Data - Gemy Flashcards
What are the 6vs of Data?
Volume, Variety, Velocity, Veracity, Variability, Value
Example of how analytics are used in the public:
Adverts tend to be aired at around the prime time (19:00 onwards ) although that tends to be the most expensive time to air your adverts.
What types of products have specific target markets?
For example, the target market and audience for a children’s toy could be boys aged 6 to 9.
It can also be described as the group of consumers who are most likely to be affected by marketing initiatives.
What are some examples of target markets?
Let’s say a target market is directed for female athletes between the ages of 13 and 25. A more particular age range for your target market might be female athletes between the ages of 13 and 16.
What is mass media marketing?
Advertising in mass media markets is done so in order to reach as many potential customers as possible.
4p’s of Marketing?
Product
Price
Place
Promotion
Types of Decision Making:
Strategic
Tactical
Operational
Order of decision making:
Senior Manager for Long term decisions
Middle Manager for Short and tactical decisions
Supervisor/General Manager for day to day decisions
Break Even:
The point when you are not making either loss or profit leading to a ‘Break Even’. Which this can lead to
What break even displays:
Whether a product is worth selling or is risky
The amount of revenue
How many products they need to sell to get a profit
Predictive Modelling:
Predictive modelling uses statistics to determine a future outcome
Clustering Model:
Clustering Model:
The clustering model takes data and sorts it into different groups based on common attributes. The ability to divide data into different datasets based on specific attributes is particularly useful in certain applications, like for example marketing
Time Series Model:
Time Series Model:
The time series model focuses on data where time is the input parameter. The time series model works by using different data points (taken from the previous year’s data) to develop a numerical metric that will predict trends within a specified period.
Outliers Model:
Outliers Model:
It works by identifying unusual data, either in isolation or in relation with different categories and numbers. Outlier models are useful in industries where identifying anomalies can save organisations millions of dollars, namely in retail and finance. One reason why predictive analytics models are so effective in detecting fraud is because outlier models can be used to find anomalies.
Classification Models:
Classification Models:
One of the most common predictive analytics models are classification models. These models work by categorising information based on historical data.
Classification models are used in different industries because they can be easily trained with new data and can provide a broad analysis for answering questions.
Classification models can be used in different industries like finance and retail, which explains why they are so common compared to other models.
