Which of the following is a function of market basket analysis?
A)understanding behavior patterns of customers as they buy multiple items
B)helping retailers group customers from a certain geographical area
C)understanding strengths and weaknesses of competitors in the market
D)improving quality of a product after analyzing a competitor's high-in-demand product

Question

Quizplus · Accepted Answer

Market basket analysis looks at the purchasing patterns of customers as they buy multiple items, allowing retailers to understand their behavior and preferences. The goal is to identify relationships or affinities between products that customers tend to purchase together. This allows retailers to better target their marketing and promotional efforts, optimize product placement in stores, and improve cross-selling and up-selling opportunities.

Which of the Following Is a Function of Market Basket