Week 1-2: An Introduction To Market Churning And Predictive Modeling
Hello everyone and welcome to my Senior Project.
Data Science is a field that focuses on studying data and extracting meaningful information from the data. This is important because it allows us to extract insights and knowledge from large and complex datasets, giving it many practical applications in various fields such as: Weather Forecasting, Healthcare, Finance, Marketing, Retail, etc. The Data Science field is constantly evolving and new applications are being developed all the time, making it useful in pretty much every field in the market.
My research will focus primarily on Showing how data science can be used in Marketing by extrapolating useful information from an unstructured data set and using Machine Learning Algorithms to read from the collected information and predict the future. From this research I plan on learning how Data Science can be used to gain knowledge about behaviors and processes
Churning is when clients stop doing business with a company. This is bad for the company as this diminishes their revenue. Hence companies try many ways to identify what measures can be taken to retain clients and preventing them from churning, thereby maximizing their revenue/profit. For this project, the end goal is to create a binary predictive model that can calculate the probability of how likely each customer is going to churn.
For the first week, I will be focusing on learning the basics of Python as Python is better than Java when it comes to statistical analysis. This is a huge turning point in my Senior Project as I have only been using JGrasp to run my code so far.
Questions that my research will answer: How can Data Science be used in Marketing?
- Building Java Programs – A Back To Basics Approach” 4th Edition, Stuart Reges & Marty Stepp
- “Measure What Matters: How Google, Bono, And The Gates Foundation Rock The World With OKRS”, John Doerr
- “Trustworthy Online Controlled Experiments” 1st Edition, Ron Kohavi, Ya Xu
- “Valuation: Measuring And Managing The Value Of Companies (Wiley Finance)”, 7th Edition, McKinsey & Company Inc., Tom Koller, Marc Goedhart, David Wessels
- BlastChar. (2018, February 23). Telco Customer Churn. Kaggle. Retrieved January 13, 2023, From Https://Www.Kaggle.Com/Datasets/Blastchar/Telco-Customer-Churn