Understand one of the most popular clustering methods

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How many types of customers are there on the market? How many types of players are there in the NBA? How many types of students are there in the Ivy League schools?

There are many questions in real life like these — the questions that are trying to understand the types of people (as well as objects) in a particular setting. By understanding what types of people that we’re interested in, we can develop corresponding strategies to address our particular needs.

For instance, let’s say that marketing research in general has found that there are two types of customers on the market — one more sensitive to price increases and the other less sensitive to price increases. By studying the customers of your product, you can decide if you want to increase your product price or not to cover the increasing cost. Suppose that if most of your customers are price sensitive, you should be more cautious about the potential drop in sales if you do decide to increase your prices. …

About

Yong Cui, Ph.D.

Work at the nexus of biomedicine, data science & mobile dev. Love to write on these technological topics. Follow me @ycui01 on Twitter to get latest articles.

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