Basics of Algorithm
Algorithms are the basic building blocks of life, like an atom to molecules. Programmers have developed some techniques when it comes to organizing complex algorithms. There are blocks when it comes to the making up parts of algorithms operations and one block is considered the series of the rest of the building blocks. The general duties of an algorithm is to do what a programmer wants the computer to complete (tasks). The computer will execute the program if the algorithm steps are written correctly for the program to understand.
Predictive Analytics for Consumers
There are ways for predictors to be measured for customers when it comes to guiding for marketing. Predictive analytics are considered to be central building blocks, another name is predictor. According to (Siegal, 2005), recency is based on the number of weeks the customer’s last purchased and has values for more recent customers (para.3). More responses will be received from customers with high ranked recency. Companies will contact their most recent customers, and then the next customers following the first. This will improve the response rate of consumers who purchased the company product(s).
Discovery in products sold to customers
There are association when it comes to products sold to customers in data mining. The data mining technique are based on patterns, relation and market basket analysis. Patterns are discovered between the relationships between items in the same transactions. Since this occurs, the association technique is known as the relation technique. The market basket analysis help to identify the set of products the customers frequently purchase together.
According to (Zentut, 2014), retailers association technique research customer buying habits based on historical sale data. For example, customers always buy crisps when they buy beers and put beers and crisps next to each other to save time for customer and increase sales (para.3).
Web Mining to discover Business Intelligence
The benefits of web mining for business intelligence in the company; helps the employer or employee(s) gather information in a timelier and more valuable manner. It can help evaluate a company performance in comparison to their competition in the business market. The web mining allows the individual(s) to face most difficult financial times; the person will be able to diversify and make smart choices. The ability to have the intelligence on their desktop is key and the reports will not be scattered all over the place with files and notes.
Clustering relating to customer information
Customer clustering is very important when it comes to data mining methodologies used in marketing. The customer relationship management (CRM), would use customer-purchase transaction data to keep track of buying behavior to create strategic business initiatives. Companies do not want to lose their customers, so they would use the purchasing tracking data to determine...