Business Analytics: Text Mining

The amount of information from social media (blogs, Twitter, discussion forums, Facebook, etc.) continuously increases but, our ability to read and analyze remains constant. People can seldom utilize the information from the websites effectively. This exercise will provide you a chance to enhance your qualitative research skills by using the latest skill and knowledge involved in social media and text analytics. Moreover, this exercise will help you understand the process of retrieving valuable information from the huge volume of text-based information on the internet.

The requirements of the project case are established to accomplish several learning objectives. These objectives are to:
1. Understand the importance of the voice of customers in the process of new product development (NPD);
2. Understand the importance of social media and text mining in the process of NPD; and
3. Understand and apply text mining in NPD.

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Scenario:
As a manager of Combi*, you are assigned to take part in the new product development project. New product design and business development can contribute in increasing the company’s competitiveness. As one of the team members, your duty is to help Combi modify the existing stroller design and create a new series for Combi, which emphasizes both the entertainment and safety of the stroller. You are required to coordinate with your team to use social media tools to collect customer feedback that will be provided to you, and to analyze the voice of the customers using text mining tools.

 

1: Taxonomy Building and Quantitative Analysis
In this stage, you will be asked to collect customers’ comments over existing social media websites (note: you will receive a set of pre-collected comment sheets) e.g., Amazon, Taobao. You will receive instructions on how to do taxonomy building. The instructions also include how to classify your collected comments into positive and negative groups. After completing the text highlight manually, you will be asked to use the text mining tool to check those comments by inserting the comments one by one into the system. Then, you need to compare the system-highlighted result with those highlighted manually. After checking your result, you can reconfirm you have highlighted all the related comments. Next, you need to analyze it by grouping the comments into different themes.

2: Design the Stroller and Evaluation
The result from Task 1 will help you design your new stroller on the basis of the voice of the customers.

 

Requirement:
• Plagiarism is strictly prohibited
• Include the Excel forms in the report.

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