By Gordon S. Linoff, Michael J. A. Berry
* jam-packed with greater than 40 percentage new and up-to-date fabric, this variation exhibits company managers, advertising and marketing analysts, and knowledge mining experts tips to harness basic info mining tools and methods to resolve universal varieties of enterprise difficulties* each one bankruptcy covers a brand new facts mining process, after which indicates readers how one can observe the strategy for enhanced advertising, revenues, and customer service* The authors construct on their recognition for concise, transparent, and functional reasons of advanced thoughts, making this e-book the proper creation to information mining* extra complicated chapters conceal such issues as tips to organize information for research and the way to create the mandatory infrastructure for information mining* Covers center information mining ideas, together with choice bushes, neural networks, collaborative filtering, organization ideas, hyperlink research, clustering, and survival research
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Additional info for Data Mining Techniques For Marketing, Sales, and Customer Relationship Management
Affinity grouping can also be used to identify cross-selling opportunities and to design attractive packages or groupings of product and services. Affinity grouping is one simple approach to generating rules from data. If two items, say cat food and kitty litter, occur together frequently enough, we can generate two association rules: ■■ People who buy cat food also buy kitty litter with probability P1. ■■ People who buy kitty litter also buy cat food with probability P2. Association rules are discussed in detail in Chapter 9.
Data mining is presented as an ongoing activity within the business with the results of one data mining project becoming inputs to the next. Each project goes through four major stages, which together form one trip around the virtuous cycle. Once these stages have been introduced, they are illustrated with additional case studies. TE 22 A Case Study in Business Data Mining Once upon a time, there was a bank that had a business problem. One particu lar line of business, home equity lines of credit, was failing to attract good cus tomers.
Nowadays, new techniques are being developed; however, much work is also devoted to extending and improving existing techniques. All the tech niques discussed in this book are available in commercial software products, although there is no single product that incorporates all of them. How Data Mining Is Being Used Today This whirlwind tour of a few interesting applications of data mining is intended to demonstrate the wide applicability of the data mining techniques discussed in this book. These vignettes are intended to convey something of the excitement of the field and possibly suggest ways that data mining could be profitably employed in your own work.