Explain three ways in which Big Data can help marketers create competitive advantages
What will be an ideal response?
The collection and analysis of Big Data has the potential to provide competitive advantage in three main areas. First, marketers can use analytics to identify new opportunities that yield greater return on investment (ROI) on marketing efforts. Second, marketers can use insights they gain through the analysis of Big Data to create products and services that are better aligned with the actual desires of consumers. Finally, the use of Big Data can help marketers more efficiently and effectively deliver communications about products and services.
You might also like to view...
________ products give both high immediate satisfaction and high long-run benefits
A) Deficient B) Pleasing C) Desirable D) Salutary E) Threatening
By increasing collection expenditures, a firm can decrease bad debt losses up to a point, beyond which bad debts cannot be economically reduced
Indicate whether the statement is true or false