Ahlemeyer-Stubbe Andrea - A Practical Guide to Data Mining for Business and Industry

1. Chapter 01
2. Chapter 02
3. Chapter 03
4. Chapter 04
5. Chapter 05
6. Chapter 06
7. Chapter 07
8. Chapter 08
9. Chapter 09
10. Chapter 10
11. Chapter 11
12. Chapter 12

This edition first published 2014
2014 John Wiley & Sons, Ltd

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Library of Congress Cataloging-in-Publication Data

Ahlemeyer-Stubbe, Andrea.
A practical guide to data mining for business and industry / Andrea Ahlemeyer-Stubbe, Shirley Coleman.
pages cm
Includes bibliographical references and index.
ISBN 978-1-119-97713-1 (cloth)

1. Data mining. 2. MarketingData processing. 3. ManagementMathematical models.
I. Title.
HF5415.125.A42 2014
006.312dc23

2013047218

A catalogue record for this book is available from the British Library.

ISBN: 978-1-119-97713-1

Accuracy| A measurement of the match (degree of closeness) between predictions and real values.Address| A unique identifier for a computer or site online, usually a URL for a website or marked with an @ for an email address. Literally, it is how your computer finds a location on the information highway.Advertising| Paid form of a non-personal communication by industry, business firms, non-profit organisations or individuals delivered through the various media. Advertising is persuasive and informational and is designed to influence the purchasing behaviour and thought patterns of the audience. Advertising may be used in combination with sales promotions, personal selling tactics or publicity. This also includes promotion of a product, service or message by an identified sponsor using paid-for media.Aggregation| Form of segmentation that assumes most consumers are alike.Algorithm| The process a search engine applies to web pages so it can accurately produce a list of results based on a search term. Search engines regularly change their algorithms to improve the quality of the search results. Hence, search engine optimisation tends to require constant research and monitoring.Analytics| A feature that allows you to understand (learn more) a wide range of activity related to your website, your online marketing activities and direct marketing activities. Using analytics provides you with information to help optimise your campaigns, ad groups and keywords, as well as your other online marketing activities, to best meet your business goals.API| Application Programming Interface, often used to exchange data, for example, with social networks.Attention| A momentary attraction to a stimulus, something someone senses via sight, sound, touch, smell or taste. Attention is the starting point of the perceptual process in that attention of a stimulus will either cause someone to decide to make sense of it or reject it.B2B| Business To Business Business conducted between companies rather than between a company and individual consumers. For example, a firm that makes parts that are sold directly to an automobile manufacturer.B2C| Business To Consumer Business conducted between companies and individual consumers rather than between two companies. A retailer such as Tesco or the greengrocer next door is an example of a B2C company.Banner| Banners are the 468-by-60 pixels ad space on commercial websites that are usually hotlinked to the advertisers site.Banner ad| Form of Internet promotion featuring information or special offers for products and services. These small space banners are interactive: when clicked, they open another website where a sale can be finalized. The hosting website of the banner ad often earns money each time someone clicks on the banner ad.Base period| Period of time applicable to the learning data.Behavioural targeting| Practice of targeting and ads to groups of people who exhibit similarities not only in their location, gender or age but also in how they act and react in their online environment: tracking areas they frequently visit or subscribe to or subjects or content or shopping categories for which they have registered. Google uses behavioural targeting to direct ads to people based on the sites they have visited.Benefit| A desirable attribute of goods or services, which customers perceive that they will get from purchasing and consuming or using them. Whereas vendors sell features (a high-speed 1cm drill bit with tungsten-carbide tip), buyers seek the benefit (a 1cm hole).Bias| The expected value differs from the true value. Bias can occur when measurements are not calibrated properly or when subjective opinions are accepted without checking them.Big data| Is a relative term used to describe data that is so large in terms of volume, variety of structure and velocity of capture that it cannot be stored and analysed using standard equipment.Blog| A blog is an online journal or log of any given subject. Blogs are easy to update, manage and syndicate, powered by individuals and/or corporations and enable users to comment on postings.BOGOF| Buy One, Get One Free. Promotional practice where on the purchase of one item, another one is given free.Bostonmatrix| A product portfolio evaluation tool developed by the Boston Consulting Group. The matrix categorises products into one of four classifications based on market growth and market share.Next page