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What is Cluster Analysis for Market Segmentation about?

Cluster analysis is a technique used to segment a market. It involves several steps: 1. Standardize the dataset variables to ensure each has equal effect on cluster selection. 2. For more than two variables, decide the number of clusters and select initial cluster anchors. 3. Use a solver tool to iteratively assign data points to clusters to minimize the distance between points and their cluster anchor, finding the optimal cluster configuration. The number of clusters can be varied to determine the right

Author

nambi2rajan

Language

EN