MKTG 3258 Lecture Notes - Lecture 4: Big Data, Personalized Marketing

• School: Mount Royal University
• Department: Marketing
• Course: MKTG 3258
• Professor: Edmund Gee

Document Summary

This article explores how important data is when making company decisions from a management perspective. The quote you can"t manage what you can"t measure is very relevant in today"s business landscape. Organizations need every advantage they can get on their competitors, and big data helps with that. Big data is similar to analytics, but there are three key difference between the two: volume, variety, and velocity. The problem with big data is that there"s so much of it that it can be difficult to attain information relevant towards organizational goals. Big data being used effectively can lead to some great innovations, like more accurate airline eta"s and more personalized marketing promotions. Big data can create great business advantages for a company. However, there are biases and obstacles towards incorporating big data into a business. The majority of companies make decisions by listening to their hippo, or the highest paid person"s opinion.