33:630:301 Lecture Notes - Lecture 7: Big Data, Online Advertising, Customer Relationship Management
Document Summary
Big data is huge and complex data sets used for analysis. 90% of the world"s data has been generated in the last 2 years. The challenge is sifting through the data - how to tap into it and use it to our advantage. Fresh marketing information based understandings of customers and the marketplace. Basis for creating customer value, engagement, and relationships. Consists of people and procedures to access information needs, develop needed information, and help decision makers use the information to generate and validate actionable customer and market insights. A good mis balances the information users would like to have against what they really need and what is feasible to offer. Information obtaining analyzing and storage is very costly - firms have to decide if the expenses are worth it. Information can be obtained: from data sources within the company network. Internal databases - collections of consumer and market information obtained. Data like consumer demographics, in-store and online transactions, etc.
