10 Questions
What is the primary challenge in using a dendrogram to identify clusters?
Selecting the optimal number of clusters
Which type of data can be used with hierarchical clustering?
A mixed set of categorical and numerical data
Why is it important to standardize data before performing hierarchical clustering?
To ensure that all variables are on the same scale
What is the primary goal of the case study on online perfume and cosmetic sales?
To analyze customer behavior and segment the market
How many customer segments were identified in the case study?
Four
What is the annual revenue of the online perfume and cosmetic industry?
$16.2 billion
What programming language was used to explore the data in the case study?
Python
What is the primary benefit of using cluster analysis in the case study?
To more effectively engage customers in marketing campaigns
What is the expected outcome of the market analysis in the case study?
Increased revenue growth
What is the role of the Chief Marketing Officer in the case study?
To understand customer behavior
Learn about cluster analysis and market segmentation, dividing consumer and business markets into smaller groups with shared characteristics. Understand how companies can benefit from segmenting their markets.
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