Research Methods for Business Students Paper Example | Topics and Well Written Essays - 5000 words

Methods for duty Students - Research Paper ExampleMoreover, some attempts at acquiring data from customers have resulted in wrong behavior, most of which are the prime target of customer privacy policies. Therefore, dissipateds should decide the most efficient and effective approach to data mining without culminating in unethical or illegal pr coiffureice (Tan, Steinbach and Kumar, 2006).Laws have changed to cut back the avenues available for data collection, mainly the policies that touch on the sensitive topic of customer privacy. Previously, firms collected customer data without limitations from various sources including online and offline customer surveys, customer records at their premises, phishing through websites and other sources (Monk and Wagner, 2006). This raised concerns because some unprincipled firms handled customer data without due diligence this compromised integrity of the data and exposed it to unauthorized access. Theft of in the flesh(predicate) informat ion reduced the viability of the internet as a medium for business transactions laws had to be passed to act as guidelines in order to correct this anomaly (Haughton et al., 2003 305). Since these policies were implemented recently, many firms still have an ill-defined picture of how to use the data effectively within the confines of the new guidelines. This study will let out the best approach to take in line with the recent policy changes.Data mining is a management approach to customer relations and involves the short-term and long-term effects on a firms profitability. Instead of contacting all customers and authority customers with all offers for products, a business uses data mining in identifying customers who seem most likely to respond with positive action. Therefore, data mining would help the firm to off investments where and when they are likely to realize anin increased revenue (Liu, 2007). Various criteria are used to predict the potential of a venture, after which the customer is contacted with the offer directly