Question: Compute and report the characteristics of the affinity - based segment for Product 3 ( our candidate as given above ) . Report the characteristics

Compute and report the characteristics of the affinity-based segment for Product 3
(our candidate as given above). Report the characteristics in terms of the following
descriptors: IPr, Iin, ICp, ICl, ICn, IBr, I*pPr30, I*pPr10, I*pPr05, I*pIn0.5, I*pIn1,
I*pIn3, I*pCp12, I*pCp20, I*pCp32, I*pClD, I*pClF, I*pClE, I*pCnSl, I*pCnSp,
I*pCnLk, I*pBrA, I*pBrB, I*pBrC, and the demographics income, age, sports and
gradschl. For this you need to compute the weighted average of all the columns in the
"for-cluster-analysis" worksheet, weighted by the probabilities given in column BF of
the "mugs-full" worksheet. You should not do this in Excel directly. You are to load
the data into python or R and compute the weighted averages in R or python; this is to
help you build familiarity with these languages and prepare you better for your job.
2. Repeat the step above for the product of brand A and the product for brand B.
Compute also the overall mean for each descriptor (this done by a simple average of
each descriptor across all 311 customers). Compute the log-lifts for all variables for
the affinity based segment for each product and focus on the large positive and
negative numbers to figure out how each segment is different from the other segments
and the overall population average. (You will use these in the next step to come up
with a verbal description that characterizes each segment.)
3. Use your findings from Step 2 above to come up with a verbal description and a
persona story that characterizes each segment. The persona story gives a mental
image to the marketing manager not only in terms of the descriptors in the dataset,
but also in terms of plausible hypothesized characteristics that go beyond the
descriptors available.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Databases Questions!