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4c414 Imagine you are leading a management team for a retailer in Singapore. You are keen to understand the types of customers who frequent, or could potentially frequent, your store.
You believe that there are several distinct market segments. Considering this, you are contemplating designing your services to better attract a few profitable market segments or to differentiate your services (such as promotions or events) across these market segments. To achieve this, you've instructed your management team to conduct market research and survey potential customers.
To achieve this, you've instructed your management team to conduct market research and survey potential customers.
From this market research, you've gathered data on six variables, collected through six survey items. These items relate to shopping behaviors, preferences, household income, and frequency of store visits. Household income is measured in SGD. The survey items, originally comprising multiple questions per item, are measured on a 101-point scale ranging from 0 to 100. Higher scores on this scale indicate a greater level of agreement with the provided statements. These measurements have subsequently been rescaled to an 11-point scale, which runs from 0 to 10.
Here are the variables:
row index: customer_id
incomeSGD: The household income of the respondent
n_visits: How often they visit the store
survey1: Shopping is fun
survey2: Shopping is bad for your budget
survey3: I combine shopping with eating out
survey4: I try to get the best buys while shopping
survey5: I don't care about shopping
survey6: You can save a lot of money by comparing prices
Your task is to use this data to identify and understand the different customer segments.
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