Question: LSPMA often generates large databases through its research studies. These databases contain large numbers of variables as well as large numbers of respondents. In analyzing
LSPMA often generates large databases through its research studies. These databases contain large numbers of variables as well as large numbers of respondents. In analyzing these data sets, LSPMA often has two objectives: (1) reducing the number of analytical variables into a few smaller groups of inter-related variables; and (2) using this smaller set of variables to group people into different market segments. To achieve the first analytical objective, LSPMA would use __________; and to achieve the second analytical objective, LSPMA would use __________. a. Cluster analysis ... factor analysis. b. Factor analysis ... cluster analysis. c. Focus groups ... experiments. d. Scanner data ... conjoint methods
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