6
Answer 1.7
Data mining is an advanced numerical modeling technique that
could be used to extract valuable insights from databases that
record the transactional activities and consumption patterns of
customers. A well-known example is the way Harrah’s Entertainment
applied Data mining to improve its profitability [Loveman,
(2003)].
For example, the company identified that 26% of its
gamblers generated 82% of its revenue, the Pareto Principle.
These core customers are typically former teachers, doctors,
Such information allows the company to fine-tune their
knowledge of customer segments using advanced numerical modeling
techniques. By designing its marketing program accordingly, the
company secured customer loyalty and superior profitability by
having an absolute focus on customer service.
1. Since the core customers are slot machine players, the
company redesigned the floor plan to make it easier for
2. To encourage customer loyalty, the company introduces
the “Total Rewards” card that allows them to accumulate
3. Train all staff to focus on (1) speed and (2)
friendliness (smiling and addressing the customer by