Concept explainers
To discuss: The big data and the opportunities and challenges it provides to the marketers.
Introduction:
The information in large numbers and huge quantities that have been generated in the market by the collection, analysis, and storage mechanism is termed as big data.
Explanation of Solution
The information in recent trends is overflowing, as the consumers get more data through online, mobile, and internet. The big data are the complex information that is used by the companies for various purposes.
Opportunities and challenges of the big data:
There are various opportunities a company can gain from the source of big data. This will help the companies to gain more and achieve consumer insights.
The big data provide various challenges such as too much of information will distract the decision making of the company. Companies need better information than more information.
Example:
If a company wants to know the preference and reviews of its product, it can use the social media to collect the information. However, the social media will have more comments and reviews, where the company cannot read and come to a conclusion.
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Chapter 4 Solutions
Principles of Marketing (16th Edition)
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