Effective Brand Management for Better Positioning using K-means Clustering
Published: 2013
Author(s) Name: Nidhi Sinha |
Author(s) Affiliation: Asst. Prof., Jaypee Inst. of Information Tech., Noida, Uttar Pradesh, India.
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Abstract
Purpose: This article attempts to divide consumers into specific segments identified on the basis of K-means clustering and provide complete market segment information for a set of 50 brands chosen across India, where we use a set of 6 brand functions to profile the consumers into one of 11 categories based on the brands performance (from a consumer perspective) across a strategic brand function. The objective is to be able to classify each consumer into one of the 11 specified segments so that organizations can formulate a targeting strategy to: 1) improve brand performance across the function where it appears lacking or 2) customize the product or marketing message to suit the individual consumer for maximum product adoption. This can help identify smaller, better-defined targets or sub-markets for enhancing business competitive advantage.
Keywords: N. A.
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