Intro to Data Mining for Marketers - Part 1

Data mining can be defined as the process of "discovering patterns, meaning and insights in large datasets by using statistical and computational methods". Data mining works to analyze data stored in data warehouses that are used to store that data that is being analyzed. That particular data may come from all parts of business, from the production to the management. Managers also use data mining to decide upon marketing strategies for their product. They can use data to compare and contrast among competitors. Data mining interprets its data into real time analysis that can be used to increase sales, promote new product, or delete product...

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Neuromarketing research for the win - pt2

The main question is: Should Neuromarketing research be closer to quantitative or qualitative approach? Qualitative research is an in-depth exploration of what triggers people on a particular subject: their feelings, perceptions, decision-making processes, and so on. The most common forms of qualitative research are focus groups and depth interviews. Qualitative research will provide a much deeper understanding of how the target market thinks, but it does not provide data that can be projected and derived, so results cannot be generalized.  On the other hand,  quantitative research  can be generalized, as it employs...

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