Data Mining

As the company can maintain the best quality and service to customer, so the company has more options of value creation

Marketers for Tesco are required to decide how reliable the information they have obtained is. Also they need to take into consideration, if the research contained had different respondents or different set of data points, would the results be similar.

When we notice random coincidences, we may forget that they are random and instead see them as correlated. We can easily deceive ourselves by seeing what is not there.

* Allows a company to concentrate on its core business, leverage its key resources and core competencies, and do even better what it already does best.

Today we are doing a project report on Costco. For Sol and Robert Price in 1976 they asked friends and family to help out with an opening price of two point five millon to open Price Club on July twelfth, they open their shop in an air hanger on Boulevard in San Diego, California. They were originally going to serve only small business. Mr. Price found out that it will be more beneficial to serve select customers. Costco was founded by James Sinegal and Jeffery H. Brotman. Costco opened its doors in 1983 in Seattle, Washington. Price Club and Costco later merged and

Perhaps it was all a big coincidence. Yes, that’s it. Occam’s Razor- the simplest explanation is the most likely to be true.

A recent study conducted by Forrester Consulting revealed that 64 percent of marketers believe that they need better data for prospecting, and 67 percent agreed that customer acquisition is more challenging than retention.

Data Mining is an analytical process that primarily involves searching through vast amounts of data to spot useful, but initially undiscovered, patterns. The data mining process typically involves three major steps—exploration, model building and validation and finally, deployment.

Additionally, this theory of the gambler’s fallacy is also purely based on inductive reasoning which is not always a 100% certain. Therefore, it cannot be completely valid that knowledge derived from patterns is certain because it is based on intuition, which will differ between each individual. Additionally, it can be claimed that our brains have been primed to see patterns where none exists as there are pattern recognition errors such as hearing random voices out of the blue, forming visuals and faces out of clouds, superstitious beliefs in rituals or conspiracy theories. These pattern recognition errors are referred to as the illusory correlation, which is “the tendency to see expected correlations even when they do not exist; leading people to see structure when there is none,” (Stanovich, 2007). This is supported by the paper, “The Evolution of Superstitious and Superstition-like Behavior” by a University of Helsinki biologist, Hanna Kokko and a Harvard University biologist, Kevin R. Foster.

The government collects all kinds of useful information about our population. How many people live where, incomes, family sizes, ages, do they rent or own a home, and lots more demographic data that is free for the asking. Modern computer programs make possible for any company to take the masses of demographics and analysis segment populations. This has propelled data mining to the forefront of making customers relationships profitable (Ogwueleka, 2009). This will help Swan understand his customers better and find association between each segment. Customer have life cycle due in part to the time of year, so Swan can now structure his advertising and see results based on a better segment model rather than just counting customers. Data mining can also be used in customer retention applications identifying

of current and prospective customers. Management had the data they needed as a result of collecting

The company can also engage in mergers and acquisitions in a bid to form strategic partnerships with various other companies. This would give it a lot of competitive advantage over its many competitors.

Predictive Analytics are able to help companies make sense of their historical data creating many potential advantages. Many organizations in the past have based decisions on what they believe to be true. They have had very little means to actually be able to know if they were making

(Miyagi et al. 2016) [10] Suggest visualization mechanism for user flow data. Various movement of user is recorded and result is generated graphically. Compression techniques are used in order to use bandwidth efficiently. This paper presents a visualization tool for large-scale people flow dataset featuring compression and data mining techniques.

They are just guessing if it is a random event, many people have a gut feeling, but unless you are using probabilities based on something such as math or data then it is just a guess. However, you can calculate the chances of an events happening by multiplying the chances when you are observing probabilities.