The Clustering Techniques That Can Be Used in Segmenting

question 61

Multiple Choice

The clustering techniques that can be used in segmenting:

• A) eliminate the need for management intuition and judgment.
• B) group people together into heterogeneous product-market segments.
• C) try to find similar patterns within sets of data.
• D) All of the above are true
• E) None of the above are true.

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Definitions:

Price Ratio

The relative price of one good or service compared to another, often used in economic analysis.

Cost Function

An equation that calculates the total cost of producing goods or services as a function of the quantity of output produced.

Production Function

A mathematical relation that expresses the relationship between inputs used in production and the output produced.

Minimizing Unit Costs

The process of reducing the cost per unit of production in order to achieve greater efficiency and profitability.