What does “big data” refer to in marketing research?

“Big data” in marketing research refers to large and complex data sets that can be analyzed to reveal patterns, trends, and insights relevant to consumer behavior and market dynamics. The term encompasses data that is not only large in volume but also diverse in nature, including structured and unstructured data from various sources such as social media, transactions, and customer interactions.

This concept is crucial in modern marketing because it allows businesses to derive actionable insights that help in making informed decisions. For instance, by analyzing customer behavior data, companies can identify preferences, optimize their marketing strategies, and ultimately enhance customer satisfaction and engagement.

The other options do not capture the essence of big data in marketing research. Small sets of data that are easily managed do not provide the depth and complexity that define big data. Data collected solely from competitors lacks the comprehensive perspective that big data offers, which includes various sources beyond competitor analysis. Finally, data that is irrelevant to marketing decisions contradicts the purpose of big data, which is primarily to provide relevant insights that inform business strategies.