Question
Cluster Analysis
Answer :
Word Count : 270
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Cluster analysis is a statistical technique used in marketing research to group a set of objects, such as consumers or products, into clusters based on their similarities or characteristics. The main objective is to ensure that objects within the same cluster are highly similar to each other, while objects in different clusters are as distinct as possible. This technique helps marketers identify patterns in consumer behavior, segment markets, and tailor marketing strategies effectively. In marketing research, cluster analysis is widely applied for market segmentation. For example, consumers can be
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