qualitative data, sensitivity analysis, text analytics
Advertising and Promotion Management Commons, Business Intelligence Commons, Management Sciences and Quantitative Methods Commons, Marketing Commons, Sales and Merchandising Commons, Strategic Management Policy Commons, Technology and Innovation Commons
Qualitative Data Mining and Sensitivity Analysis
In today’s consumer centric environment, there is no shortage of outlets for consumers to express their level of satisfaction with a company, employee, product and/or service. For instance, websites such as Amazon, Rotten Tomatoes, TripAdvisor, Yelp, and Expedia allow customers the opportunity to provide feedback specific to a product, service, and/or organization. Such feedback is vitally important to business firms, as customer reviews are shown to be more trustworthy than descriptions that come direct from manufacturers. For instance, 73 percent of people trust online reviews and 63 percent of people actively seek out online reviews when making a purchase decision. Moreover, social media sites like Facebook, Instagram, and Twitter allow customers to share their customer experiences with a company, brand, and/or product with family and friends which can exert a great deal of influence on their subsequent purchase decisions.