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Starting or growing a business is a big deal, and like any significant undertaking, it requires careful planning. One of the most important steps in this planning process is conducting a market analysis. But what exactly does that mean? Simply put, a market analysis is a way to gather and understand information about your industry, … Read more
We can all agree that we’re living in a fast-paced and hyper-competitive business environment, which is why understanding your competition is a necessity. Imagine launching a product or service into the market without knowing what your competitors are offering. It’s akin to setting sail without a map, hoping the winds will carry you to your … Read more
Market Basket Analysis (MBA) is a powerful data mining tool used primarily in the retail sector to uncover associations between products. Imagine walking into a supermarket and noticing that peanut butter is often placed near jelly. This isn’t a random decision; it’s the result of an MBA. By analyzing purchase patterns, retailers can gain insights … Read more
