UNIT 4 IP Portion of GP Term Paper Example | Topics and Well Written Essays - 250 words

UNIT 4 IP Portion of GP - Term idea Examplelysis is use for various purposes segmenting the markets and determining target markets, product positioning and new product suppuration and selecting test markets. Cluster analysis is used in many restaurants, oddly those that cater to people of incompatible race. As in America, people of different races frequent famous restaurants. Thus, the cluster technique can be used to segment the market into these different races. The owners and managers then can proper(postnominal)ally 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 pull ahead and conduct factor analysis for a large volume of data on consumer preferences in parade to determine the relative importance of portion size, pricing, and perceived quality (LoveToKnow, Corp.).On the other hand, mul ti-dimensional 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).Wikimedia Foundation, Inc. (2009, family 2). Retrieved November 5, 2009, from http//en.wikipedia.org