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Consumer Behavior Analysis Research Project
Consumer Behavior Analysis Research Project
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Consumer Behavior Analysis Research Project
The modern consumer behavior perspective is just the same as the traditional consumer behavior perspective.
Our project is consumer behavior analysis. Research has been conducted and presented on the behavior of consumers and how the data obtained is important in solving real-world problems. In analyzing consumer behavior in this paper, we will embrace data mining techniques. Each data mining technique has its pros and cons. For this reason, we will choose the best technique to mine our database.
The main objective is identifying psychological conditions that affect customer’s behavior at the time of purchase and the key data mining tool that is convenient for each method of purchase. Furthermore, there is an association rule that is employed in customer mining from the sales data in the retail industry.
Significance of analysing consumer behaviours.
Analyzing consumer behavior is important as the data obtained is converted to a format that is statistical and a technical technique is used to analyses the data (Stoll, 2018). Business enterprises also use the knowledge of consumer behavior in the following ways:
- Determining the psychology of consumers in terms of their feeling, reasoning, and thinking and how best they can choose between the alternatives.
- Businesses also determine how the business environment affects consumers’ mindset.
iii. Businesses can determine the behavior of customers at the time of purchasing their goods and services.
- Companies also find out how customer motivation affects customers’ choice of goods of utmost importance.
- Finally, business finds ways of improving their marketing strategies based on the available data that they will gather.
The modern consumer behavior perspective is just the same as the traditional consumer behavior perspective. The patterns used by consumers in the day to day lives are also applicable in the online context. Koufaris (2002) in his article argues that online consumer behaviors are similar to traditional behaviors.
However, online consumers have additional advantages as besides being customers, they easily access the information about the goods and services they want. The contents of our datasets pertaining the consumer behaviors can be found in Montgomery, li, srinivasan, and liechty (2004.)
In the present world, a normal consumer is regarded as a constant generator whom his or her data is treated in diverse contexts as unstructured, contemporary and behavioral. The volume of the customer data and how rapidly the data is generated affects how the data is generated and interpreted. The large volumes of generated data have caused data scientists to look for a format of making the data easy to be interpreted by common people (roll, 2019).
Large volumes of data are complex and there is a need for sophisticated techniques to aid data management and visualization. Unprecedented volumes of data have caused data to be more complex. Big data analytics is inevitable in the present world to aid in business decision making.
Clickstream data is among the key types of consumer behavioral data. This type of data is collected by the server from the electronic record of the website (nimalendran, 2017). This type of data concerns the number of clicks that customers make when visiting the website. This data gives an insight of the navigated pages. Text data is the second format that caters to the naturalist of the emails, webpages and other posts of social media.
Using online consumer data is through path analysis. This is the navigational path based on website insights. The data analytics in this sense gives the follow-up events up to the point the customer decides to buy the goods and services. The prediction of the customers’ behavior aims, interests and knowledge can be determined in this case. The ability of the business to use customer data in making decisions is explored in the discipline of customer analytics.
Implementation of customer behaviour data set.
In the implementation of the consumer behavior data set, we embrace customer behavior modeling in coming up with the mathematical representation of the common behaviors that we observed from the groups of customers that we observed. These representations are important in that it will give us a prediction of how customer’s behavior will be given the same circumstances.
In the present competitive world, no business can survive without predictive analytics. Since we are living in a competitive world, the survival of the businesses will greatly depend on predictive analytics. The main aim of business analytics is to work on the profitability of the business.
Ml application in data algorithms requires one to understand the type of data he or she will be dealing with. If a data scientist is a novice, there will be a high possibility that the ml model will not succeed. Explanatory data analysis (EDA) is mandatory and it is performed following three visual methods.
The three visual methods of EDA include text analysis, volumetric analysis, and time pattern analysis. In volumetric analysis, customer behavior is categorically done based on the numerical features of data (garvy, 2015).
This visual method is important in the analysis of bi-variate and variate data. Another visual method is the time pattern analysis which is based on the format of time and date. In principle, text analysis is embraced in many companies as it incorporates all text data characteristics. This text analysis is like n-gram and word cloud.
Customer behavior data mining techniques
There is a correlation amid the sets of data in this technique. Catalog design and loss leader analysis are the results obtained from the transactional records of this data technique.
Market basket analysis is what a researcher will get from the association of rule mining. This technique is keen on the customer habits of purchase depending on the available items of purchase. This information is important to retailers as it will aid in their ability to coming up with good marketing strategies.
For instance, a trip to the supermarket to buy greens will need that the customer also buys onions and tomatoes as they will go hand in hand. This helps retailers utilize their shelf space well and hence improve their sales.
In the current world, an ordinary shopper is viewed as a steady generator whom their information is treated in differing settings as unstructured, contemporary and conduct. The volume of the client information and how quickly the information is produced influences how the information is created and deciphered. The huge volumes of produced information have made information researchers search for an arrangement of making the information simple to be deciphered by average folks.
Huge volumes of information are perplexing and there is a requirement for modern strategies to help information the executives and representation. Extraordinary volumes of information have made information increasingly mind-boggling. Enormous information investigation is unavoidable in the current world to help in organizations dynamic
Garvy, g. (2015): “rivals and interlopers in the history of the New York security market,” journal of political economy, 52(2), 128-143.
George, t.j., g. Kaul and m. Nimalendran (2017): “estimation of bid-asks spreads and its components: a new approach,” review of financial studies, 4(4), 623-656.
Roll, r. (2019): “a simple implicit measure of the effective bid-ask spread in an efficient market,” journal of finance, 39(4), 1127-1139.
Stoll, h.r. (2018): “inferring the components of the bid-ask spread: theory and empirical tests,” journal of finance, 44(1), 115-134.
Consumer Behavior Analysis Research Project
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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