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Applications of Data Mining (Market Segmentation (Identifies common…
Applications of Data Mining
Market Segmentation
Identifies common characteristics who buy the same products from the same company.
Customer Churn
Customer churn refers to when a customer (player, subscriber, user, etc.) ceases his or her relationship with a company.Hence data mining predicts which customers are likely to leave your company.
Fraud Detection
Identifies which transactions are likely to be fradulent.
Market based analysis
Identifies which products or services are commonly purchased together.
Direct Marketing
Identifies which prospects should be included in a mailing list to obtain highest response rate .
Trend analysis
Reveals a differnce between a typical customer this month versus last month.
Science
Stimulates system explosions ; visualises quantum physics.
Entertainment
Models customer flow in theme parks ; analyses safety of park rides.
Manufacturing
Optimses product design ; balancing manufacturability and dsafety.
Insurance and health care
Predicts which customers will buy new policies , identifies behaviour patterns that increase insurance risk , spots fraudlent claims.
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