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

UNIT 4 IP Portion of GP - Term Paper Examplelysis is apply for various purposes segmenting the markets and determining order markets, product positioning and new product development and selecting test markets. Cluster analysis is used in many restaurants, peculiarly those that cater to people of different 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 and so 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 long 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, multi-dimension al 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, September 2). Retrieved November 5, 2009, from http//en.wikipedia.org