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Microcap & Penny Stocks : TIGI : Building Innovative Marketing Relationships
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To: ztect who wrote (139)6/14/2000 11:39:00 PM
From: ztect  Read Replies (1) of 177
 
Some Basic Info on Database Mining

"...Data mining automates the detection of patterns in a database
and helps marketing professionals improve their understanding
of customer behavior, and then predict behavior. For example,
a pattern might indicate that married males with children are
twice as likely to drive a particular sports car than married males
with no children. A marketing manager for an auto manufacturer
might find this somewhat surprising pattern quite valuable.

The data mining process can model virtually any customer activity.
The key is to find patterns relevant to current business problems.
Typical patterns that data mining uncovers include which
customers are most likely to drop a service, which are likely to
purchase merchandise or services, and which are most likely to
respond to a particular offer.

The data mining process results in the creation of a model.
A model embodies the discovered patterns and can be used to
make predictions for records for which the true behavior is unknown.
These predictions, usually called scores, are numerical values that
are assigned to each record in the database and indicate the likelihood
that the customer will exhibit a particular behavior. These numerical
values are used to select the most appropriate prospects for
a targeted marketing campaign.

By Kurt Thearling and Andrew Frawley
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