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Marketing research
Lecture 5
| Question | Answer |
|---|---|
| Segmentation 1 | - identifying groups of customers - typical data: cross-sectional - behavioral data |
| Segmentation 2 | - identifying groups of products - typical data: product traits |
| What is the purpose of cluster analysis? | to reduce a sample of objects in a smaller number of homogeneous groups based on a set of active variables |
| What are active variables? | are used to cluster the consumers or products |
| What are passive variables? | are used to describe the groups after segments have been found. |
| What determines similarity? | Euclidean distance |
| Linkage methods of clustering | - single linkage: minimum distance - complete linkage: Maximum distance - average linkage: average distance |
| Other agglomerative cluster methods | - ward's procedure: minimizes within cluster variance - centroid method: means |
| When to stop linking consumers or products | -when combining loses too much information -assuming two groups are the same = losing information - two main decision methods for information loss: 1. agglomeration schedule 2. dendogram |
| Agglomeration schedule | from n clusters to 1 cluster Coefficient expresses how much information is lost when items are clustered |
Created by:
janasultan
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