Data Mining for Managers: How to Use Data (Big and Small) to by Richard Boire (auth.)

By Richard Boire (auth.)

Big info is a transforming into enterprise development, yet there little recommendation on hand on how you can use it essentially. Written by way of a knowledge mining specialist with over 30 years of expertise, this e-book makes use of case reports to assist sellers, model managers and IT pros know how to catch and degree info for advertising purposes.

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Meanwhile, the postal walk data collected from personal tax returns contains information about tax filers related to their income and wealth. This information is collected annually and thus is definitely superior to the somewhat stale census data. However, its limitation is its 37 Problem Identification lack of granularity because the data is aggregated at the level of the postal walk, which represents approximately 800 households and is thus inferior to the more granular enumeration area EA census tract of 400 households.

This major economic transformation is not new as economic historians can cite numerous times when the economy underwent major changes. In addition to this economic transformation and the requirement for corporations to become more knowledge-based, we are also witnessing social transformations. In particular, the focus is now on the environment and how we can be responsible stewards of its resources. For direct marketers, the challenge is to execute marketing program activities with significantly fewer resources.

For instance, the development of a cross-sell model represents the type of solution to cost-effectively promote other types of products to existing customers. In another situation, the objective may be to lower the costs of acquisition efforts by building response models. On the surface, the decision to build these tools may make perfect business sense; however, management must determine whether these short-term solutions are consistent with the overall marketing strategy. If the strategy is to provide significant growth, the use of data mining would not be considered a key component in the initial phases of this strategy.

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