Importance of Applying Big Data Concept in Marketing Decision Making

Abstract

The aim of this chapter is to enable marketing managers to gain basic knowledge of the capabilities of the latest data management technology, big data, which has the potential of digitally storing huge amounts of data, processing and utilizing the results of processing different types of data, as well as data of different formats in real-time. Due to the enormous potential of implementing the big data, there are also tremendous expectations in terms of the direct financial benefits of its implementation. Realizing all these expectations is a very complex task, which is set to marketing and other managers. The knowledge and skills of managers acquired by education will greatly help to understand the benefits of faster adoption and implementation of new data management paradigms. This chapter emphasizes the differences between the big data concept and conventional data processing technologies, as well as the benefits and potentials that this concept offers, especially when it comes to the process of making quick marketing decisions or making decisions in a reasonably short time.