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Data mining sometimes called data or knowledge discovery is the use of automated tools to examine and analyze data that has been stored in a database in order to find new previously unknown relationships Pilot Softwares White Paper 1998 explains the origin of the term as follows Data mining derives its name from the similarities between searching for valuable business information in a large databaseand mining a mountain for a vein of valuable ore Both processes require either sifting through an immense amount of material or intelligently probing it to find exactly where the value resides Although data mining is a relatively new term the technology is not Companies have used powerful computers to sift through volumes of supermarket scanner data and analyze market research reports for years However continuous innovations in computer processing power disk storage and statistical software are dramatically increasing the accuracy of analysis while driving down the cost The Virtuous Cycle of Data Mining 61548Identify the Business Problem 61548Transforming Data into Actionable Results 61548Acting on the Results 61548Measuring the Models Effectiveness Tasks Solved by Data Mining 61548Prediction A task of learning a pattern from examples and using the developed model to predict future values of the target variable 61548Classification A task of finding a function that maps records into one of several discrete classes 61548Clustering A task of identifying groups of records that are similar between themselves but different from the rest of the data Often the variables providing the best clustering should be identified as well 61548Estimation 61548Affinity Grouping Processing transactional data in order to find those groups of products that are sold together well One also searches for directed association rules identifying the best product to be offered with a current selection of purchased products 61548Description Each business marketing concerns are entirely differed from each others therefore the information pertaining to their respective target market requirement is collected and analyzed using methods which outfit the business marketing problems Following
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