LESSON 2 (ANALYZING CONSUMER DATA)

Question 1

● Processing and interpreting the data to extract
meaningful insights that can inform business
decisions.
● Notaone-time activity

Answer 1

Analyzing Consumer Data:

Question 2

● It is Before analysis
● It Remove errors, inconsistencies, and outliers.
● It Ensures the accuracy and reliability of the
analysis.

Answer 2

1. Data Cleaning

Question 3

It summarizes the data using measures:
➢ Mean
➢ Median
➢ Mode
➢ Standard Deviation
● Helps in understanding the basic features of the
data

Answer 3

2. Descriptive Analysis

Question 4

● Draw conclusions about a population based on a
sample.
● Techniques:
➢ Hypothesis Testing
➢ Regression Analysis
➢ Analysis of Variance (ANOVA)

Answer 4

3. Inferential Analysis/Statistics

Question 5

● Dividing consumers into distinct groups based
on shared characteristics (demographics,
behavior, psychographics).
● Helps businesses target specific groups more
effectively.

Answer 5

4. Segmentation Analysis

Question 6

● Uses historical data to predict future consumer
behaviors (trends and outcomes).
● Techniques:
➢ MachineLearning
➢ Regression Models
➢ TimeSeries Analysis

Answer 6

5. Predictive Analytics/Modeling

Question 7

● Communicate findings clearly and effectively,
making it easier for stakeholders to understand
and act on the insights.
● Visual Aid:
➢ Charts
➢ Graphs
➢ Dashboards

Answer 7

6. Data Visualization

Question 8

● Ensure that businesses remain responsive to
changing consumer behaviors and market
conditions.

Answer 8

7. Continuous Monitoring and Updating of Data