This video might be a fun way to introduce coverage of analytics, marketing research or big data. When analytics are too shallow, they can lead the marketing manager down the wrong path.
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.
Marketing research can be a challenging concept for students in the introductory marketing course. In our books, this chapter begins with a discussion of the marketing information system and big data. The video below provides a way to take this topic to a deeper level. The 12 minute video allows you to bring Mandy Chessell, an IBM distinguished engineer and master inventor, to your students.
While the topic is a bit on the technical side, an instructor could tie Mandy’s presentation to key concepts from marketing research, including the marketing information system, customer relationship management, and big data. Because of the more technical nature, if this is for introductory marketing students, you may want to show the video in class to you can interpret the more complex issues. If you are using it in a marketing research class, you could possibly assign it as homework and ask students to think about how such data could be collected, managed, and utilized.
As regular readers of T4Ps know, we have been on the big data train for more than a year. The major theme in the recently published 19th edition of Basic Marketing is the impact of big data on marketing strategy.
I am not sure I agree completely with Google chairman Eric Schmidt’s assessment that “Big Data is not overhyped; it’s underhyped” — but I do believe many of our students will be working in marketing jobs that utilize more data and analytics. That quote and some strong arguments for why we need to be teaching our students about big data can be found in “Say It With Me: Big Data, Big Data, Big Data” (CMO.com, April 11, 2013). It is a short read and provides some motivation for those of us teaching the next generation of marketers to keep up with the latest trends.
There is always something new in online advertising. Here are a couple of articles and a video that will give you some new information you can share with your students.
First, let’s motivate the topic with some research that shows “Online Ads Best TV Ads When it Comes to Recall” (Visible Measures blog, May 2, 2013). “Data from Nielsen shows that viewers have much higher recall of online ads than they do of TV ads. Message re call of online ads is double that of TV ads and brand recall is nearly double that of TV. Additionally, viewers tend to like the ads better online than they do on TV.” Click through to the short article to learn some of the reasons for the success of online advertising.
Second, new technology is emerging that allows advertisers to track us across the different platforms we use to access the web. So now, what advertisers learn about us as we surf the web on our laptop can be used to serve us advertising on our mobile phone. They can also target us at specific times of day. This whole topic raises privacy issues, too. Learn more by reading this Wall Street Journal article “Online Ads Can Follow You Home” (April 29, 2013 – non-subscribers may need to click here) and the associated (somewhat technical) video below.
The articles and video have content that will appear in the next editions of our books — but you can share these insights with your students the next time you cover online advertising or want to discuss technology, segmentation, targeting, or privacy.