Chapter2018

Machine learning and marketing

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Consumer Market Behavior and Pricing Forecasting Techniques and Applications Data Mining and Machine Learning Applications

Abstract

Machine learning (ML) refers to the study of methods or algorithms designed to learn the underlying patterns in the data and make predictions based on these patterns. A key characteristic of ML techniques is their ability to produce accurate out-of-sample predictions. We review two popular machine-learning methods – decision trees and Support Vector Machines (SVM) in detail.

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