marketing manager for a company that makes ready to eat brea

marketing manager for a company that makes ready to eat breakfast cereals. Your company recentley initiated a loyalty program for consumers. My first step is to conduct an exploratory baseline analysis, the goal of which to describe the buyer vase and estimate statistical descriptors of the said buyer base I am particularly interested in the size of individual purchases, as well as the frequency of repurchases. Describe the individual statistics you would compute and discuss what would you learn from each statistic that would be value in designing effective promotions.

Solution

to identify the buyer base it would be helpful if a market survey is conducted on a small scale. This will help us to identify potnetila and exisiting customers.

To find the size of individual purchases taking mode of the consumer bills. this mode wll give us the average of the purchases.

to identify frequency of repurchases, we can take exisitng data set and form a frequency distribution. This will help us to find the frquency of repurchases, adn this data can be taken according to time, hence we can conduct time series analysis for further analysis