Using Excel Solver, identify two alternative clustering solutions to help the bank with the goal of targeting customers, most likely to open a term deposit account. Visualize the clusters with appropriate charts to illustrate patterns.

Cluster Analysis Problem

Purpose
This assignment will allow you to apply your new cluster analysis skills. This widely used data analysis technique can help with pattern recognition, the identification of outliers, and data visualization. Industries such as marketing, finance, healthcare, retail, telecommunications, social sciences, education, manufacturing, transportation, and real estate leverage cluster analysis to enhance decision-making and optimize strategies.TaskYou are a data analyst at a marketing agency specializing in financial services. Your client, a Portuguese bank, has recently launched a direct marketing campaign to promote term deposit accounts. Despite their efforts, the campaign has not yielded the expected results in terms of customer engagement and account openings.The bank wants to refine its marketing strategy by identifying the characteristics of customers who are most likely to respond positively to their offers. They have provided you with an Abridged Bank Data Set (FILE IS ATTACHED), which contains data for 1,000 customers.Your assignment is to leverage your cluster analysis skills to uncover patterns within this dataset. The bank is particularly interested in targeting specific customer segments that are more inclined to open a term deposit account. They believe that a data-driven approach will enhance their campaign’s effectiveness and lead to better resource allocation. Using the data set provided, complete the following tasks:
• Business Problem Overview. Summarize the bank’s marketing challenges and use descriptive statistics to highlight key customer characteristics.
• Clustering Analysis. Using Excel Solver, identify two alternative clustering solutions to help the bank with the goal of targeting customers, most likely to open a term deposit account. Visualize the clusters with appropriate charts to illustrate patterns.

• Comparative Analysis. Analyze and compare the two proposed alternative clustering solutions, focusing on their relevance to the bank’s business problem• Recommendations. Based on your analysis, provide actionable recommendations for refining the bank’s marketing strategy based on your analysis.To complete this assignment, it is necessary to refer to chapter 17.3 in Business Analytics: Data Analysis & Decision Making (Albright & Winston, 2019). You can also visit the UC Irvine Machine Learning Repository for information and guidance on how to use the dataset and learn more about the variables.UCI machine learning repository. (n.d.). UCI Machine Learning Repository. https://archive.ics.uci.edu/dataset/222/bank+marketing
Submission
• Your completed analysis should be an original work consisting of 4 pages in Microsoft Word, excluding the cover page, reference list, tables, graphs, and appendices.
• The document should adhere to the following APA formatting requirements: 12-point Times New Roman or 11-point Arial, 1-inch margins, and double-spacing.
• Data visualization (tables/graphs) included with proper labeling of numbers, statistics and labeling figures in APA format.