What is Big Data? How is it relevant to marketing? Describe the four Vs of Big Data.
What will be an ideal response?
Big Data refers to the ever-increasing quantity and complexity of data that is continuously being produced by various technological sources. Four characteristics generally characterize Big Data; taken together, these characteristics are commonly referred to as the four "Vs" of Big Data: volume, velocity, variety, and veracity. Volume relates to the amount of data produced, which is generally measured in bytes, given the digital media in which data is most commonly stored. Velocity relates to the frequency at which data is generated over time and the speed at which it can and should be analyzed and used. Variety relates to the different types of data, including text, video, images, and audio, to name a few types. And veracity relates to the reliability and validity of the data.
For marketing managers, the rise of Big Data has provided significant opportunities to better understand several important elements of customer behavior. These include the varying experiences that make up the process through which customers choose to purchase a product or service, the different touchpoints that customers have with an organization through their use of a product or service, and the ways in which customers interact with and experience different products and services. In fact, some managers often include a fifth "V" when considering the different characteristics of the Big Data their firms possess-value. Without a clear idea of the value that can be obtained from Big Data, there is a limited justification for the expense of its collection and storage.
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The financial statement format for regulated firms will never differ from those of manufacturers and retailers; the format is prescribed by the FASB
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