12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Market research is the systematic collection, analysis and interpretation of information about a particular market, industry or product or service. Market research can help companies develop new products and services by gathering information about consumer needs and wants. It can also help strengthen the company's competitiveness by providing information about the competitive landscape.
12/06/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Cluster analysis is a descriptive statistics technique used to form similar groups of objects. It is a procedure in which data points that are similar with respect to certain characteristics are grouped together. The goal of cluster analysis is to create groups that are as homogeneous as possible. Cluster analysis can be used in various application areas such as market research, demographic analysis, medical research and credit.
12/04/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
Neuromarketing is a newer discipline of market research that examines the link between consumer behavior and deeper psychological and neurological processes. Neuromarketing uses technologies such as functional magnetic resonance imaging (fMRI), electroencephalography (EEG), and other techniques to study human behavior as they interact with brands. This provides deeper insight into the psychological and neurological mechanisms that influence behavior. Neuromarketing can help companies better understand how consumers respond to different aspects of their brand and thereby develop better marketing campaigns.