The Data Preparation Technique Used in Market Segmentation to Divide

question 10

Multiple Choice

The data preparation technique used in market segmentation to divide consumers into different homogeneous groups is called

• A)data visualization.
• B)cluster analysis.
• C)market analysis.
• D)supervised learning.

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Definitions:

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and differentiated competition.

Pure Monopoly

A market structure where a single company or entity exclusively controls the entire supply of a particular product or service, facing no competition.

Consumer Tastes

Preferences or inclinations of consumers that influence their buying behavior and decisions.

Legislative Changes

Amendments or introductions of new laws and regulations by a governing body.