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Neutrosophic K-means for market segmentation

Abstract:

Markets may be broken down into subsets with the use of cluster analysis. Multivariate analytic methods are often used in traditional research. Due to their success in engineering, artificial neural systems have recently found use in business as well. When it comes to grouping observations with comparable traits or attributes, the K-means method is a common choice. It has various uses in marketing, but it finds particular success in cluster analyses of customer behavior. Several commercial packages include implementations of the K-means algorithm. Data mining statistical approaches like K-Means are useful for handling this data and analyzing it later on. For better results, this study combines the traditional K-Means technique with Neutrosophy, which accounts for the uncertainty inherent in such complicated data sets by factoring in the data's diversity and its inherent volatility as a result of proximity between the bounds of the separate segments as well as the members who make up each.