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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.
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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)
- Discuss trends in the natural environment of which marketers must be aware, and provide examples of companies’ responses to them. (AACSB: Written and Oral Communication)arrow_forwardDiscuss trends impacting marketing and the implications of these trends on how marketers deliver value to customers. (AACSB: Written and Oral Communication)arrow_forwardSelect an FTSE 100 company. How much did the company spend on marketing activities in the most recent year for which data are available? What percentage of sales does marketing expenditure represent for the company? Have these expenditures increased or decreased over the past five years? Write a brief report of your findings. (AACSB: Written and Oral Communication; Analytic Reasoning)arrow_forward
- Who are the Millennials, and why are they of so much interest to marketers? (AACSB: Written and Oral Communication; Reflective Thinking)arrow_forwardMarketers are increasingly held accountable for demonstrating marketingsuccess. Research the various marketing metrics, in addition to those described in the chapter and Appendix 3, used by marketers to measure marketing performance. Write a brief report of your findings. (AACSB: Written and Oral Communication; Reflective Thinking)arrow_forwardHow can marketers use behavioral segmentation in consumer markets? Discuss, using an example for each method of behavioral segmentation. (AACSB: Written and Oral Communication; Reflective Thinking)arrow_forward
- What is a marketing information system, and how is it used to create customer insights? (AACSB: Written and Oral Communication)arrow_forwardShould marketers embrace the societal marketing concept with respect to foods or products that could be harmful to consumers? Discuss an example of a company embracing the societal marketing concept with respect to the obesity epidemic. (AACSB: Written and Oral Communication; Ethical understanding and reasoning)arrow_forwardWhen implementing customer relationship management, why might a business desire fewer customers over more customers? Shouldn’t the focus of marketing be to acquire as many customers as possible? (AACSB: Written and Oral Communication; Reflective Thinking)arrow_forward
- Compare and contrast consumer market segmentationand business market segmentation. (AACSB: Writtenand Oral Communication)arrow_forwardWhy are social networks becoming an increasinglyimportant marketing tool? Find an example online inwhich a company has improved the effectiveness of itsmarketing strategy by using social networks.arrow_forwardPlease watch the YouTube video from Seth Godin (This is Marketing) and Philip Kotler and consider the three key forces driving the new marketing realities(textbook). Evaluate Kotler's perspective and Seth's perspective: you can discuss how they are similar and different or how the three key forces drive the new marketing realities(textbook) likely to change in the future?arrow_forward
- Principles Of MarketingMarketingISBN:9780134492513Author:Kotler, Philip, Armstrong, Gary (gary M.)Publisher:Pearson Higher Education,MarketingMarketingISBN:9781259924040Author:Roger A. Kerin, Steven W. HartleyPublisher:McGraw-Hill EducationFoundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
- Marketing: An Introduction (13th Edition)MarketingISBN:9780134149530Author:Gary Armstrong, Philip KotlerPublisher:PEARSONContemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning
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