Title: An international market segmentation based on combined trade value case study: Iran international furniture market
Authors: Majid Aminnayeri; Samira Malek Mohamadi Golsefid
Addresses: Industrial Engineering and Management Systems Department, Amirkabir University of Technology, 424 Hafez Ave., P.O. Box 15875-4413, Tehran, Iran. ' Industrial Engineering and Management Systems Department, Amirkabir University of Technology, 424 Hafez Ave., P.O. Box 15875-4413, Tehran, Iran
Abstract: In this study, the combined value of export for each country in each classified furniture group is calculated based on recency, frequency, monetary, and continuity variables, namely, RFMC model. Two clustering methods, EM and K-means algorithm, are used to segment Iran international furniture market based on combined trade value and monetary variables. The findings indicated that EM algorithm is the most robust approach for segmentation market of combined value in this study. To validate whether the members of the clusters are significantly different based on product groups, a two way ANOVA model is applied. Finally, each market segment is analysed and some marketing policies are suggested.
Keywords: international market segmentation; RFM model; furniture industry; exports; clustering; ANOVA; Iran; combined trade value; product groups; marketing policies.
International Journal of Business Competition and Growth, 2012 Vol.2 No.4, pp.357 - 369
Received: 08 May 2021
Accepted: 12 May 2021
Published online: 15 Oct 2012 *