What is another term for market basket analysis?

What is another term for market basket analysis?

• A. Profiling
• B. Market Basket
• C. Association
• D. Survey Analysis

Answer: (B)

Market basket analysis is also referred to as association analysis. This term highlights the primary objective of the technique, which is to identify relationships or associations between different items purchased together. By analyzing transaction data, businesses can uncover patterns that indicate the likelihood of certain products being bought in conjunction with others. This analysis is widely utilized in retail to inform marketing strategies and product placements. The term "profiling" typically refers to creating detailed descriptions of customer segments based on demographics or purchasing behavior, which is distinctly different from the focus of market basket analysis. While "Market Basket" may seem like a fitting alternative, it merely restates the concept without capturing the analytical techniques involved. Lastly, "Survey Analysis" pertains to interpreting data gathered from surveys, which differs significantly from the transactional data focused on in market basket analysis.

Market basket analysis is also referred to as association analysis. This term highlights the primary objective of the technique, which is to identify relationships or associations between different items purchased together. By analyzing transaction data, businesses can uncover patterns that indicate the likelihood of certain products being bought in conjunction with others. This analysis is widely utilized in retail to inform marketing strategies and product placements.

The term "profiling" typically refers to creating detailed descriptions of customer segments based on demographics or purchasing behavior, which is distinctly different from the focus of market basket analysis. While "Market Basket" may seem like a fitting alternative, it merely restates the concept without capturing the analytical techniques involved. Lastly, "Survey Analysis" pertains to interpreting data gathered from surveys, which differs significantly from the transactional data focused on in market basket analysis.