Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistical Techniques in Business and Economics

Authors: Douglas A. Lind, William G Marchal

17th edition

1259666360, 978-1259666360

More Books

Students also viewed these Mathematics questions

Question

What are the mean and variance of the chi-square distribution?

Answered: 1 week ago