Big data can be used in collecting information about buyer behavior and the overall business environment, which is vital in making effective managerial decisions. Giving reasons illustrate how this can be accomplished

What will be an ideal response?

When researching a market, seeking a solution to any problem, or trying to answer key questions, marketers must know where to go to obtain information. They must also know what subject areas to investigate and what information to look for, the different ways to acquire information, and the various types of analyses that will yield important insights and understanding. With the availability of big data, marketers have a well of market information available via information technology, such as the Internet. A few keystrokes can yield literally hundreds of articles, research findings, and Web sites that offer a wealth of information about marketing-related issues. Even so, marketers must do their homework if they are to make the most of modern information technology. First, they need to understand the importance of information technology and marketing information systems as strategic assets. Second, they should have a general understanding of the formal market research process. Finally, they should know how to manage the marketing information collection system and the marketing research effort.