1. What is big data?
Big data is a buzzword, or catch-phrase, used to describe a
massive volume of both structured and unstructured data that is so large that
it's difficult to process using traditional database and software techniques.
Big data is a popular term used to describe the exponential
growth and availability of data, both structured and unstructured. And big data
may be as important to business – and society – as the Internet has become.
Why? More data may lead to more accurate analyses. More accurate analyses may
lead to more confident decision making. And better decisions can mean greater
operational efficiencies, cost reductions and reduced risk.
3 Vs of big data by Doug Laney, 2001
1. Volume
Many factors contribute to the increase in data volume.
Transaction-based data stored through the years. Unstructured data streaming in
from social media. Increasing amounts of sensor and machine-to-machine data
being collected. In the past, excessive data volume was a storage issue. But
with decreasing storage costs, other issues emerge, including how to determine
relevance within large data volumes and how to use analytics to create value
from relevant data.
2. Velocity
Data is streaming in at unprecedented speed and must be
dealt with in a timely manner. RFID tags, sensors and smart metering are
driving the need to deal with torrents of data in near-real time. Reacting
quickly enough to deal with data velocity is a challenge for most
organizations.
3. Variety
Data today comes in all types of formats. Structured, numeric
data in traditional databases. Information created from line-of-business
applications. Unstructured text documents, email, video, audio, stock ticker
data and financial transactions. Managing, merging and governing different
varieties of data is something many organizations still grapple with.
2.
How and when a company should use media
agencies?
·
What are the different media channels used by a
company?
Traditional Media:
broadcast and cable television, radio, movie and music studios, newspapers,
magazines, books and most print publications.
Social Media:
Facebook, Twitter, YouTube, Instagram, WhatsApp, Tumblr, Pinterest.
The Internet of Things
The Internet of Things is a growing network of everyday
objects – from industrial machines to consumer goods – that can share
information and complete tasks while you are busy with other activities, like
work, sleep or exercise.
Soon, our cars, our homes, our major appliances and even our
city streets will be connected to the Internet – creating this network of
objects that is called the Internet of Things, or IoT for short.
Made up of millions of sensors and devices that generate
incessant streams of data, the IoT can be used to improve our lives and our
businesses in many ways. But how does it work? And what are these things that
are part of the network?
The Internet of Things consists of three main components:
·
The things (or assets) themselves.
·
The communication networks connecting them.
·
The computing systems that make use of the data
flowing to and from our things.
Using this infrastructure, objects or assets can communicate
with each other and even optimize activities between them based on the analysis
of data streaming through the network.
·
Fifty billion devices will be connected to the
Internet by 2020, predicts Cisco.
·
Seventy-five percent of global business leaders
are exploring the economic opportunities of IoT, according to a report from The
Economist.
·
Cities will spend $41 trillion in the next 20
years on infrastructure upgrades for IoT, according to Intel.
·
The UK government recently approved 45 million
pounds (US$76.26 million) in research funding for Internet of Things
technologies.
Businesses are actively looking for opportunities where
streaming data will create new markets, inspire positive change or improve
existing services. Let’s look at some examples from industries at the forefront
of this revolution:
·
Intelligent transport solutions speed up traffic
flows, reduce fuel consumption, prioritize vehicle repair schedules, and save
lives.
·
Smart electric grids more efficiently connect
renewable resources, improve system reliability and charge consumers based on
smaller usage increments.
·
Remote health care monitoring provides
convenient access to health care, raising its quality and reach, and saving
money.
·
Sensors in homes and airports, or even shoes and
doors, improve security by sending signals when they are unused for a certain
period of time – or if they are used at the wrong time.
·
Machine monitoring sensors diagnose – and
predict – pending maintenance issues, near-term part stockouts, and even
prioritize maintenance crew schedules for repair equipment and regional needs.
Connected devices are making their way from business and
industry to the mass market. We’ll be seeing more and more compact, connected
sensors and actuators in everyday consumer electronics, household appliances
and city infrastructures. So, if you’re low on milk, you can get an alert from
your refrigerator as you travel by the store on the way home and before lifting
a nearly empty carton at dinner. If you’re a loyal customer when you pick up
that carton of milk at the store, you might not even need to check out. Sensors
will identify what you have taken from the shelf and automatically charge your
account when you leave the store with the item.
If you work in manufacturing or telecommunications, you are
already seeing the effects of the Internet of Things. Clearly, the IoT is not
just a convenience for consumers. It offers new sources of data and business
operating models that can revitalize productivity and success.
