May 14, 2015

Big Use of Big Data in Market Research

In Market Research or Marketing Research, the producers and marketers have to figure out what market wants currently and in future.  This requires data and interpretation of data. Interpretation is 60% and data collection is 40% of marketing research according to a marketing research expert.  The emergence of social media is making data available in real time about brands and their shortcoming. It also has desires of customers for future products. So emergence of Big Data that has the capability to analyze social media conversations and posts has made data available to data interpreters and thereby reduced the need for data collectors in marketing research activity.

Whereas earlier marketing research was based on small samples, Big Data based marketing research is able to take in millions of potential customers and buid insights on their conversations. The advantage is that marketing communications can be targeted to them and a better response rate can be achieved for products and services created according to their stated needs.

Big Data Use 2015

Analyzing customer behavior  65%
Bringing together different data sources  63%
Improving customer perception 59%
Enhancing responsiveness to market dynamics  51%
Generating reports faster  41%
Enhancing customer relationshipss  37%
Developing new products and services  33%
Identifying cost reduction opportunities  14%.

Article in Corporate Dossier on 15 May 2015
Interview with Richard Ingleton, CEO, TNS, Subsidiary of WPP Group and one of the largest market research firms in the world.

May 12, 2015

Theory O - Theory of Open Mind - Educator and Learner - Assumption and Attitudes

We come across different types and statements regarding learners by educators.

Theory O or Theory of Open Mind is a desirable and positive set of assumptions.

1. Learning is change in behavior.
2. Every learner joins a program and attends a course with a desire to change his behavior as directed by the educator.
3. Educators have to try and change the behavior in desirable direction indicated by the course content and course objectives.
4. Learning is change in behavior implies that a student is in the classroom willing to change his behavior. Change in behavior is brought about through a mechanism of change on knowledge, change in attitude towards the knowledge, and change in behavior.
5. When a learner tries to engage in new behavior or changed behavior for the first time, he will be happy normally to have the educator be present along with him. He expects guidance from the educator during the event and after the event. Even if he fails in the first attempt, the feedback from the educator helps him to repeat the new behavior. Training is a popular term for repeat performances of a new behavior.
6. Educator is responsible for making sure that the learner learns new behavior. The educator has to design his course so that change in knowledge takes, attitudes are ascertained and changed and provision is made for the display of new behavior.

First Published on 12 May 2015 by Dr. K.V.S.S. Narayana Rao,  Professor, National Institute of Industrial Engineering (NITIE), 

May 6, 2015

A to Z April Blogging Challenge 2015 - Reflection Article

I participated in the April A to Z Blogging Challenge. I completed all the posts with only one post having delay of one day.  I started with an index.  I also made some posts in the last week of March. But the time was not sufficient. Now I feel, I have to start posting for the challenge right from January. I should make two posts a week starting from first week of January and should use April Month for visiting others' posts and interacting with them. You cannot post and also visit others' blogs. This time I realize that the better practice would be to take care of posts before the start of April schedule them for posting in April and concentrate on interacting with other bloggers. I had minimum interaction this time, but it is quality interaction. Next year I shall implement my new plan.

My thanks to organizing team of A to Z challenge.   Alex J Cavanagh.