Clustering Techniques

question 253

Multiple Choice

Clustering techniques

• A) help sellers fine-tune the marketing effort with information from a detailed customer database.
• B) establish how customers think about proposed or present brands in a market.
• C) try to find similar patterns within sets of data.
• D) group customers into heterogeneous segments.
• E) use intuition and judgment to do what previously was done by computers.

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Definitions:

Leisure

Free time when one is not working or attending to other duties.

Output Price

The price at which a product or service is sold in the market.

Demand for Labor

The quantity of workers that employers are willing and able to hire at different wage levels in a given time period, reflecting the need for labor in producing goods and services.

Labor-augmenting

Refers to technological improvements or investments that increase the productivity of labor, allowing workers to produce more output per unit of labor.