Tuesday, September 10, 2019

Data warehouse and data mining in business Essay

Data warehouse and data mining in business - Essay Example The choice of the system depends on the firm’s priority the market is flexible and there is need to introduce a database system management that covers is adjustable. The need to develop and acquire information technology has revolutionized business. Market analysis refers to the study and acquisition of the market trends and activities associated with the market. When analyzing the market, the firm uses various methods. The most effective is data mining and various tools are used to facilitate it. Patterns are developed using data mining where graphic visualization combine with statistical analysis and refinement to produce the desired market tend or activity. The combination of the three provides for a pattern extraction from large sets of data which combine with various factors to provide emerge with a market analysis (Shaw et al, 2001). The method is also referred to as the dependency analysis. Where a relationship is drawn between the acquisition of goods and the client base of the same. This lay basis about the marketing strategies to be deployed by a given firm. It creates room for the firm to develop a strategy that dominates the market in relation to the buying power (Shaw, 1993). Marketers develop strategies that will ensure a steady market for their products. The approach gives room for a well-developed method where there is a balance between goods in that there is a continuity in supply in the market. It involves classifying customers into specified domain. The concept is to allow character summarization to be derived from a subset of data. A marketer always monitors customer trends by using the concept description. This domain and any change on preference identified and action plan taken to cover for the customers needs determine the nature of customers. The customer’s classification depends on various factors including age, gender, income and other social factors. In which different

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.