Methods And Techniques For The Prediction Of House Sales
One of the most challenging tasks in real time environment is the prediction of house sales. Understanding the various factors that influences house sales is as much as important on knowing the specific methodology on how to perform the prediction. Hence it is an utmost necessary to identify the relationship among different attributes used in the dataset. These datasets can be obtained from various accessible databases and information repositories. Even though it has two different models (Predictive & Descriptive) for extracting the information, used clustering method of descriptive model, the justification for using such method is explained in the methodology section. On conforming to the above stated basic facts in this article we perform the prediction.
Introduction: There are several major data mining techniques have been developing and using in data mining projects recently including association, classification, clustering, prediction, sequential patterns and decision tree. Clustering is a data mining technique that makes a meaningful or useful cluster of objects which have similar characteristics using the automatic technique. The clustering technique defines the classes and puts objects in each class. There are different types of clustering methods such as k-means, Agglomerative Hierarchical Clustering and DBSCAN, etc. From those many clustering methods, here we have performed Five Clustering Algorithms, and at last finally we have compared the results to find out which algorithm is more efficient when compared to the other algorithms.
Literature Survey on Related work: Diamond and Cambell (1989), together with Lowengart (2002) propose the definition of a sales promotion, characterizing it as short term stimulations of purchase or sales of a products or service. To add, Lowengart (2002), after the analysis of many sources suggest more comprehensive definition, describing it as a number of tactical (but not strategic) tools developed as a part of strategic marketing framework, with the aim of adding a value to the products of services to attain a specified marketing objectives. Although varied within different groups and targeted markets, sales promotions is proved to be an effective tool in increasing the sales, in addition to the relative ease of measuring this effectiveness (Kwok and Uncles 2005, Brookins 2009, Odunlami and Ogunsiji, 2011). It is also considered as an effective technique while targeting sales promotions to a range of the particular niches, and also while trying to increase the level of differentiation, in order to develop more precise campaign with the high chances for success (Diamond and Campbell 1989, Boulding et. al. 1994, Lichtenstein et. al. 1997, Chandon et. al. 2000).
However, Uva (2000) and Lichtenstein (1997) give notice about the dangers related to the decreased perceived value if the sales promotions are improperly targeted, Uva also notices that the most effective implementation of sales promotion can be done providing the superior product quality and value, but which has a sign of low product awareness, implying the fact that it can be a good tool during the introduction of a new product. Kotler (2003) notes that sales promotions can be used as an alternative for increasingly costly advertising campaigns, while Philip Jones (1990) notes that there are the dangers of the prices promotions related to the dramatic decrease in profits as the result of improperly developed tactics of sales promotions.
To add, Low and Mohr (2000) claims that brands with higher spending on advertising, comparing to sales promotions, usually have more positive customer attitudes, higher value of brand and higher market share. Kotler (2003) claims that while advertising is used as a long term technique[4] forenhancing the brand value, sales promotions are mostly used in order to create a short term demand for the products, hence sales promotions are actively and increasingly used by brand managers because of their effectiveness in some of the cases. Taking this into account, it is worthwhile for every marketer to review such an important tool as sales promotions.
According to Srinivasan and Anderson (1998), and also d'Astous and Landreville (2003),[6] there are several main objectives for implementing sales promotions, which were revealed in their researches. One of the most evident reasons for sales promotions’implementation is to increase the short term sales, but it also used for increasing the awareness of already existing product and stimulating the sales during the off-peak time.
