Corpus ID: 54665198

Finite Mixture Models in Market Segmentation: A Review and Suggestions for Best Practices

@article{Tuma2013FiniteMM,
  title={Finite Mixture Models in Market Segmentation: A Review and Suggestions for Best Practices},
  author={Michael Nche Tuma and Reinhold Decker},
  journal={The Electronic Journal of Business Research Methods},
  year={2013},
  volume={11},
  pages={2}
}
1. IntroductionMarketers usually address consumer heterogeneity by grouping consumers into segments consisting of those consumers having relatively similar product or service needs. Cluster analysis (CA) is one of the most widely used methods in segmenting markets (Wedel and Kamakura, 2000). Most clustering done in MS practice is based largely on heuristic procedures like Ward's method and k-means (Tuma, Decker, and Scholz, 2011). However, the often insufficient statistical basis of such… Expand
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