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Data Science Techniques - PDF

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Added on  2021-06-17

Data Science Techniques - PDF

   Added on 2021-06-17

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1.Executive summary1.1Purpose of studyIn this paper, we will explore different data science techniques for our E-commerce company Neon Inc , in order to determine the relationship between various variables in the company’s business operations so as to suggest new ways to the executive on coping up with the emerging competition, increasing sales and aggravating the company image. We will ascertain the classification and analysis methods used in data mining and data analysis to be used in a business decision-making process. In ourstudy we will use the “supervised machine learning algorithm” under which we employ logistic regression for our classification and use regression to develop a predictive model to suit our analysis objectives. We will also explore the distribution of our data to general insight on the data and also examine the performance of each product segment in the different markets.1.2General findingsAfter our analysis we made the following major deductions:i.Use of new advertising methods may create new product awareness enabling expansion of our marketsii.Due to high demand in the regions that we are conducting business, more exportation to such regions will increase sales volumesiii.Adoption of customer incentives may foster consumer loyalty to our company brand and therefore encourage return purchases.1.3Research designFor easy exploration, our paper will be divided into:
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i.List of Abbreviations and assumptions made ii.Introduction iii.Research Methodology iv.Analytical Findingsv.Recommendations vi.Implementation plan vii.Conclusions1.4Limitations of studyThere were a number of limitations to our data analysis endeavour, including:i.Small sales record period of between 2015 and 2018 which may fail to show the trend of sales development over the yearsii.Using Inc number of variables (10), some of which may not show relationships and therefore won’t provide useful insights to our questionsiii.We do not have data from competitors, therefore data projection and comparison for our competitors will be entirely speculative
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Table Of Contents2. Abbreviations and assumptions..................................................................................52.1 Assumptions.............................................................................................................52.2 Abbreviations and key words...................................................................................53. Introduction................................................................................................................63.1 About Neon Company..............................................................................................63.2 Business problem.....................................................................................................64. Research Methodology...............................................................................................74.1 Data..........................................................................................................................74.2 Demography.............................................................................................................74.3 Research Instruments...............................................................................................85. Results and Analysis of Findings...............................................................................95.1 Exploratory Analysis................................................................................................96. Assessment Of Results.............................................................................................177. Recommendations....................................................................................................198. Implementations of recommendations.....................................................................209. Conclusion................................................................................................................2110. Bibliography...........................................................................................................2211. Appendix................................................................................................................24
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2.Abbreviations and assumptions2.1AssumptionsThe following assumptions were made for our study:All products were at least shipped to the five market regions covered by Neon companyAll the sales indicated were correct from the initial entriesGross profit is generally unaffected by excessive expense revenue and therefore are indicative of general returns from salesThere were different market needs for different market products in the different market segments2.2Abbreviations and key wordsAbbreviationsIn our study the abbreviations used include: CSR- corporate social responsibility, PLS-Partial Least Squares, SEM - Structural Equation Modelling, Corporate ability- CA.KeywordsMeta-data, Logistic Regression, Machine learning, Data mining, Regression, consumer motivation, regional scaling, Ordinary least squares
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3.Introduction1.1Background InformationThe business world, like any other autonomous set-up, is competitive and ever-changing. Most often, the changes may include structural changes, tactical changes, strategical changes etcetera. Therefore, for a business firm to be able to sustain itself in the market, it ought to adopt itself in such a way that it is dynamic enough to keep up with different market needs and flex itself to meet them. In an article on strategic marketing, Zare et al.(2018) note that there are a number of factors that influence consumer interests. Further, they argue that “motivations, inhibitors, and co-creation tools preference vary according to the consumer segment...” The varying consumer needs breed a number of business problems. Some of which include:i.What product most likely to be bought and where?ii.Which is the optimal price to ensure both consumer fairness and optimal profits for the firm?iii.What are the factors that promote salesIn order to answer such questions, the executive may opt for drawing inferences owing past statistics and therefore employ data analysis.3.1About Neon CompanyNeon company is a leading international e-commerce company specialized in the supply of:i.Electronic gadgets
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ii.Toysiii.Clothesiv.Booksv.Household ItemsOur main marketing regions include: Asia, Africa, Europe, North and South America. We supply for both wholesaler, retailer, and consumer purposes3.2Business problemIn the past three years, venture into the e-commerce field of business has been rising due to its lucrative prospects. Pressure from the shareholders on the executive to improvise strategies to ensure more profits in order to increase share value and stock returns, prompting the executive to review its strategies and the emergence of new competitors has posed a challenge due to a shared market thus affecting our sales avenues. Thereby requiring new techniques to counter competition and ensure sales growth.Hopkins and Swift (2008) argue that “most common strategic problems relate to threats from new technology, and new competitors...” and that the existing threats originate mostly from outside the firm. Our strategic problem includes that of : which of our company product to increase sales volumes and to what region in order to ensure more sales and profits consequently. Also we need to innovate more ways withwhich to engage in business so as to be able to have an upper-hand in the current competition of the e-commerce space.With the obtained insights, the company hopes to restructure its strategies and priorities to accommodate more shipping to sales promising regions.
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