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Clustr Analysis

  • Submitted by: iamsonam
  • on June 27, 2014
  • Category: College Admissions
  • Length: 5,594 words

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Cluster and Conjoint Analysis of the Entry Level Brands in Casual Wear Market in India w.r.t. Product Attributes
Sougata Banerjee * and Nishtha Agarwal**
The market segmentation is mentioned as being one of the key elements of modern marketing and, Sir Philip Kotler and Armstrong define market segmentation as “dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes”. This study aims to identify the different consumer segments amongst urban workingmen in India, using cluster analysis to identify the cluster size and the characteristics. Commercial success is possible only when companies understand the needs and wants of their customers- thus one strategy used to determine this is through conjoint analysis. It also helped in determining that the target segment attaches highest importance to price, followed by fabric and the least importance to fit.
Introduction Kendall (1986) developed a comprehensive instrument called Consumer Style Inventory (CSI) to measure consumer decision-making styles (Azizi, S., Makkizadeh, V. 2012). This instrument measures eight mental characteristics of consumer’s decision making: perfectionism, brand consciousness, Novelty-fashion consciousness, recreational, price-value consciousness, impulsiveness, confused by over choice, and brand-loyal/habitual (Azizi, S., Makkizadeh, V. 2012). This study focuses on market segmentation on the basis of consumer decision-making styles of urban workingmen in India. The market segmentation is mentioned as being one of the key elements of modern marketing and, Sir Philip Kotler and Armstrong define market segmentation as “dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes”. Marketers have recognized that the target audience of a certain product is not all alike. They differ in terms of...

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