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Data Mining: The Future Of Marketing

1636 words - 7 pages

Data Mining - The Future of MarketingHave you ever noticed the finger print left after you touch a glass? Did you ever look back to see the foot prints left when strolling down a sandy beach? Here is an even better question. Have you ever stopped to realize the trail you are leaving with use of today's technology? Surprisingly, everything done online leaves a trail of data. This trail and its' recently discovered importance for businesses gave rise to a new form of marketing research known as data mining. Data mining and technology play a major role in marketing efforts and it is the future of marketing. Traditional market research requires user participation and it generalizes each market, but data mining doesn't require extra participation from consumers, it simply monitors their normal usage. Technology is constantly changing the way we connect ourselves to others and the world. Computers have always been the normal way to access the internet but today smart phones and tablet users have access to the internet in most places they go. How have the changes in technology affected marketing? If you are a marketing student or maybe newly employed in the field of marketing, pay close attention… this paper is for you!"Every time you search for something online, swipe your credit card or pull up directions on your cell phone, that action creates a little module of data about you. Data compilers collect that information and sell it -- usually millions of records at a time to marketers who use it to target consumers" (Marketplace). It is estimated that only twenty percent of all the consumer data gathered is actually useful. Data mining is the process of combing through this data to find information that companies can use to create new products of interest, offer existing products, and show advertisements to consumers who have an interest in them. Today's wide spread use of technology is directly related to data mining. Computers, smart phones, and other mobile devices play a major role in data collection by giving consumers access to the internet.Have you ever signed up for a customer reward program at a local store? Customer reward programs are a great example of data mining in action. Retailers with a reward program give extra savings or other incentives to customers using the program. Whenever a customer uses their rewards card, the retailer is tracking all of the purchases made from that buyer. They use this information to personalize special coupons just for you from your buying patterns!The internet has been available for public use since 1991 and although it had a slow start, it is starting to show rapid growth. In 2012, the internet had reached 2.27 billion users world-wide, when five years prior it only reached 1.15 billion, that's almost double! In North America alone, the internet reaches an estimated 273 million. The internet can now be accessed through a variety of ways including the use of computers, smart phones, and tablets. Data...

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