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Answer :
Final answer:
In retail, the primary purpose of Market Basket Analysis is to analyze shopping patterns, such as the combination of items that consumers buy together, aiding in better marketing and stocking strategies. It also serves in economic measures, such as CPI and PPI, by tracking the cost of a standard basket of goods over time to gauge inflation.
Explanation:
The primary purpose of an Average Basket Ring or Market Basket Analysis in retail is b) Analyzing shopping patterns. This analysis involves understanding what items are often purchased together by consumers, and it can help retailers in various ways such as improving product placement, cross-selling strategies, and promotions based on customer purchase behavior. By analyzing the composition of the market basket, retailers can tailor their offerings to better meet the needs of their customers and drive sales through more effective marketing strategies.
The concept of a market basket is crucial for economic measures as well. When economists calculate the price level or measure inflation, they often refer to a basket of goods and services. This basket represents a mix of products that are typically bought by households, businesses, or organizations. The cost of this basket is then tracked over time to understand price changes. The Consumer Price Index (CPI) and the Producer Price Index (PPI) are two indices that use the cost of a predetermined basket of goods to measure inflation and to reflect the average movement of prices over time for consumer and producer goods, respectively.
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