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Market Segmentation and Cluster Analysis

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Market Segmentation and Cluster Analysis

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Questions and Answers

What is the primary challenge in using a dendrogram to identify clusters?

Handling missing values in the dataset

Determining the correct distance metric

Selecting the optimal number of clusters (correct)

Dealing with high-dimensional data

Which type of data can be used with hierarchical clustering?

Only standardized data

Only categorical data

Only numerical data

A mixed set of categorical and numerical data (correct)

Why is it important to standardize data before performing hierarchical clustering?

To improve the accuracy of the clustering algorithm

To reduce the impact of outliers

To reduce the dimensionality of the data

To ensure that all variables are on the same scale (correct)

What is the primary goal of the case study on online perfume and cosmetic sales?

To analyze customer behavior and segment the market Signup and view all the answers

How many customer segments were identified in the case study?

Four Signup and view all the answers

What is the annual revenue of the online perfume and cosmetic industry?

$16.2 billion Signup and view all the answers

What programming language was used to explore the data in the case study?

Python Signup and view all the answers

What is the primary benefit of using cluster analysis in the case study?

To more effectively engage customers in marketing campaigns Signup and view all the answers

What is the expected outcome of the market analysis in the case study?

Increased revenue growth Signup and view all the answers

What is the role of the Chief Marketing Officer in the case study?

To understand customer behavior Signup and view all the answers