Understanding the Business Context

The best way to work using a concept is with an example you can relate to. To understand the business context, let's, for instance, consider the following example.

The marketing head of the bank where you are a data scientist approaches you with a problem they would like to be addressed. The marketing team recently completed a marketing campaign where they have collated a lot of information on existing customers. They require your help to identify which of these customers are likely to buy a term deposit plan. Based on your assessment of the customer base, the marketing team will chalk out strategies for target marketing. The marketing team has provided access to historical data of past campaigns and their outcomes—that is, whether the targeted customers really bought the term deposits or not. Equipped with the historical data, you have set out on the task to identify the customers with the highest propensity (an inclination) to buy...