In a general sense, a cluster is a term used for a group of similar objects or people existing or occurring closely together. Usually, within a larger population of similar and dissimilar data objects, clustering focuses on grouping these objects into smaller groups.
Today, the concept of clustering is widely applied in business analytics. Businesses are tasked with the challenge of identifying patterns in the vast, unstructured data they collect and organizing them into sensible structures. In other situations, they also have to extract smaller homogeneous groups from a larger heterogeneous population.
With cluster analysis, an exploratory data analysis tool, businesses can explore vast, unstructured volumes of data, and sort data objects into groups according to the degree of association between them.
Hyperbolic discounting is a tool that’s being utilized by neuro-economists and advertisers to determine the customers’ preference between varying options based on value and time. The anchoring theory revolves around the certainty that a consumer’s behavior would be altered if the reward time of any good, service, or product is pushed further in time. To put more plainly, hyperbolic discounting holds that consumers would pounce on high prices for goods that’ll arrive sooner than wait for a cheaper price for goods that’ll arrive much later.
Modern Technology has infiltrated every component of human civilization and advertising is not left out. Marketers and Artificial Intelligence researchers have since incorporated deep learning algorithms into the delivery of adverts to existing and potential consumers across various platforms, using existing data. However, an undeniable level of bias thrives under the algorithms, thereby, altering the goals and intentions of targeted ads. Also, the bias being perpetrated by existing designs of deep learning is somewhat discriminatory and doesn’t reflect the views of modern socio-political events.
The world is rapidly changing, in fact at a pace that’s quite daunting and unprecedented. Information, innovation and technological developments, population change, dynamics of economic power, environmental changes and evolving consumer values all affect nearly every industry worldwide. This evolution and paradigm shift has affected everything we do, and how many things are done, and market research is not excluded.
Today, the market research industry is also responding to the changes in the trends of information, communication, and advertisement and branding. These trends ultimately determine the efficacy of a marketing campaign, strategy or plan. Hence, it’s important and helpful to look out for them because of their huge impact.
There is a general mood of melancholy across the world around COVID-19 pandemic. Many lives have been disrupted, some with no way out. A sense of doom prevails for many and many are struggling to make ends meet.
However, there are a few bright spots that seem to be thriving in the current scenario. Despite the gloom, they are doing well and are facing spikes in demand for their products and services in these testing times.