As more and more devices, machines and industrial assets
become connected to the Internet, the ecosystems connecting businesses will
change the way we function and make decisions. There’s a tremendous amount of
data being generated, and it offers great potential to the companies that can
extract the meaning from streaming data.
In IoT discussions, it’s recognized from the onset that
analytics technologies are critical for turning this tide of streaming source
data into informative, aware and useful knowledge.
But how do we analyze data as it streams nonstop from
sensors and devices? And how does the process differ from other analytical
methods that are common today?
In traditional analysis, data is stored and then analyzed.
However, with streaming data, the models and algorithms are stored and the data
passes through them for analysis. This type of analysis makes it possible to
identify and examine patterns of interest as the data is being created – in
real time.
So before the data is stored, in the cloud or in any
high-performance repository, you process it automatically. Then, you use
analytics to decipher the data, all while your devices continue to emit and
receive data.
With advanced analytics techniques, data stream analytics
can move beyond monitoring existing conditions and evaluating thresholds to
predicting future scenarios and examining complex questions.
To assess the future using these data streams, you need
high-performance technologies that identify patterns in your data as they
occur. Once a pattern is recognized, metrics embedded into the data stream
drive automatic adjustments in connected systems or initiate alerts for
immediate actions and better decisions.
3.
How to collect and analyze media habits?
·
What are the ethical and legal issues related to
data collection?
There are several ethical issues which must always be
considered when planning any type of data collection. Data collection always
costs someone something. It may cost health workers' time and energy to
complete surveillance forms. It certainly costs the health coordinating
organization money and time to collect, analyze, interpret, and disseminate
surveillance data and results. Surveys are even more resource intensive. Data
collection also costs the people in the population from which the data are
collected a certain amount of time, discomfort, and potential harm.
In addition, implementing or revising programs in response
to the conclusions drawn from data collected always cost manpower, time, money,
and other resources. And if the conclusions are wrong because the data were
poorly collected, these resources, which could have been used otherwise, may be
wasted or inefficiently employed.
Therefore, before beginning the planning process, be sure
that the results of the data collection will:
·
Truly be needed,
·
Be disseminated widely,
·
Be used to implement or revise a program, and
·
Use the least intrusive and costly data
collection method possible
Nonetheless, keep in mind that data collection in emergency
situations is necessary to guide program decisions. Collection of data
necessary for this purpose should not be delayed if the data collection poses
only minimal risk to individuals or groups.
Regardless of the type of data collection, it is absolutely
necessary to gain the approval of the community from which the data will
collected. This is nice to state in theory, and everyone always agrees with it,
but it is also true on a very practical level.
Most placed in the world require some sort of official
approval for research activities involving contact with human subjects. The
World Medical Association Declaration of Helsinki outlines general principles
of ethics in human research which are almost universally accepted. However,
because specific regulations still differ substantially between countries and
even between institutions, you must investigate the local regulations before
embarking on data collection.
Security for those who collect data and for those from whom
data are collected is yet another ethical issue. There are many issues
concerning security which managers must consider before implementing a data
collection:
·
Managers must judge whether or not the benefit
derived from the data collection outweighs the potential injury or death to
those directly involved in data collection.
·
Managers must decide how valid conclusions may
be from a data collection which is incomplete due to insecurity. In some
emergency situations, large geographic areas or large portions of the
emergency-affected population are inaccessible because of security concerns. Is
it worth collecting data from only secure areas when you already know that
secure areas will be better off and a lower priority for interventions than the
insecure areas?
·
Managers must try to anticipate the consequences
of data collection for those from whom data are collected. In some situations,
providing information to strangers may not be a socially acceptable thing to
do.
·
Managers must provide the best possible
protection for all concerned with a data collection.
·
Managers must determine how to provide adequate
supervision of and communication with data collection personnel in the face of
insecurity.
4.
How to make a media plan? (different steps)
·
Examples of a media plan
5 Strategic Media Planning Steps
Step 1: Capture the
market share you "should own"
Insert yourself into the marketplace by being present. To be
included in the consideration set within a product category, a product needs to
be adequately present. This is the same thing as, in a grocery store, sitting
on same shelf as competing products. Ideally, you want to be at eye-level,
which is the same as being returned as one of the top results in a search
engine, as well as sitting in the mix of product reviews on any number of
websites.
To accomplish this, a marketer need to build a search engine
optimized website and work diligently to show up in all the places where your
target would look for a category of products. To show up on the brand or
product name is not enough; the product should show up on a general search
because with a new product prospects will not likely know the product name on
which to search.
A quick way to "show up" is to use paid listings
(aka, pay-per-click for Google, Yahoo! and other search engines) under the
appropriate key phrases. Track the ones that are driving converting traffic and
use some of that information to support search engine optimization efforts.
