Finite Mixture Models

Sonja Gensler ()
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Sonja Gensler: University of Münster

A chapter in Handbook of Market Research, 2022, pp 251-264 from Springer

Abstract: Abstract Finite Mixture models are a state-of-the-art technique of segmentation. Next to segmenting consumers or objects based on multiple different variables, Finite Mixture models can be used in conjunction with multivariate methods of analysis. Unlike approaches combining multivariate methods of analysis and cluster analysis, which require a two-step approach, the parameters are then directly estimated at the segment level. This also allows for inferential statistical analysis. This book chapter explains the basic idea of Finite Mixture models and describes some popular applications of Finite Mixture models in market research.

Keywords: Finite Mixture models; Latent class analysis; Segmentation; Maximum likelihood estimation; Multivariate methods (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-57413-4_12

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DOI: 10.1007/978-3-319-57413-4_12

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