Join Barton Poulson for an in-depth discussion in this video Explore market segmentation, part of The Data Science of Retail, Sales, and Commerce.
- [Lecturer] Have you ever been to a movie…and, based on the previews, realizing…that you were not the person this movie was intended for?…That's an example of different audiences…and different products developed for those audiences,…and this is an example of the general principle…of market segmentation.…The idea here is to find groups in your customers,…and what this allows you to do…is adapt your message to those groups…that are most likely to react positively.…In terms of creating these groups…there's a few general categories of information you can use,…you can look at geographic and demographic,…you can look at cultural information,…psychographic information, and behavioral.…
I'll give you examples of each of these.…First one is geographic and demographic,…this is where you're looking at things like the country…they live in, the state or the city,…maybe the zip code or even the census tracts,…and for demographics you look at things like age and gender,…race or ethnicity, education, income,…these are really common ways of breaking people up…
- Data fundamentals
- Retail, sales, and marketing data
- Analyzing consumer sentiment
- Exploring market segmentation
- Evaluating leads and customers
- Getting recommendations from engines
- Pricing dynamically
- Predicting trends
Skill Level Intermediate
Q: This course was updated on 04/02/2018. What changed?
A: We added one video on data science careers in retail and sales.