If the product is present, is priced reasonably and the
differentiating features are basically communicated, the company will naturally
capture a set of customers that firmly believe in those differentiating
factors. Marketers will have to work harder in this step of the webcentric
marketing process to capture those customers than later in this process, but
the company will at least acquire most of the customers that are aching for
your solution.
Tactics to employ in
this step:
·
Site analytics
·
Search marketing
·
Sales-driven, contextually placed ads
·
Froogle API (for e-commerce)
·
Public relations (placed product reviews, for
example)
Step 2: Merchandise
the product or service
Make sure that your prospective customer clearly understands
what your product has to offer by manipulating its features and benefits to
position against those of your competitors.
Once the product is present where its prospective customer
is looking for a solution, a marketer will have to begin working on
merchandising the product or service on the site. In this case, one must think
like a retailer. The product needs to be accurately described and positioned,
and then the company can encourage sales through special offers or
partnerships.
At this step, it is imperative that the features and benefit
of the product or service are established in extreme clarity. This is not
intended to inundate the user, but give them every reason to consider this
product; no bases should be left uncovered. Then, grease the skids through
special offers, incentives and validating partnerships.
Tactics to employ in
this step:
·
Flash product demos
·
Comparison tools
·
Partnerships
·
Promotion codes
·
Public relations (to highlight marquee customers
and exclusive product features)
Step 3: Capture
incremental revenue by eliminating "confused customers" through
usability testing and site optimization.
Now that customers are able to answer their questions about
the product, it is important to understand where they become confused in the
sales process. For example, button placement may be confusing, or certain
verbiage may turn the user off. With
each change made in this step, results should be carefully tracked and
measured.
The magnifying glass should not only be on aspects of the
site, but also in advertising programs and internal processes. This oftentimes
is where one can capture incremental revenue as little things are cleaned up as
they're uncovered. By this step focusing on learning details about the
consumer, this step can often segue to the next through the discovery of
"the big idea" that leads to a brand strategy.
Tactics to employ in
this step:
·
Advanced site analytics
·
Marketing dashboards
·
Site-wide usability testing
·
Feedback tools
·
Enhanced or improved site software, such as an
improved shopping cart, store locator, etc.
Step 4: Create
intangible benefits through branding
Create perceived value, brand personality and other
intangible benefits.
People want to feel good about the products they buy and the
companies they support. When people sit on the fence between purchasing one
product over another, the product that wins that battle is the brand with which
a customer best aligns. Winning this battle consistently is when a product's
market share can really explode.
The customer may often create "an excuse" to tell
people why they selected the product, such as price or convenience; however,
underlying that excuse may be the reality that they liked the color orange, the
guy in the commercial was funny, or a neighbor will covet this product. By
digging into the psychographics of the consumer and understanding the real
motivation for purchasing a product, a marketer can play to the buyer's id
while providing "an excuse" through one of the other marketing Ps.
Tactics to employ in
this step:
·
Qualitative research
·
Brand-oriented banner ads
·
Broadcast
·
Print media
·
Viral or guerilla tactics
·
Blogs, podcasts
Step 5: Retain
customers and create fans by crafting the experience
Get to know your customer and their friends by supporting
their needs and facilitating their experience with your product or service.
Now that you understand your brand and what truly drives
people to purchase your product, you can begin to craft "the
experience." That experience should permeate throughout the organization
and into every consumer touch-point. It should be consistent and measurable.
There are a number of notable brands that have effectively
created a customer experience enhanced by the web. Each of those brands
experience a vibrant community of followers and promoters who carry the
experience torch for the company and their products. They deal with support
issues on behalf of the company, they forward information on to friends and
they provide a constant flow of information to the company.
In this step, the marketing strategy has become much more
complex and influences all aspects of the company, internal and external. At
this point, the company should be not only marketing products, but managing a
brand, as well. However, because of today's web, there is a third skill
required: reputation management. Consumers now have a heightened ability to
manipulate your brand image through such an open and immediate forum.
This is an era where users can easily create their own
commercials (good or bad) for your product, blog about experiences with your
company or develop websites to associate themselves with your company. The best
thing you can do if you reach this step is to cultivate the good and monitor
the bad.
Tactics to employ in
this step:
·
Customer lifecycle management
·
Affinity and loyalty programs
·
Customer forums
·
Brand reputation management monitoring
·
Branding guidelines
Media Planning, in advertising, is a series of decisions
involving the delivery of message to the targeted audience. Media Plan, is the
plan that details the usage of media in an advertising campaign including
costs, running dates, markets, reach, frequency, rationales, and strategies.
