M3 - 1. Data mining is useful in many applications of...

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1.Data mining is useful in many applications of business. One specific area of business datamining can be used is in market research. Traditional market research may help us to segment customers but data mining goes in deep and increases market effectiveness.
Traditional marketing research often involves assessing the overall market for a good or service, surveying consumers about their likes and dislikes, and conducting focus groups to gauge consumer responses to a new product. Data mining aids in aligning the customers into a distinct segment and can tailor the needs according to the customers. Analysts today mine massive sets of quantitative data and employ complex algorithms touncover patterns and correlations that enable more effective marketing. Data mining uses statistical techniques to discover correlations between different factors and variables in large data sets, according to Yale University Professor Ian Ayres. Data mining
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