The study of individuals, organizations, or communities and the practices they adopt in order to select, gather use, and and dispose products, services experiences, or ideas for satisfying their desires and needs is referred to as consumer behavior. Companies require to understand consumer behavior so as to successfully adapt their services, products, and outreach strategies to meet the preferences of their customers. A McKinsey research concludes that firms who have implemented consumer insights into their analysis experience a 126% boost in profitability as compared to others. This prioritizes the need of consumer behavior insights for the purpose of improving company’s decision-making, maximizing customer satisfaction, and eventually increase revenue.
Understanding consumer behavior is concerned with cultural, social, personal and psychological factors affecting consumer buying decisions, thus assisting organisations in
Analyzing data on consumer behaviour is significant for economics students, especially those students who use spss to conduct analysis to find powerful insights.
Statistical Package for the Social Sciences (SPSS) is a versatile statistical tool preferred for its complex data analysis capabilities. Regression, factor analysis and cluster analysis are some of the statistical techniques that the software can perform making it best suited for consumer behaviour analysis.
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Discriminant Analysis is a type of statistical methods for separating observations into predefined groups or classes. It is especially applicable in consumer behaviour to classify consumers and make projections about distinct consumer segments according to their characteristics and preferences. For example, a firm may seek to identify characteristics that separate one-time users from frequent buyers or what features make customers prefer one brand over others. For this reason, discriminant analysis helps the businesses to devise targeted marketing strategies and develop customer-centric products/services.
To perform discriminant analysis in SPSS, follow these detailed steps:
Ensure that your data is properly structured and cleaned. Discriminant analysis requires at least one categorical dependent variable (e.g., customer type: loyal vs. non-loyal) and multiple other continuous independent variables (e.g., age, income, frequency of purchase).
Open SPSS and import your dataset. You can do this by selecting File > Open > Data and then choosing your file.
Discriminant analysis assumes multivariate normality, homogeneity of variance-covariance, and linearity. Checking these assumptions in advance are highly important. Perform Box’s M test in SPSS for homogeneity of covariance matrices and to check the data normality.
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