Role of Big Data in Modern Organizations and its Impact on Market Research

This paper discusses the role of big data in modern organizations and its impact on market research. It evaluates the potential of big data analytics to reveal concealed patterns, unknown correlations, market development, consumer preferences, choices and other useful information which can help organizations to make their own informed business decisions. The paper also discusses the impact of big data on JWS Research and the potential role for data analytics based on social media.

Running head: MARKET RESEARCH
MARKET RESEARCH
Name of the Student:
Name of the University:
Author note:

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Executive Summary
Big data along with other analytic techniques has been efficiently augmenting marketing
research and modern organizations. Big Data with marketing research efficiently signifies an
effective toolkit and mechanism in the hands of marketer researchers to enhance their potentials.
The domains of market research will undoubtedly be enhanced and modified by growing
opportunities whereby big data and technology advances provide marketer investigators to
realize consumer behaviour and preferences. The paper has evaluated the role of big data in
modern organization and the way big data potentials have been augmenting market research
companies to develop their position in the market.

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Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Role of Big Data in Modern Organizations.................................................................................3
Impact of Big Data on JWS Research.........................................................................................4
Potential role for data analytics based on social media...............................................................4
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

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Introduction
New and Advanced Technological development finds new demands on companies or
further opens avenues for new possibilities and improved market activities as well as products.
One classic example of such technological development relates to the implementation of
Information Technology among companies for executing business (Hair Jr et al. 2015). Big data
and technological advances have been opening up a wide array of potentials across the
customary quantitative-qualitative continuum of market research. On one hand big data claims to
comprise sample sizes which no other technologies have imagined even a decade ago. The
potential to connect data from various sources for the employees the data available is potentially
more advanced in comparison to the data which was available before the emergence of big data
(Xu, Frankwick and Ramirez 2016). The following report addressed to the Executive
Management Team of Marketing Research Consultancy (MRC) will evaluate the role of
advanced technology on market research in contemporary business environment.
Discussion
Role of Big Data in Modern Organizations
Various recent internet reports have underpinned certain claims which reveal that big data
has been successfully surpassing the trends of traditional survey research (Yin and Kaynak
2015). Several market analysts advocate extensive usage of accessible information or data, data
processing domains or self implementation tools such as ‘survey monkey’ in order to facilitate
modern organisations to conduct their own research and know their position in the market
(Erevelles, Fukawa and Swayne 2016). The definition of Big Data Analytics signifies the process
of examining large and diverse data sets which is big data in order to reveal concealed patterns,
unknown correlations, market development, consumer preferences, choices and other useful
information which can help organisations to make their own informed business decisions (Hair Jr
et al. 2015). Efficiently stipulated by specialised analytics mechanism and software, Big Data
Analytics tend to direct various business advantages which incorporate recently developed
revenue opportunities highly productive marketing improved customer services enhanced
operational efficiency along with competitive benefits over rivals in the market (Gandomi and
Haider 2015).
Loebbecke and Picot (2015) state that although big data is identified as a vital subject of
discussion, it has been observed that the research contributors, corporate investigators and C-

