Gaining Consumer Insight through the Multidimensional-Scaling Technique: Connecting Traditional Marketing with Modern Data Analytics
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Abstract
Data analytics and consumer insights are important topics for business administration in general and for marketing in particular. This paper endeavors to propose how multidimensional scaling, or MDS, a technique used in marketing research, can be applicable as a data analytical tool to gain consumer insights. The paper discusses a number of studies that use MDS as their primary tool and how their results provide an in-depth understanding of interesting and useful consumer insights, leading to several managerial implications in marketing and branding.
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