[Big Data for Better Decisions] #19 Big Data for Better Decisions in Market Basket Analysis and Pricing Optimization

[Ravindra Dastikop]

The ability of digital networks to collect transaction data at every level and making it available processing makes it possible to use that data for wider decision situations. For example. data collected at market level or national levels can be aggregated and used in Market Basket analysis. The term market basket or commodity bundle refers to a fixed list of items used specifically to track the progress of inflation in an economy or specific market.The concept of basket is also used data mining applications within super market buying patterns.

By quickly pulling data together from various sources- market, economy and more , marketers can better optimize their product selection and pricing, as well as decide where to put their advertising money

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Posted By Blogger to Big Data for Better Decisions at 11/30/2014 09:49:00 AM