RFM Based Market Segmentation Approach Using Advanced K-means and Agglomerative Clustering: A Comparative Study

2019 ◽  
Author(s):  
Sabbir Hossain Shihab ◽  
Shyla Afroge ◽  
Sadia Zaman Mishu
Keyword(s):  
Comparative Study ◽  
Market Segmentation ◽  
Agglomerative Clustering ◽  
Segmentation Approach

Analysis of the Nascar Hall of Fame Exhibition Event: A Generation-Based Market Segmentation Approach

2019 ◽  
Vol 23 (6) ◽  
pp. 913-926
Author(s):  
Kakyom Kim ◽  
Giri Jogaratnam
Keyword(s):  
Generation X ◽  
Market Segmentation ◽  
Generation Y ◽  
Generational Differences ◽  
The Past ◽  
The Us ◽  
Segmentation Approach ◽  
Research Findings ◽  
Hall Of Fame ◽  
Southeastern Region

Research findings on generations have been becoming useful for event organizers and destination developers over the past decades. The current study investigated generational differences in exhibition dimensions, satisfaction, and future intentions along with trip characteristics of visitors to the NASCAR Hall of Fame Exhibition event held in a medium-sized city in the southeastern region of the US. Analysis confirmed the existence of six exhibition dimensions labeled as "exhibits," "staff," "facility," "concessions," "audio tours," and "hard cards" on the event. As part of the most substantial results, there were both dissimilarities and similarities in the exhibition dimensions across four generations including "Matures," "Baby Boomers," "Generation X," and "Generation Y." Analysis also suggested significant differences in exhibition visitors' overall satisfaction, future intentions, and trip characteristics across the generations. Some useful implications are discussed for exhibition event managers and organizers.

scholarly journals An examination of motives underlying active sport tourist behavior: a market segmentation approach

2016 ◽  
Vol 20 (2) ◽  
pp. 81-101 ◽  
Author(s):  
Eric Hungenberg ◽  
Dianna Gray ◽  
James Gould ◽  
David Stotlar
Keyword(s):  
Market Segmentation ◽  
Tourist Behavior ◽  
Segmentation Approach ◽  
Active Sport

Public Transit Market Research of Low-Income Commuters Using Attitude-Based Market Segmentation Approach: Case Study of Fushun, China

2017 ◽  
Vol 2671 (1) ◽  
pp. 10-19 ◽  
Author(s):  
Long Cheng ◽  
Xuewu Chen ◽  
William H. K. Lam ◽  
Shuo Yang ◽  
Da Lei
Keyword(s):  
Market Segmentation ◽  
Low Income ◽  
Structural Equation ◽  
Public Transit ◽  
Household Survey ◽  
Equation Modeling ◽  
Transit Services ◽  
Segmentation Approach ◽  
Transit Market ◽  
Attitudinal Characteristics

In China, low-income commuters are usually concentrated in peripheral settlements outside downtown areas, where travel services are inadequately provided. These commuters are dependent on fewer travel options, considering their affordability. Based on the recognition that public transit is an important mode to enhance low-income commuters’ travel mobility, a comprehensive attitude-based market segmentation analysis was performed to identify distinct market segments to best serve the needs of each segment and to develop plans to increase transit usage. First, a detailed household survey was conducted in Fushun, China, to obtain commuters’ attitudes toward daily travel. Then, factor analysis was utilized to explore latent attitudinal factors. The structural equation modeling investigated the correlations between attitudes and public transit usage. The k-means clustering was then employed to partition the transit market into several subgroups. Finally, five segments of transit market with distinct attitudes were identified by three dividing variables, namely, the desire for comfort, the need for reliability, and environmental awareness. Low-income commuters in the same segment share homogeneous travel preferences while those in other segments possess different attitudes. The attitudinal characteristics, socioeconomic profile, and mode choice behavior in each segment were examined and discussed. Policies that best meet the needs of each submarket were proposed. These transit-related strategies included building a reliable operation environment, improving the level of service of existing facilities, implementing demand-response transit services, and providing public propaganda and education toward environmental protection.

scholarly journals Analyzing Transfer Commuting Attitudes Using a Market Segmentation Approach

2018 ◽  
Vol 10 (7) ◽  
pp. 2194 ◽  
Author(s):  
Jiao Ye ◽  
Jun Chen ◽  
Hua Bai ◽  
Yifan Yue
Keyword(s):  
Market Segmentation ◽  
Segmentation Approach

Domain-specific market segmentation using a latent class mixture modelling approach and wine-related lifestyle (WRL) algorithm

2017 ◽  
Vol 51 (9/10) ◽  
pp. 1552-1576 ◽  
Author(s):  
Johan Bruwer ◽  
Elton Li
Keyword(s):  
Market Segmentation ◽  
Latent Class ◽  
Methodological Approach ◽  
Classification Error ◽  
Content Type ◽  
Domain Specific ◽  
Mixture Modelling ◽  
Segmentation Approach ◽  
Practical Implications ◽  
Modelling Approach

Purpose Since the publication of Van Raaij and Verhallen’s seminal work in European Journal of Marketing in 1994, identifying the domain-specific market segmentation approach as one of the most feasible for segmenting markets, there has been surprisingly limited development in this field, with the food domain as the only exception. This study aims to develop a methodological approach using latent class mixture modelling as contribution in the domain-specific market segmentation field. Design/methodology/approach This study captures the AIO lifestyle perspective using a domain-specific 80-item algorithm which has the wine (product) domain as its focus. A sample size of 811 consumers is used from data collected by means of the CATI approach. Findings The authors use four criteria for model selection: comparison of the Bayesian information criterion (BIC) statistic, comparison of classification error, verification of the interpretation of the derived segments and, finally, use of the conditional bootstrap procedure to test whether the selected model provides a significant improvement over the previous model. The five-segment model option yields a minimum BIC, the classification error measure is minimal and is easier to interpret than the other models. Segment descriptions for the five identified lifestyle-based segments are developed. Research limitations/implications Segmentation by traditional k-means clustering has proven to be less useful than the more innovative alternative of mixture regression modelling; therefore, the authors identify segments in the market on the basis of individuals’ domain-specific lifestyle characteristics using a latent class mixture modelling approach. Practical implications Following the attainment of a clear and robust market segmentation structure, the simultaneous analysis of the lifestyles, demographics and behaviours of consumers as nexus of the domain-specific segmentation approach, provides rich and valid information accurately informing the market segment descriptions. Originality/value The authors make a substantive contribution by developing a methodological approach using latent class mixture modelling; the first of its kind in the area of domain-specific segmentation. Next, they use the discriminant and/or predictive validity of the 80-scale items to predict cluster membership using the WRL algorithm. Finally, the authors describe the identified market segments in detail and outline the practical implications.

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