C207 Task 1

C207 Task 1

  • Submitted By: tazdinox
  • Date Submitted: 06/16/2016 9:00 PM
  • Category: Business
  • Words: 538
  • Page: 3

PROMPT RESPONSE
A.
Describe a real-world
business situation that could
be addressed by collecting
and analyzing a set of data.
Understanding the type of customers in specific industries is
very important to a business. This can be achieved by
utilizing customer segmentation through the identification of
unique clusters (Arthur, 2013). By doing so, companies can
customize products and services to suit each cluster. Data
collected can be used to create marketing strategies to
attract more customers to the insurance agency. For
example, customers can be grouped based on their views on
what a good insurance policy should consist of. Generally,
pricing and branding are the two most common criteria to
consider while trying to group customers into appropriate
clusters for targeted selling (Arthur, 2013). This will ultimately
improve efficiency and save cost for the agency.
A1.
Summarize one question or
decision relevant to the
real-world business
situation you will answer by
collecting and analyzing a
set of data.
A question that is relevant to this case is the types of
customer clusters that exist in the insurance industry. This
will be determined by the different aspects customers put
emphasis on while purchasing an insurance policy.
A2.
Explain why the situation or
question would benefit from
a data analysis.
Data analysis will be used to classify customers depending
on the types of coverage or policy in the aim of targeting
marketing strategies, increasing efficiency, and reducing
expenses.
A3.
Identify data you will need
to collect that is relevant to
the situation or question.
Note: A sample size of 30
or more is suggested to
provide a statistically
reliable finding.
Age, sex, types of policies, insurance coverage, insurance
features and services, cost, and consumers’ lifestyle.
Reviews obtained from the Internet regarding each
insurance carrier will also be added onto the record in order
to enrich the agency’s...

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