From a marketing perspective, Business Analytics is a boon. It’ll really help throughout. Although the process of grouping the data & converting it into tables/graphs is still not sticking. We’ll get it though.
Today the thrust was on analysing the ways customers go about using communication services like telecom and/or internet in their daily lives; the data covered everything from the usage of variants and also the billing systems.
We personally liked the session where, after having grouped the data, we had to analyse and come up with various ways to improve the performances. The idea we liked the most was the bundling of variables used the most to improve on the current performance.
Now, to group the data we used techniques on SPSS – Jaccard Index, Proximity, Line Cutting, K-mean Clustering etc.
Jaccard Index we understand is used to gauge the similarity and/or overlap between two variables and/or sample sets. The line-cutting for measuring or understanding the proximity of two sets or variables, further grouped together in clusters. The use of K-mean in clustering also was done, the reason being the numbers of elements are more than 50.
What we learnt in the lectures today, as we said earlier, will make our lives much easier. The application of these techniques in Market Research will be helpful. The example coming to our mind currently is for the Automobile industry. Various parts in a car – lights, fog-lights, stereo system, upholstery, gear preferences (automatic/manual), wheels (alloy/non-alloy), hoods etcetera, play important parts in the decision making of various people.
Every customer would want to have a certain combination of such variables in the car/bike/bus etc. Their decision of purchase would depend heavily on some of the more likeable factors. The study of which population, which segment of that population, would like certain features is a study that every automobile company would want to do.
The techniques taught to us today would help us understand these various factors in consumer behaviour and decision making process for a profitable outcome.
Name : Shreyas Ranade
Roll : 13104
Group : Marketing6