198 541 | Data Mining in Business - Assignment

Added on - Mar 2020

Data Mining is mainly used by companies that have a strong focus on the customer and deals with communication, marketing organizations, financial and retail to determine the price and the transactional data. Every business, from a small industry that is coming up to a large business, needs data mining to maintain the records of the customers and other related issues such as customer records, the products sale, and the payment track made by the customers.

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Running head: DATA MINING IN BUSINESSData Mining in BusinessName of Student-Name of University-Author Note-
1Data Mining in BusinessTable of ContentsTask 1...................................................................................................................................3Answer to Question 1:.........................................................................................................3Answer to Question 2:.........................................................................................................4Task 2...................................................................................................................................5Article 1 (‘Big data security problems threaten consumers’ privacy’)................................5Article 2 (‘Big Data, Human Rights and the Ethics of Scientific Research’)............7Conclusion...........................................................................................................................8References............................................................................................................................9
2Data Mining in BusinessTask 1Answer to Question 1:Data Mining is mainly used by companies that have a strong focus on customer that dealswith communication, marketing organizations, financial and retail to determine price and thetransactional data (Ahme & Elaraby, 2014). Also product positioning, corporate profits andcustomer preferences are looked after by a company. The records regarding point of sale can beused by the retailer are done. Records of the customer purchase for further use are used for thepromotion and development of the product.Every business, from a small industry that is coming up to a large business needs datamining to maintain the records of the customers and other related issues such as customerrecords, the products sale and the payment track made by the customers (Bhise, Thorat &Supekar, 2013). The process included in data mining is to accumulate all the available haphazarddata into information that are valuable. This data mining helps to arrange huge amount of datathat are available in the company. The data that is present in a company are present in variousdifferent forms. Data mining mainly organize these data into simple organized way.The advantages of using data mining areRetail or Marketing- Building models that are based on the historical datato get an idea in who will acknowledge the campaigns of the new marketstrategies are all done by data mining. It also helps to get benefit to the companiesthat are retail in a same manner.

In this assignment, the 2 tasks are given below In the assignment tell them why data mining is important in business and find the recent article or news about data mining in business. And tells them how data mining is helpful in a large business. Further depth detail in the assignment.

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