________ analysis uses statistical techniques to identify groups of entities that have similar characteristics.
A) Market basket
B) RFM
C) Cluster
D) Regression

Question

Quizplus · Accepted Answer

Cluster analysis is used to identify groups or clusters of entities with similar characteristics or traits. This helps in segmenting customers or identifying subgroups in a larger population based on their shared attributes. Market basket analysis is used to identify relationships between products that are frequently purchased together. RFM analysis is used in marketing to identify high-value customers based on recency, frequency, and monetary value. Regression analysis is used to identify the relationship between a dependent variable and one or more independent variables.

________ Analysis Uses Statistical Techniques to Identify Groups of Entities