Mar-3023 Lecture Notes - Lecture 5: Cluster Analysis, Total Quality Management, Root Mean Square
Document Summary
Marketing research - process of designing, gathering, analyzing and reporting information that may be used to solve a marketing problem. Examples: product development, pricing studies, customer satisfaction assessments, Increased wait times can signal higher quality. Unknown waits seem longer than known waits. Research to nd customer reaction to product. It gives managers answers to important questions. If decrease customer defection by 5%, you can increase pro ts by 25-100% It"s ve times as costly to attract new customers than it is to retain old ones. On average, u. s. rms lose half of their customers every ve years. It"s the foundation for marketing strategy decisions. Cluster analysis: statistical analysis technique that identi es customer segments. The researcher measures things like price sensitivity and importance of quality and on- time delivery. Cluster analysis identi es groups (segments) of customers that have similar characteristics.
