BUSINESS ADMINISTRATION
ENTREPRENEURIAL DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It is an application on how to get customer’s data.
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It is an application of clustering techniques to customer data.
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It is a customer base
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It is a customer base that obtain through selling activity
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Detailed explanation-1: -In the context of customer segmentation, customer clustering analysis is the use of a mathematical model to discover groups of similar customers based on finding the smallest variations among customers within each group. These homogeneous groups are known as “customer archetypes” or “personas”.
Detailed explanation-2: -Segmentation: Manually pulling certain groups that meet chosen criteria from a large body of data. Clustering: Using machine learning to identify similarities in customer data.
Detailed explanation-3: -The goal of K means is to group data points into distinct non-overlapping subgroups. One of the major application of K means clustering is segmentation of customers to get a better understanding of them which in turn could be used to increase the revenue of the company.
Detailed explanation-4: -Customer segmentation is the process of grouping customers according to how and why they buy. It allows organizations to create more specific sales and marketing strategies for customer groups.