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Lecture 7

33:630:301 Lecture Notes - Lecture 7: Big Data, Online Advertising, Customer Relationship Management


Department
Marketing
Course Code
33:630:301
Professor
S Schwartz
Lecture
7

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Big data is huge and complex data sets used for analysis
Presents big opportunities and challenges
90% of the world’s data has been generated in the last 2 years
What can we learn from this data?
The challenge is sifting through the data - how to tap into it and use it to our
advantage
Consumer insights
Fresh marketing information based understandings of customers and the
marketplace
Basis for creating customer value, engagement, and relationships
How we develop our 4Ps
Marketing Info System (MIS)
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:
Internal databases- collections of consumer and market information obtained
from data sources within the company network
Data like consumer demographics, in-store and online transactions, etc
Helps with Place (4P data collection)
Competitive marketing intelligence is the systematic monitoring, collection, and
analysis of information
About consumers, competitors, and developments in the marketing
environment
Offers insights about consumer opinions and their association with the
brand- how they talk about the brand, how they engage with the brand
Provides early warnings of competitor strategies and potential competitive
strengths and weaknesses
Helps firms to protect their own information
Be ethical- don’t snoop
Marketing research is the systematic design, collection, analysis, and reporting of data
relevant to a specific marketing situation facing an organization
4 steps:
Defining the problem and research objectives- this can be the hardest step
Developing the research plan for collecting information
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