Discuss about the Big Data Analytics and Traditional Marketing.
Over the years rapid technological developments have provided for more efficient methodologies of processing large amounts of data (José, & Montesinos, 2017). These developments have led to an increase in the number of organizations employing big data analytic practices in their decision making processes. As technology for processing massive amounts of data become more readily available a large number of organizations shift from small data to big data (José, & Montesinos, 2017). The shift is largely due to the fact that with big data analytics, an organization is able to get a much broader view of a particular process and the extensive insight allows the company to make highly informed decisions (Erevelles, Fukawa, & Swayne, 2016). The main difference between decisions made from small data and big data analysis is the fact that small data analysis only factors structured data and hence the decisions made do not take into consideration other forms of data. On the other hand decisions made from big data analysis focus on both structured and unstructured data thereby providing a more comprehensive outlook of the organization. As big data analytics increases in popularity, questions have been raised on how the system can be effectively used in the making of strategic marketing decisions (Xu, Frankwick, & Ramirez, 2016). The questions are largely due to the fact that there is minimal research with regards to big data analytics effectiveness as a tool for decision making with regards to marketing. This paper seeks to respond to this question by comparing the difference in decisions between companies using small data analytics and those that have adopted big data analytics. In doing this the paper will seek to investigate whether or not big data analytics provides organizations with more accurate and advanced data to be used in decision making. Through this research we will be able to develop an in depth understanding of big data analysis and its application. This insight can be used by organizations as they make strategic marketing decisions in future.
A large number of companies used to rely on small data analytics in making their strategic marketing decisions. Could big data analytics provide more advanced and accurate data for decision makers?
Through the research we would be able to effectively determine the difference that exists between big data analytics and small data analytics. The research will also enable as to compare the strategic marketing decisions employed by organizations that utilize big data analysis and those that utilize small data analysis. Through this comparison the paper will allow one to make a determination on whether or not big data provides decision makers with more advanced and accurate data. Thus based on the findings one will be able determine if big data analytics helps in the improvement of strategic marketing decisions.
The reason for conducting this research is largely due to the fact that most studies which have ventured to answer this questions have focused on how big data analytics shapes decisions made by the organization as a holistic unit. Very few studies have ventured to investigate how big data analytics affects decisions at a departmental basis and most especially marketing decisions. Also very few studies have ventured to conduct a direct comparison between strategic marketing decisions made by a firm using small data analysis and those made by a firm using big data analysis. By doing this, the paper will have effectively and comprehensively responded to the question.
To answer this research question, firstly, the related existing literatures will be reviewed. Then, two appropriate cases study will be chosen. One is based on small data analytics and the other is based on big data analytics. Before to start collecting data, Each case study should be identified and explored deeply to understand the nature of their business, products, customers etc. After that, data collection plan should be determined to know exactly what types of data are going to be collected. The resources of this data can be on site observation, interviews, questionnaires, and reports. Then, data analysis methods and hypothesis test will be used to analyse this data to help to find out the key factors that affect the level of accuracy of strategic marketing decision, which based on small and big data analytics.
This research will take approximately one year. This time will be divided appropriately on all steps and tasks of this research. MS project software will be used to manage research timeline.
The research team should include qualified resources, at least two data collectors and two data analysts. Also some specific requirements should be available, such as Personal computer / Laptop, printers, internet access and data access permission. Moreover, specific software for data analysis, such as SigmaXL will be used to analyse data.
The area that is going to be researched is defined by the researcher. However, Reviewing the existing literature could help to find the current gaps of the work done by previous researchers. Also, their recommendations and limitations would help to guide to specific area and questions.
Once the research area is identified, a detailed research methodology should be determined. Both quantitative and qualitative approaches are going to be used in this research.
Two cases study will be chosen “two companies”. One is based on small data analytics and the other is based on big data analytics.
Cases study will have massive data, and without having a clear view about what types of data should be collected, the situation will become more complex. This data can be collected from many resources, such as on site observation, interview with top and middle management and key project teams, questionnaires, strategic reports, Financial reports, Annual reports and project reports.
Data Analysis
Many statistical methods can be used to analyse this data, such as descriptive statistics, correlation analysis, hypothesis test and content analysis. The data accuracy level that is produced by big data analytics and small data analytics should be determined, and comparison between them should be done to know the effect of each one in the accuracy of strategic marketing decision.
Some of tangible outcomes are expected to be delivered in this research. The first outcome is the Data Accuracy Level Measurement, which will be used to measure the level of accuracy of data that is used to take strategic marketing decision. This data will be taken to be used in small and big data analytics. This Measurement can be searched during literature review phase. However, it will be customised to fit probably with the cases study. Another outcome is data set that will be collected from both cases. This data set will represent small and big data. Also, during this research, a survey will be designed for the employees, and interview questions list will be designed for Top management and projects leaders. The final outcome is the report that includes the result of the whole data analysis.
This research can find out the extent of impact of using small data analytics and big data analytics as a main source for taking strategic marketing decision. This impact can be concluded by determine the level of data accuracy that is produced by both big and small data analytics. The study will reveal direct knowledge on the exact areas of difference that exists between decisions made from big data analysis and those made from small data analysis. This variation will help in the drawing of a conclusion. The knowledge obtained from the study is also important as it would help organizations as they chose which analysis model to employ thereby allowing for effective and proper planning.
From the study it is expected that the results will demonstrate how effective big data analysis is in aiding organizations to make informed decisions. This is largely due to the fact that unlike small data analytics, the extent of data that is reviewed under big data is quite broad. The extensive nature of the data allows the organizations to understand how different factors that are within its external environment affect the decisions made by consumers. This determination will help the organization in the crafting of highly informed strategic marketing decisions.
A key benefit of the results obtained from this study is that it will aid organizations when they select a tool to aid in their decision making process. Through the results of this study, organization will be able to know of the pros and cons associated with the two forms of data analysis. This insight will enable the organization select a tool that best fits its strategy thereby allowing for more effective and efficient decision making processes. The results will also aid organizations reduce the amount of resources that they spend in selecting a decision making tool thereby ensuring decreased cost of operations
References
José, R., & Montesinos, M. (2017). Big Data y Marketing.
Erevelles, S., Fukawa, N., & Swayne, L. (2016). Big Data consumer analytics and the transformation of marketing. Journal of Business Research, 69(2), 897-904.
Xu, Z., Frankwick, G. L., & Ramirez, E. (2016). Effects of big data analytics and traditional marketing analytics on new product success: A knowledge fusion perspective. Journal of Business Research, 69(5), 1562-1566.
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