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suite marketing executives exhibit the lack of interest to recognise the concept of big data. It is
highly evident that analytics and big data are undergoing significant development in the
exploration and evidence market. As per the reports revealed by PWC Business of Evidence
2016, data analytics increased by around 350% from 2012 (PwC Research 2016). Furthermore it
has been revealed that regardless to the elevated growth less than 10% of the industrial labour
force has been employed in the domain of data analytics (Lee Kao and Yang 2014). However
further research on market industry explore the assumption that big data analytics constitutes the
potential of complimenting more conventional market research activities related to service
investigations and focus groups rather than reinstating them. Furthermore a greater degree of
influence on traditional market investigation practices have been casting light on technology-
enabled data collection decisions which facilities researchers to obtain biometric video or ‘in-the-
moment’ information (Gandomi and Haider 2015).
Impact of Big Data on JWS Research
Furthermore the highly digitalised business era give rise to several forms of challenges
and complexities (Xu, Frankwick and Ramirez 2016). It has been identified that big data not only
guides science with global issues but further provides marketers with data required for effective
decision making. However one of the most sincere examples of the way big data has been
currently altering the trends of market research is social media analytics (Hair Jr et al. 2015). It
has further been revealed that big data has been transforming the lives of people is by efficiently
contributing marketers with the potential to target individuals within a specific group. With
information on data being distinctly separated through machine learning, algorithms, social
media domain have facilitated modern organisations to directly address individuals on the basis
of detailed specifications which surpass conditions related to any demographic attributes (Yin
and Kaynak 2015). However JWS Research Organisation which is intending to adapt data
analytic process for enhancing their market research capacity will be able to directly associate
with their target audience group and further increase their revenues by condensing the cost of
advertising (Lee Kao and Yang 2014). In this way consumers who have greater level of interest
towards JWS’s products or services will view their advertisements and the less amount of cost
has been made by the business by advertising to individuals who are being unresponsive towards
their services.
Potential role for data analytics based on social media

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Gandomi and Haider (2015) observed the other advantages of social media which is
further has been identified as another crucial determinant for JWS Research and other modern
organizations engaged in Market Research. As every recent business enterprise is aiming to
attain a competitive position in the industry by obtaining a portion of social media, the level of
competitiveness has been rapidly increasing. JWS Research needs to create inventive profiles on
diverse social media domains to successfully enhance their brand message and information
(Jwsresearch.com 2018). Easy and effective access to diverse range of metrics such as likes,
comments, posts, images facilitates a business to comprehensively demonstrate the attributes and
character of the interaction occurring between the consumer base and content which the
company is delivering (Lee Kao and Yang 2014). Thus, being positioned in the core of elevating
digital marketing environment, social analytics proficiently offer businesses with opportunities to
sharpen up their marketing message (Loebbecke and Picot 2015). This furthermore can be
executed while successfully delivering enhanced support and less ambiguity through vital,
relevant and timely information.
Conclusion
Thus to conclude it can be stated that regardless to few constrains of big data, it can
efficiently improve the process of market research of any organization dealing with market
research. With influx of information emerging from both online and offline methods, market
researchers like JWS Research are provided with a large collection in order to evaluate and
formulate strategies with utmost accuracy. Thus, JWS must examine the data which are
generated and further cast off the highly irrelevant parts in order to enhance its buoyancy while
conducting their market research with accurate data and information warehouse.

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References
Erevelles, S., Fukawa, N. and Swayne, L., 2016. Big Data consumer analytics and the
transformation of marketing. Journal of Business Research, 69(2), pp.897-904.
Gandomi, A. and Haider, M., 2015. Beyond the hype: Big data concepts, methods, and
analytics. International Journal of Information Management, 35(2), pp.137-144.
Hair Jr, J.F., Wolfinbarger, M., Money, A.H., Samouel, P. and Page, M.J., 2015. Essentials of
business research methods. Routledge.
Jwsresearch.com 2018. JWS Research - Find out what they're thinking.. [online]
Jwsresearch.com. Available at: http://jwsresearch.com/ [Accessed 30 Aug. 2018].
Lee, J., Kao, H.A. and Yang, S., 2014. Service innovation and smart analytics for industry 4.0
and big data environment. Procedia Cirp, 16, pp.3-8.
Loebbecke, C. and Picot, A., 2015. Reflections on societal and business model transformation
arising from digitization and big data analytics: A research agenda. The Journal of Strategic
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PwC Research 2018. PwC Research. [online] PwC. Available at:
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Xu, Z., Frankwick, G.L. and Ramirez, E., 2016. Effects of big data analytics and traditional
marketing analytics on new product success: A knowledge fusion perspective. Journal of
Business Research, 69(5), pp.1562-1566.
Yin, S. and Kaynak, O., 2015. Big data for modern industry: challenges and trends [point of
view]. Proceedings of the IEEE, 103(2), pp.143-146.