Question: Give examples that help fit your point. In your own words, explain the objective and basic concept of cluster analysis and segmentation. What are the

Give examples that help fit your point.

  1. In your own words, explain the objective and basic concept of cluster analysis and segmentation.
  2. What are the differences between hierarchical and partitioning methods? When do we use hierarchical or partitioning methods?
  3. What clustering variables could be used to segment: The market for smartphones? The market for chocolate? The market for car insurance?

How these variables will help in improving a company's performance? Explain in detail.

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