As regular readers know, big data has been a theme of Teach the 4 Ps for almost two years now. It highlights a big reason for this blog — it is difficult for any textbook (and the delay between writing and publishing and market) to keep up with the pace of change in the “real world” of marketing. Most textbooks have only limited (if any) coverage of the big data trend that is a major driver of many firms’ marketing strategies. We hope you find our blog and articles like this provide you with some content to bring to your marketing students. Of course Basic Marketing 19e has now been published and does have a lot of content related to big data.
A great example is the CVS drug store chain — with over 7000 stores. The company is mining data to identify its highest value customers (targeting), redesigning store layout (place), determining product assortment (product), and offering price promotions (price) and other forms of direct to consumer communication (promotion), for example sending customers text messages to remind them to take their prescription medication. This New York Times article, “Using Data to Stage-Manage Paths to the Prescription Counter,” (June 19, 2013) details some of what CVS is doing and is a great reading when you cover market research or retail.