W1: Chintagunta,P.,Hanssens,D. & Hauser,J.(2016).Marketing and Data Science: Together the Future is Ours. NIM Marketing Intelligence Review,8(2) 18-23.

Question 1

How has marketing faculty’s approach evolved in business schools?

Answer 1

They adopted sophisticated research methods like mathematical optimization and econometrics, leading to the evolution of marketing science.

Question 2

What drove the transition to new insights in marketing?

Answer 2

The transition was driven by new data, new methods, and new ideas, moving from warehouse-withdrawal data to scanner data, and then to big data.

Question 3

What characterizes the evolution of data quality?

Answer 3

Data quality has evolved to be characterized by volume, velocity, and variety, leading to large digital databases and real-time data analysis capabilities.

Question 4

What opportunities has Big Data technology opened in marketing?

Answer 4

Big Data technology has opened opportunities for marketing intelligence development and is well-positioned for the Big Data revolution.

Question 5

What types of questions can the latest marketing-data-science answer?

Answer 5

1. It can identify promising customers
2. Recognize relevant product alternatives
3. Recommend products based on purchase motivations
4. Monitor brand perceptions.

Question 6

What are the benefits of integrating computer science with marketing science?

Answer 6

It provides comprehensive solutions to marketing problems and improves work by leveraging insights from statistics, computer science, and marketing analysis.