Data Mining

Paper Summary:

The paper discusses how data mining was employed to customize offerings for goods and services to the paper's author during recent weeks. The paper explains how the avalanche of marketing materials received as a result of data mining can be traced back to many everyday activities. The paper therefore shows that by employing data mining techniques of tracking customer transactions and analyzing the statistical models for anticipated behavior, companies are able to deliver timely, pertinent, and coordinated messages and value propositions to customers and prospects.

Outline:
Introduction
Transactions
Conclusion

From the Paper:

"One method for helping a company decide how best to select and interact with customers is to collect and analyze vast amounts of information about people's preferences. The detection and use of statistically relevant patterns to build models that predict customer behavior is the process of "data mining". For a data mining process to be successful, database marketers must first identify market segments containing customers or prospects with high-profit potential. They then build and execute campaigns that favorably impact the behavior of these individuals (Thearling, 2001). This paper will discuss how data mining was employed to customize offerings for goods and services to the paper's author during recent weeks."

Sample of Sources Used:

• Berson, Alex; Smith, Stephen and Thearling, Kurt (2000). Building Data Mining Applications for CRM (McGraw Hill). Retrieved 23 August 2006 from http://www.thearling.com/text/whexcerpt/whexcerpt.htm
• Thearling, Kurt (2001). Campaign Optimization: Maximizing the Value of Interacting with Your Customers. Excerpted from Relationship Marketing Report, August 2001. Retrieved 23 August 2006 from http://www.thearling.com/text/optimization/optimization.htm

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• Research Paper # 69626 : "Data Mining in E-Commerce"

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