Cluster Analysis In Market Research: Quick Guide
Cluster analysis is a market research technique used to group customers or potential customers into homogeneous groups, or clusters, based on their similarities.
This can be done using demographic information, such as age, gender, income, or location, or it can be done using behavioral information, such as how often they purchase a product or what brands they prefer.
Once the clusters have been identified, the market researcher can then target marketing efforts to specific groups, rather than trying to appeal to everyone equally.
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What Is Cluster Analysis And Why Is It Important In Market Research?
Cluster analysis is a method of data analysis that is used to identify groups of related data points. The purpose of cluster analysis is to help researchers understand the underlying structure of a data set and to group data points together based on their similarities.
Cluster analysis is an important tool for market research because it can help researchers understand the behavior of consumers. By grouping consumers into…