Steps in Development of Media Plan
1. Market Analysis
Every media plan begins with the market analysis or
environmental analysis. Complete review of internal and external factors is
required to be done. At this stage media planner try to identify answers of the
following questions:
Who is the target audience?
What internal and external factors may influence the media
plan?
Where and when to focus the advertising efforts?
The target audience can be classified in terms of age, sex,
income, occupation, and other variables. The classification of target audience
helps media planner to understand the media consumption habit, and accordingly
choose the most appropriate media or media mix.
2. Establishing Media
Objective
Media objectives describes what you want the media plan to
accomplish. There are five key media objectives that an advertiser or media
planner has to consider - reach, frequency, continuity, cost, and weight.
Reach - Reach refers to the number of people that will be
exposed to to a media vehicle at least once during a given period of time.
Frequency - Frequency refers to the average number of times
an individual within target audience is exposed to a media vehicle during a
given period of time.
Continuity - It refers to the pattern of advertisements in a
media schedule. Continuity alternatives are as follows:
Continuous: Strategy of running campaign evenly over a
period of time.
Pulsing: Strategy of running campaign steadily over a period
of time with intermittent increase in advertising at certain intervals, as
during festivals or special occasions like Olympics or World-Cup.
Discontinuous: Strategy of advertising heavily only at
certain intervals, and no advertising in the interim period, as in case of
seasonal products.
Cost - It refers to the cost of different media
Weight - Weight refers to total advertising required during
a particular period.
3. Determining Media
Strategies
Media strategy is determined considering the following:
Media Mix - From the wide variety of media vehicles, the
advertiser can employ one vehicle or a mix suitable vehicles.
Target Market
Scheduling - It shows the number of advertisements, size of
advertisements, and time on which advertisements to appear.
Seasonal Pulse: Seasonal products like cold creams follows
this scheduling.
Steady Pulse: According to this scheduling one ad is shown
over a period of time, say one ad per week or one ad per month.
Periodic Pulse: A regular pattern is followed in such
scheduling, as in case of consumer durable, and non-durable.
Erratic Pulse: No regular pattern is followed in such
scheduling.
Start-up Pulse: Such scheduling is followed during a new
campaign or a launch of a new product.
Promotional Pulse: It is for short time, only for a
promotional period.
Reach and frequency
Creative Aspects - Creativity in ad campaigns decides the
success of the product, but to implement this creativity firm must employ a
media that supports such a strategy.
Flexibility - An effective media strategy requires a degree
of flexibility.
Budget Considerations - In determining media strategy cost
must be estimated and budget must be considered.
Media Selection - It covers two broad decisions - selection
of media class, and selection of media vehicle within media class.
4. Implementation of
Media Plan
The implementation of media plan requires media buying.
Media Buying refers to buying time and space in the selected media. Following
are the steps in media buying:
Collection of information: Media buying requires sufficient
information regarding nature of target audience, nature of target market, etc.
Selection of Media/Media Mix: Considering the collected
information and ad-budget, media or media mix is selected which suits the
requirements of both - target audience and advertiser.
Negotiation: Price of media is negotiated to procure media
at the lowest possible price.
Issuing Ad - copy to media: Ad-copy is issued to the media
for broadcast or telecast
Monitoring performance of Media: Advertiser has to monitor
whether the telecast or broadcast of ad is done properly as decided.
Payment - Finally, it is the responsibility of advertiser to
make payment of media bills on time.
5. Evaluation and
Follow-up
Evaluation is essential to assess the performance of any
activity. Two factors are important in evaluation of media plan:
How successful were the strategies in achieving media
objectives?
Was the media plan successful in accomplishing advertising
objective?
Successful strategies help build confidence and serve as
reference for developing media strategies in future, and failure is thoroughly analyzed
to avoid mistakes in future.
Sources
·
SAS Institute Inc. Big data. What it is &
why it matters. 2015. (http://www.sas.com/en_us/insights/big-data/what-is-big-data.html)
·
SAS Institute Inc. Internet of Things (IoT).
2015. (http://www.sas.com/en_us/insights/big-data/internet-of-things.html)
·
Patidar, M. MBA Notes - Media Planning Process.
2012. (http://www.enotesmba.com/2012/07/mba-notes-media-planning-process.html)
·
Carr, R. 5 Strategic Media Planning Steps. 2006.
(http://www.imediaconnection.com/content/11160.asp#multiview)
·
London School of Hygiene and Tropical Medicine. Ethical
issues in data collection. 2009. (http://conflict.lshtm.ac.uk/page_12.htm)
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