Knowledge Creation in Marketing Based on Data Mining

Abstract

Survival in a knowledge-based economy is derived from the ability to convert information to knowledge. To do so, researchers and managers are increasingly relying on the field of data mining. Data mining identifies and confirms relationships between explanatory and criterion variables. Data mining are increasingly popular because of the substantial contributions they can make in converting information to knowledge. Marketing is among the most frequent applications of the techniques, and whether you think about product development, advertising, distribution and retailing, or marketing research and business intelligence, data mining increasingly are being applied. The purpose of this paper is to provide an overview of data mining, summarize how it impact on knowledge creation in marketing, and suggest future developments in marketing and data mining for both organizations and researchers.

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