What business outcome are we trying to analyse based on customer name etc in terms of quantity and profit relationship? What business value or analysis would it give?
Hi, Providing few business applications of scatter plots specific to question asked. There are many more and mostly comes into mind when playing around with some datasets. >Customer Segmentation: By analyzing customer names and their associated quantities and profits, you can segment your customer base. >Profitability Analysis: Understanding the profitability associated with each customer segment can help businesses focus their resources on high-value customers and tailor marketing strategies accordingly (segment customers and assign certain strategies to specific segments). >Product Performance Analysis: Instead of focusing solely on customers, you can analyze the relationship between specific products and their associated quantities and profits. This helps in identifying top-performing products, understanding their profitability, and making decisions about inventory management, pricing strategies, or product development. >Sales Channel Effectiveness: Scatter plots can be used to compare different sales channels (such as online sales, retail stores, or wholesale distributors) in terms of quantities sold and profits generated. This analysis helps in optimizing resource allocation, identifying underperforming channels, and allocating marketing budgets effectively.
