The Connection between Data Mining and Segmentation in Marketing Area
Marketing decisions are sometimes based on intuitive decision making and process is inclusive of marketing people’s judgmental calls. By segmenting markets marketers can better understand their customers and target them in efficient and effective manner. Segmentation provides the foundation to address strategic decision making. Data mining converts data into knowledgeable and actionable information. Data mining can be used to forecast and model the future by making past data. Thus, data mining can be used to create data-driven behavioural segments. For marketers both segmentation and data mining is important and needed. It is necessary to understand the connection between data mining and segmentation in marketing. This study unfolds the inter linkages of data mining and segmentation terms in marketing.
Prof. Archana Raje, Dr. R. K. Srivastava