Readings ● Striking a Responsive Chord---spend a lot time on ○ Discuss: ○ Problem Definition ○ Sampling ○ Design ○ Measures ○ Analysis ○ Meaning of findings ● Interactive Psychographics (ad_journal) ○ Discuss: ○ Problem Def ○ Sampling (Primary, secondary?) ○ Measure ○ Analysis ○ Meaning of findings ○ How are the findings being used? ■ For cross-selling- what can we know more about our customers ■ Easier to cultivate current customer base ○ Goal: cross selling strategy why is it called “interactive” ○ Feedback cycle ○ What's the approach? ○ Segment based on psychographics relate to demographics (profiling) relate to behaviours ○ How does it fit with B=F(P,E) ○ Dependent variables? ● Segmentation ○ Target markets are defined as collections of people with a common interest ■ Demographic similarity- generalizes to consumer products and services ■ Targeted specifically - at a demand for my product ○ What assumptions do we need to make when we have segments? ■ Must be Internally Consistent - more like each other than outside groups ■ Assume internal consistency to generalize demand across the entire group ■ Statistical methods responds to the specific need and the ability to implement ○ 4 different statistical methods, examples ■ Simple Segments ● Age x Income
■ Clustering ( Geodemographic segments ): zip code, neighborhoods, mutual exclusive ● Identifying related groups of variables through correlations with other variables ○ Multivariate (2+ variables) ○ Mutually Exclusive- can't do both at the same time (left vs right) ○ Interval, count, binary data ○ Exhaustive (thorough, all-inclusive, in depth) ● Geodemographic segments- demographic, lifestyles, census, automotive, behavioural data ● Able to demonstrate differences in demand ○ Ex: city slickers, suburban soccer moms, working farmers ■ Factor Analysis (Principal Components): IDs, not in one group, more or
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