Data Mining:Applications in Marketing

Globalization, competition and the rapid advancements in ICT are driving unprecedented revolutionary changes in the way organizations do business. Consequently, business world is rapidly changing, with business processes becoming more and more complex, making it increasingly difficult for managers to have a comprehensive understanding of business environment. These factors have resulted in fast growing capabilities, both in generating as well as collecting data. In spite of having massive data, the organizations fail to completely exploit the real benefits which can be acquired from the great wealth of information hidden in this huge volume of data. One such technique which is finding increasing applications in business is data mining, the process of extracting hidden valuable information from the data in given data sets. Data mining tools are being used for marketing, customer profitability, customer segmentation and customer relationship management. This paper gives a brief insight about data mining, its process and the various techniques that can be used it in the field of marketing.