ECONOMICS

Detailed explanation-1: -Database marketing is a systematic approach to the gathering, consolidation and processing of consumer data. Database marketing is also a form of direct marketing and may be called customer relationship management. Data of both customers and potential customers are collected and are maintained in a company’s database.

Detailed explanation-2: -Data mining is the process of sorting through large data sets to identify patterns and relationships that can help solve business problems through data analysis. Data mining techniques and tools enable enterprises to predict future trends and make more-informed business decisions.

Detailed explanation-3: -Database marketing is a form of direct marketing. It involves collecting customer data like names, addresses, emails, phone numbers, transaction histories, customer support tickets, and so on.

Detailed explanation-4: -Databases allow for detailed analysis of buying habits and can therefore serve to target existing loyal consumers, as well as prospective buyers in a customized way. Marketers can better promote upgrades, companion products and new products, hereby increasing the sales volume from the individual consumer.