Academic Master

Business and Finance

BIG DATA and its Concept

Define the concept of “BIG DATA” and how it is being gathered.

In the online marketing perspective, big data refers to the type of banner or commercial advertisements that a company displays on any other website. These types of advertisements come on a website where a customer tends to buy a product and in return encounters the same product of some other company, on the same website. When a customer buys a product online, he/she shares his/her data to get the product. This information might be the person’s name, address, phone number, and any other information. Companies make agreements in the advertisements with other online companies, to display their ads on the website to increase customer engagement. This type of data is first gathered by making agreements with the online businesses, evaluating the type of product the customer is buying, and then making the customer witness their product.

Explain why big data is the fastest-growing marketing technique.

Big data nowadays, is becoming the most advanced marketing technique due to many reasons. It increases customer retention, if a customer was swayed from the company because of an unsatisfied product, big data helps in retaining the customer by giving them advertisements to witness and offering the best possible product again. It also increases marketing optimization, where the company makes multiple channels for customers to interact and show their interest. By optimizing the channels, it becomes easy for the company to gather data from more consumers, as there are a lot of people buying products online. It is more convenient for companies to do promotional activities online than retail promotions because in an online context more customers interact and there is less cost applied to the company.

Websites practicing big data.

Dataversity is a website that uploads big data news and articles daily on its website channels. They discuss almost 1 or 2 news on daily basis.

Data science central is also a good source of gathering big data to better understand the concept with practical examinations.

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