Steve Mckee on September the 14th at Bloomberg Businessweek “Big Data Can Make a Big Difference in Marketing.

Hello everyone,

I would like to present an article written by Steve McKee on September the 14th at Bloomberg Businessweek. This article is called “Big Data can make a big difference in Marketing.”

There are two reasons for choosing this article;

First -- it reveals the current status of an important and popular marketing tool

Second – it is highly related to our major and what we want to learn in this master program.

First of all, I would like to ask if how many of you have heard the word “quintillion”?

I also haven’t heard it before but it a 1 followed by 18 zeros.

Here is the interesting fact about it; IBM estimates that each day the world creates 2,5 quintillion bytes of new data.

After illustrating this, the author points out that managing the huge amount of data is very hard and maintains this opinion as a basis of his article.

He indicates that there are many executives in the US and Canada who are concerned about losing revenue opportunities by not being able to obtain/leverage the information available to them. Therefore there exist companies like ‘Key Info’ who help companies to deal with the data (like tweets, images, texts etc.) available to them. Since there are so many data, companies of all sizes want to access it.

After presenting these standpoints, McKee claims about misconception about Big Data. He argues that the data is not just for big businesses. He emphasizes that businesses need to get handle on its data in order to stay competitive since its competitors will do the same. Since data, that cannot be obtained and understood makes no sense, new software is developed which allows for better usage of data. So data becomes information and insight.

To support his idea, he gives an example about this issue. He states that IBM’s marketing management vice president suggests a very simple start point; a company’s website. Regardless of the type of the website, you can start with the websites which conveys very useful...