. So accordingly, we needed to provide the mobile phone service company suggestions on the basis of this data.
These suggestions would be revenue generating and are based on facts. So we all came up with suggestions to bundle these services in such a manner which would give the mobile service company maximum return. We came with suggestions like Games that need to be downloaded and played by replying/answering by sending SMS’s, sending SMS’s to download various Alarm tones, sending SMS’s to synchronise/schedule events in your mobile, etc.
Thinking like this is helpful as it makes us think beyond the obvious. It was a very good exercise and churns the juices of the mind to think outside the box.
One important thing that we learned today is that whenever the variables are more than 15, we should use K-Means Cluster. One more thing that we got to know is the fact about Whiskers that whatever lies outside the whiskers is either Outlier or Extreme.
Group : Marketing 5
Author : Sanandan Atrey