With the rise of social media such as blogs and social networks, these interpersonal communication expressed by online reviews has become more and more important as an influential source of information both for the managers and for the consumers. In-depth purchasing-related information is made available to markers. Now we can utilize this new source of information to understand how consumers evaluate products and make decision in relation with it. Since reviews are text data, new ways to analyze the data is needed and text-mining plays the role here together with the help of traditional statistical methods. With these methods, we can examine the contents of reviews and identify the key areas that impact consumers’ decision-making.
Part of the book: Application of Decision Science in Business and Management