What is a cluster analysis?

Cluster analysis is a statistical tool for data analysis used by a company to sort different information into similar groups. When creating cluster analysis, companies can use mathematical algorithms or visual diagrams. Hierarchical analysis attempts to take one large group and divide it into several smaller groups. This analysis helps companies to divide information into specific parts that can be easily identified and further analyzed for business purposes. The common use of cluster analysis is the development of business marketing or advertising strategies. Creating economic consumer clusters allows businesses to adapt goods or services specifically to these individuals and develop marketing strategies that attract the needs or wishes of these individuals. In the last few decades, the market survey has created tz basic clusters of economic consumers HREE: Promoters, Escapists and educators. Each consumer cluster represents an individual challenge for a companythose trying to sell goods or services to these individuals.

The first group for analyzing cluster analyzes, requesters, often expect high quality goods or services from companies together with exceptional customer service. These individuals require companies to spend a large amount of time and effort to meet their needs or wishes and can be quickly purchased with a competing company if they do not believe that they receive enough benefits from the first society. Marketing strategies for this cluster usually focus on how they can fulfill the unsatisfied need for these individuals.

The Escapist Cluster Analysis Group presents individuals who simply want to be left alone and are not under the pressure of intensive marketing strategies. Escapists can respond well to marketing strategies that promote goods or services that allow these individuals to agreeto drain their lives. Escapists can also respond to marketing strategies regarding peaceful environment or holidays that allow them to retreat from their busy life and recharge their batteries.

educators are individuals who are interested in learning new things and experience new cultures or environment. This group of cost analysis is often focused on companies trying to sell new goods are services that may not have current market demand. Educators are usually more willing to buy new products and find for them in their lives and also educate others about how the product can increase their standard of living. Companies can also be able to use a marketing strategy that focuses on creating an exclusivity for this group of clusters, as if no one else could get this particular product.