Data Mining Essay

1602 Words7 Pages
Contents: 1. Introduction ---------------------------------------------------------------------- 2 2. Techniques used in Data Mining -------------------------------------------------- 3 3. Data mining and Customer Relationship Management ---------------------- 4 4. How Data Mining Helps Database Marketing --------------------------------- 4 5. Scoring ----------------------------------------------------------------------------------- 5 6. The Role of Campaign Management Software 5 ----------------------------- 5 7. Increasing Customer Lifetime Value ------------------------------------------- 5 8. Combining Data Mining and Campaign Management ----------------------- 6 9. Data Mining Challenges ---------------------------------------------------------- 6 10. Conclusion ---------------------------------------------------------------------------7 11. References -------------------------------------------------------------------------- 8 Introduction: Data mining is the extraction of hidden predictive information from large databases. It is a powerful technology with great potential to help companies focus on the most important information in their data warehouses. Data mining tools are used to predict future trends and behaviors, and allow businesses to make proactive, knowledge-driven decisions. Data mining tools can answer business questions that were traditionally too complex and time consuming to resolve. They scour databases for hidden patterns, finding predictive information that experts may miss because it lies outside their expectations. Data mining also helps in linking in different types of data that experts may not think to relate to each other. For example, data mining can help make conclusions like: Men who buy diapers on Fridays also buy beer, so retailers can benefit by displaying beer and diapers close

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