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Data mining can be practically applied through performing basket analysis, sales forecasting, database marketing, and merchandising planning and allocation. Basket analysis can show what items are commonly bought together. Sales forecasting shows time based patterns that can predict when a customer is most likely to buy a specific kind of item.
Customer data management (CDM) is the ways in which businesses keep track of their customer information and survey their customer base in order to obtain feedback. CDM includes a range of software or cloud computing applications designed to give large organizations rapid and efficient access to customer data .
Customer data or consumer data refers to all personal, behavioural, and demographic data that is collected by marketing companies and departments from their customer base. [1] To some extent, data collection from customers intrudes into customer privacy , the exact limits to the type and amount of data collected need to be regulated.
Data analysis is the process of inspecting, cleansing, transforming, ... For instance, an application that analyzes data about customer purchase history, and uses the ...
Analytical CRM systems use techniques such as data mining, correlation, and pattern recognition to analyze customer data. These analytics help improve customer service by finding small problems which can be solved, perhaps by marketing to different parts of a consumer audience differently. [20] For example, through the analysis of a customer ...
RFM is a method used for analyzing customer value and segmenting customers which is commonly used in database marketing and direct marketing. It has received particular attention in the retail and professional services industries. [1] RFM stands for the three dimensions: Recency – How recently did the customer purchase?