Market Basket Analysis
A data mining technique used to discover relationships between items purchased together, often used in retail to optimize product placements.
Implications
A data mining technique used to identify patterns of co-occurrence among products purchased together, often used in retail to inform cross-selling strategies, product placement, and promotional activities, relevant in marketing and sales analytics.
Example
Example: A supermarket conducts a market basket analysis and discovers that customers who buy bread are also likely to buy butter, leading the store to place these items near each other and offer combined discounts to increase sales.
Related Terms
Different from general sales analysis, which might focus on overall trends and volumes, market basket analysis specifically looks at the relationships between products purchased together, providing insights for optimizing product placement and promotions.
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