Market Basket Analysis Quiz

What is the primary goal of using Market Basket Analysis in an online store?

• To decrease customer purchase frequency

• To increase the store's turnover by suggesting additional products

• To limit customer choices

• To reduce the number of products in the store

What does Market Basket Analysis help determine?

• The total sales of the store

• The likelihood of a customer buying a product if they have another in their cart

• The most expensive products in the store

• The least popular products

What is required to perform a Market Basket Analysis?

• A list of customer complaints

• A list of store employees

• A list of future product launches

• A list of past purchases showing products bought together

In Market Basket Analysis, what does 'support' measure?

• The average price of products

• The number of customers visiting the store

• The percentage of transactions that include a specific product combination

• The total number of products in the store

What is an association rule in Market Basket Analysis?

• A rule that determines the price of products

• A rule that predicts the likelihood of buying a product based on another product

• A rule that sets the store's opening hours

• A rule that limits the number of products a customer can buy

How is 'confidence' calculated in Market Basket Analysis?

• By dividing the total sales by the number of products

• By dividing the frequency of a product pair by the frequency of the first product

• By multiplying the number of transactions by the number of products

• By adding the number of products in a transaction

What does 'lift' indicate in Market Basket Analysis?

• The total number of products sold

• The decrease in product prices

• The number of new customers

• The increase in probability of buying a product if another is already bought

What does 'frequency' refer to in Market Basket Analysis?

• The number of times a product is discounted

• The number of times a product is returned

• The number of times a product is advertised

• The number of times a product pair appears in transactions

What is a potential risk of using Market Basket Analysis incorrectly?

• It can lead to a decrease in product prices

• It can result in inaccurate future analyses if suggestions are made based on current analysis

• It can increase the number of products in the store

• It can reduce the number of customers

Why is it important to have a critical view of Market Basket Analysis results?

• Because it can lead to increased product prices

• Because it can result in biased suggestions if not used carefully

• Because it can reduce the number of products in the store

• Because it can increase the number of employees