MKT271 - Principles of Marketing

Big Data in Marketing

Big data helps marketers analyze consumer behavior, preferences, and trends. Key characteristics include:

• Volume – Large amounts of information.

• Velocity – Rapid generation of data in real time.

• Variety – Data in different formats (social media, web analytics, financial transactions, etc.).

Sources of big data include:

• Internal Sources – CRM systems, company records, and customer transactions.

• External Sources – Social media insights, web analytics, mobile data, and financial institution data.

Big data supports predictive analytics, helping businesses forecast trends like customer churn, product demand, and emerging opportunities.

Just as raw materials buried in the Earth yield the occasional gem, raw data can also be mined for value. And as the amount of information available for analysis grows with every bar-code scan and Facebook post, the world of Big Data represents a seemingly endless wellspring of opportunity. But what does data mining involve, exactly? How are the findings used, and why? This program explores the methods, processes, and key functions of data analysis with help from eye-catching graphics and interviews with industry experts

                                                                  AI and Big Data in Market Research (9:11)
In this episode, we delve into the transformative role of AI and Big Data in modern market research. Discover how these technologies are revolutionizing the way businesses collect, analyze, and act on consumer insights. From predictive analytics and sentiment analysis to personalized marketing and automated data collection, AI and Big Data enable faster, smarter, and more scalable decision-making. We also explore the benefits—such as real-time insights and global reach—alongside key challenges like data privacy, infrastructure needs, and data quality. Tune in to learn how the future of market research is being shaped by innovation and intelligent technology. - Apr 23, 2025

                                           Big Data's Impact on Market Research_ Insights and Challenges (12:49)
In this episode, we dive into the transformative rise of Big Data in market research. Discover how the three Vs—volume, velocity, and variety—are reshaping how businesses understand consumers. From social media analytics to IoT insights and AI-powered tools, we explore how companies like Amazon, Netflix, and P&G turn massive data streams into strategic gold. We also unpack the challenges, including data overload, quality issues, privacy concerns, and integration hurdles. Tune in to learn how technology, from NLP to predictive analytics, is powering smarter, faster, and more precise decision-making in today’s competitive marketplace.- Apr 21, 2025

                                     What Will Happen to Marketing in the Age of AI? | Jessica Apotheker | TED | (10:43)
Generative AI is poised to transform the workplace, but we still need human brains for new ideas, says marketing expert Jessica Apotheker. She explores how marketers can find their niche in the world of AI based on their preference for data or creativity, offering a pragmatic and hopeful look at the future of business.- Dec 12, 2023