Question

reflection essay is divided into four parts

First—Introduction (50-100 words)

Second—Your past/present knowledge or experience in Marketing (400-500 words)

Third—What did you learn from it/How can your new knowledge in Marketing change the way you do your job? (400-500 words)

Fourth—Conclusion (50-100 words)

Answer 1

In today's modern era, the word 'digital marketing' is a well known term to all those who are familiar to the digital world. It is a part of everybody's life right from personal to professional life. Digital marketing is a playground for common people to keep themselves updated in their daily lives as well as to the network with potential clients/customers which can help their businesses to grow. But digital marketing is a very broad term which consists of Search Engine Optimization (SEO), content marketing, social media marketing, etc.

Among the above terms I found a new concept of Big Data Analysis. It is a new and interesting term in the field of marketing. According to a new study by Accenture and GE (2015) executives across different sectors are seeing the enormous potential offered by a combination of big data analytics and the internet of things. The survey revealed a growing urgency within organizations to adopt big data analytics in order to advance their marketing strategy.

Qubole (n.d) cited a survey of 540 enterprise decision makers who stated that they adopted big data and analytics to improve customer retention, assist with product development and gain a competitive advantage. Firms such as Google have successfully gained a competitive advantage, especially because data analytics is the foundation of their enterprise.

Hence after these researches, one can say that big data analytics has a long way to go because it has the potential to exploit the untapped resources from different sources of data like the social media, shopping websites, etc.

Now what is this Big Data? It is a collection of unstructured data which is first sorted, analyzed and then considered for taking decisions. It is a great tool in marketing to study the pattern of a consumer that how he behaves. His behavior might consist of his buying patterns, his likes and dislikes, his buying preferences, etc. To be more specific, big data can be distinguished from congenital data with its three Vs, namely:

● Volume: The quantity of analyzed data exceeds the capability of conventional analytics and statistical modeling tools. Analysis of big data scales to handle petabytes and has the possibility to handle larger volumes.

● Velocity: This is the speed of accessing data. Conventional Business Intelligence (BI) applications use historical data dating back weeks, months or quarters, while big-data relies on real time information in order to deliver rapid insights.

● Variety: Big data looks at all sorts of information beyond what is structured and stored in the DW (Data Warehouse). It also has the ability to assimilate stored data and both structured and unstructured data feeds from external sources.

So from the above mentioned three Vs we can only think that if this type of data comes into a company’s hand, then it could achieve heights of success because they will know the needs, preferences, tastes and wants of the consumer before even stepping into the market. The company will be way ahead of its competitors in terms of customer satisfaction. And as we all know that customer is the god for an organization. It is the only essence because of which a company survives. So it can only be imagined that what kind of a tool is big data analytics in the field of marketing. With the help of Big Data Analytics, a company could save a large amount of its funds from being spent on advertising and publicity.

The biggest thing that we learnt from Big Data Analytics as a tool for marketing is that it is still an under exploited source of information about customers. Therefore, if somehow this big data is tapped through softwares like Apache Hadoop and Qubole, it will be like fulfilling a child’s wish by just reading his mind through magic. We will be able to give customers what they really want. Different organizations can use it to tailor their products according to the needs of the customers. Organizations offering customized products/services will be the biggest benefiters of big data.

According to studies, firms who have developed their marketing strategies with the help of big data analytics are currently on the top list of businesses, for example- Google, Amazon, etc. On the other hand, there are many firms using big data but do not wish to disclose this fact because they are afraid that the public will lose trust on them and they might think that the organization is stealing personal data.

We can conclude that the capturing of correct data and current data is an important element in big data. This is because the latest data will only help us study the market trends and the recent changes in the viewpoints of the customers. Organizations need to stay updated with the performance of their competitors which can again be analyzed by studying the buying behavior patterns of the prospects. It also becomes easy to find new customers. Correct and relevant data is important because no one likes to waste their efforts, time and money. Therefore, correct and current information is exactly what an organization needs for marketing.