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Finite Mixture Models

In: Handbook of Market Research

Author

Listed:
  • Sonja Gensler

    (University of Münster)

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.

Suggested Citation

  • Sonja Gensler, 2022. "Finite Mixture Models," Springer Books, in: Christian Homburg & Martin Klarmann & Arnd Vomberg (ed.), Handbook of Market Research, pages 251-264, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-57413-4_12
    DOI: 10.1007/978-3-319-57413-4_12
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