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Cluster Analysis Technique - Essay Example

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The paper 'Cluster Analysis Technique' is focused on multivariate statistics which are now commonly used in business, specifically in marketing. In this paper, we discuss at least three of this statistical analysis as used in the business, with a focus on cluster analysis technique…
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Cluster Analysis Technique
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Thus, the cluster technique can be used to segment the market into these different races. The owners and managers then can specifically suit the need the specific race as to their eating habits and their tastes.
Factor analysis is also used by business especially to analyze a large volume of measurements and to search for their interrelationships. “A restaurant chain might gather and conduct factor analysis for a large volume of data on consumer preferences in order to determine the relative importance of portion size, pricing, and perceived quality” (LoveToKnow, Corp.).
On the other hand, multidimensional scaling is used “to detect meaningful underlying dimensions that allow the researcher to explain observed similarities or dissimilarities (distances) between the investigated objects” (StatSoft, Inc). Read More
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