Using MIS (10th Edition)
10th Edition
ISBN: 9780134606996
Author: David M. Kroenke, Randall J. Boyle
Publisher: PEARSON
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Expert Solution & Answer
Chapter 9, Problem 9.7UYK
Explanation of Solution
Mention an application for Market based analysis for local bookstore:
Market based analysis is used to find the pattern of items bought by the customers and predict the future purchase decisions of the customers. It determines how the customers buy goods together and the seller needs to know this pattern as more cross selling opportunity can be created.
For example, if a customer in a general store buys bread, but didn’t buy butter, then he or she is more likely to buy jam as compared to someone who didn’t buy bread.
Local Book store can create an application for market based analysis based on lift. A lift compares products and shows the relative increase or decrease in base probability of one product when other products are purchased.
When two items have a lift of 7:
- As it can be seen that the lift is 7, it indicates that there is an increase of 7 times in the base probability of one product, when the other product is purchased.
- The bookstore should make certain arrangements for these two products to be bought together, may be placing them next to each other or by giving various discount or other lucrative offers.
When two items have a lift of 0...
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Chapter 9 Solutions
Using MIS (10th Edition)
Ch. 9.3 - Prob. 1EGDQCh. 9.3 - Prob. 2EGDQCh. 9.3 - Prob. 3EGDQCh. 9.3 - Prob. 4EGDQCh. 9.6 - Prob. 1BFSQCh. 9.6 - Prob. 2BFSQCh. 9.6 - Prob. 3BFSQCh. 9.6 - Prob. 4BFSQCh. 9.9 - Prob. 1SGDQCh. 9.9 - Prob. 2SGDQ
Ch. 9.9 - Prob. 3SGDQCh. 9.9 - Prob. 4SGDQCh. 9.9 - Prob. 5SGDQCh. 9.9 - Prob. 9.1ARQCh. 9.9 - Prob. 9.2ARQCh. 9.9 - Prob. 9.3ARQCh. 9.9 - Prob. 9.4ARQCh. 9.9 - Prob. 9.5ARQCh. 9.9 - Prob. 9.6ARQCh. 9.9 - Prob. 9.8ARQCh. 9.9 - Prob. 9.9ARQCh. 9 - Prob. 9.1UYKCh. 9 - Prob. 9.2UYKCh. 9 - Prob. 9.3UYKCh. 9 - Prob. 9.4UYKCh. 9 - Prob. 9.5UYKCh. 9 - Prob. 9.6UYKCh. 9 - Prob. 9.7UYKCh. 9 - Prob. 9.8UYKCh. 9 - Prob. 9.9CE9Ch. 9 - Prob. 9.1CE9Ch. 9 - Prob. 9.11CE9Ch. 9 - Prob. 9.12CE9Ch. 9 - Prob. 9.13CE9Ch. 9 - Prob. 9.14CE9Ch. 9 - Prob. 9.15CE9Ch. 9 - Prob. 9.16CS9Ch. 9 - Prob. 9.17CS9Ch. 9 - Prob. 9.18CS9Ch. 9 - Prob. 9.19CS9Ch. 9 - Prob. 9.22MML
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