The Effect of Data Mining Techniques on Market Intelligence: A Study of Retail Firms in Jigawa State
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- NGN 5000
Background of the Study
Data mining involves extracting useful patterns and knowledge from large datasets. Retail firms, through the use of data mining techniques, can gain valuable insights into customer behavior, preferences, market trends, and competitive positioning. In Jigawa State, many retail businesses are beginning to leverage data mining tools to make informed decisions about product offerings, marketing strategies, and inventory management. This study aims to examine the effect of data mining on market intelligence and how retail firms in Jigawa State can use it to improve decision-making and competitive advantage (Hassan & Ayo, 2023).
Statement of the Problem
Despite the potential of data mining techniques to enhance market intelligence, many retail firms in Jigawa State struggle with adopting these methods effectively. Challenges such as lack of expertise, data quality issues, and limited access to advanced tools hinder their ability to gain actionable insights from customer and market data. This study will explore how data mining techniques can be utilized to improve market intelligence in retail firms in the state (Mohammed & Bello, 2024).
Objectives of the Study
- To evaluate the impact of data mining techniques on market intelligence in retail firms in Jigawa State.
- To explore how retail firms in Jigawa State use data mining for decision-making and strategy development.
- To identify the challenges and opportunities related to the implementation of data mining techniques in the retail industry.
Research Questions
- How do data mining techniques impact market intelligence in retail firms in Jigawa State?
- In what ways do retail firms in Jigawa State use data mining for competitive advantage?
- What challenges do retail firms face in adopting data mining techniques, and how can they overcome them?
Research Hypotheses
- Data mining techniques significantly improve market intelligence in retail firms in Jigawa State.
- Retail firms that use data mining techniques have a competitive advantage over those that do not.
- There are significant barriers to the adoption of data mining techniques in retail firms in Jigawa State.
Scope and Limitations of the Study
This study will focus on retail firms in Jigawa State that have implemented data mining techniques. Limitations may include difficulties in accessing firms that use data mining tools and biases in responses regarding the effectiveness of these techniques.
Definitions of Terms
- Data Mining: The process of analyzing large datasets to discover patterns, relationships, and trends that can be used for decision-making.
- Market Intelligence: The process of gathering and analyzing market data to inform business decisions and strategies.
- Competitive Advantage: The edge a business gains over competitors by offering better products, services, or business processes.
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