Which of the following is one of the most common and useful types of data mining for marketing?

Question

A. Goal seeking analysis

B. Market basket analysis

C. Optimization analysis

D. Sensitivity analysis

Answer 1

The correct answer is option B (Market Basket Analysis). Market basket analysis (MBA) is a method commonly used data mining technique in the marketing industry to find the patterns and associations between the items. Market Basket Analysis method looks for the combinations of products that are frequently purchased together by analyzing transactional data. In short, Market basket analysis uses joint purchasing patterns for more correlated products.

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