Using MIS (9th Edition)
9th Edition
ISBN: 9780134106786
Author: David M. Kroenke, Randall J. Boyle
Publisher: PEARSON
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Expert Solution & Answer
Chapter 9, Problem 9.5UYK
Explanation of Solution
Use of knowledge about Lift for major national big-box stores:
- Market basket 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.
- A lift compares products and shows the relative increase or decrease in base probability of one product when other products are purchased.
- If one can know all the items that have a high lift then he or she can take advantage of that knowledge.
- The store can have lucrative offers and discount on one item with the added knowledge that the probability of sale of the related item also increases by a lot.
- The store put the items together physically or sells both the items in a combo package knowing that most likely both the items will be purchased together.
For example:
One can place a particular brands conditioner along with the same brands shampoo as a combo package knowing the probability that if a customer purchases shampoo, he or she is most likely to buy conditioner of the same brand...
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Chapter 9 Solutions
Using MIS (9th Edition)
Ch. 9.3 - Prob. 1EGDQCh. 9.3 - Prob. 2EGDQCh. 9.3 - Prob. 3EGDQCh. 9.3 - Prob. 4EGDQCh. 9.3 - Prob. 5EGDQCh. 9.9 - Prob. 1SGDQCh. 9.9 - Prob. 2SGDQCh. 9.9 - Prob. 3SGDQCh. 9.9 - Prob. 4SGDQCh. 9.9 - Prob. 5SGDQ
Ch. 9.9 - Prob. 1DMRWCh. 9.9 - Prob. 2DMRWCh. 9.9 - Prob. 3DMRWCh. 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. 9.10CE9Ch. 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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