MIST 2090 Lecture Notes - Lecture 7: Customer Relationship Management, Credit Card Fraud, Data Modeling

• School: University of Georgia
• Department: Management Information Systems
• Course: MIST 2090
• Professor: Aronson

Document Summary

Mist 2090 - lecture 7: data and data modeling. Old way: uni-directional marketing message, products that satisfy/delight, company-generated product and content, trust in experts, 4 p"s: planning, people, process, platform. New way: multi-directional conversation, experiences that engage, user-generated content and user-product co-creation, niche market (long tail): can keep more inventory, trust in friends, 4 c"s: customer, cost, convenience, communication. Enables interaction with peers (comments, ratings, rankings) Data mining: data is dumped into a data lake and then software is used to discover patterns in the data. Business intelligence: knowledge uncovered during data mining with improves profits/lowers costs. Narrowcasting: using data to target specific parts of a population: ex. Volume: amount of data available is greater than firms" abilities to process it. Variety: doesn"t fit neatly into a database and may require pre-processing to extract structure; comes from many different sources in many different formats.