Blog Assignment #7 (Due 4:00 pm Nov 15): Describe a neural network application in one of the following areas: marketing, finance, manufacturing, healthcare, information systems, ...

 

I am choosing to talk about a neural network in the marketing area.

Neural networks are being increasingly used for marketing applications for example predicting customers demand and segmenting customers into well-defined categories. Applications like NeuroXL Predictor are getting increasingly easy to use and are well integrated with Microsoft Excel. All an analyst   needs to do is specify the inputs and add a couple of parameters and the optimal solution is chosen. Producing accurate forecasts is a critical activity for any marketing group or organization. Inaccurate or misleading forecasts can result in missed targets, improperly allocated resources, and many other problems.

Applications like NeuroXL are good for predicting forecasts and customer demands using the data that you have. The neural networks take the data and looks at it the way a brain would and it learns. It tries to find patterns in the inputs and also put data into specific categories.