according to Mithas et al. (2013), more than half of big data projects do not ev
ID: 3742826 • Letter: A
Question
according to Mithas et al. (2013), more than half of big data projects do not even achieve their initial goal, which stems from the fact that big data has unique resource requirements. Furthermore, these projects must be based on principles, and not empty vendor claims. Expanding this idea, Erevelles, et al. (2014) argue that consumer big data is defined by not only the Vs volume, velocity, variety, and veracity, but also by value. To eliminate unimportant and irrelevant data is essential to obtain helpful insight and to generate value.
These challenges need to be overcome by marketers to successfully implement big data analytics to the advantage of the consumer. Merely having data available is not enough, and there is a thin line between just trying to increase sales numbers and applying big data to the benefit of the customer.
What do you think about this topic? Do you believe that marketing should be about the customer/consumer in the first place?
Explanation / Answer
Answer)
As mentioned in the description above there is a thin line between trying to increasing the sales number and applying the big data so as to benefit the customers.
When big data is being used then it not only helps to increase the sales but also improves the service level performance as analytics helps to analyze them and predict the ability to meet the deadline.
It also helps in the fulfillment of orders better by thoroughly analyzing the performance and identifying the highest probability meant for success.
It also helps in improved supplier management and maximizes the customer value which is a lot important for the market growth. It is indeed an important factor to cut down the cost and improves the advertising which is crucial to be handled when increasing sales are considered.
Also, big data helps to make a better product and allows to manage the product better by combination and ensuring the targets of the companies at the right time and with the right set of products for increasing sales.
Yes, marketing should be about the customer/consumer at first place as customer's value is given utmost importance when marketing is considered. So as to create, market or sell one's products effectively gathering up more data, likes and dislikes of the customers play a vital role in business growth. There are 3 factors which are to be associated with marketing when it comes to customer or consumers association with the market.
External Motivators, Personality, and Psychology which will help to make a deep dive analysis of the marketing and customers for the betterment of the company.
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