Firs thing first, “What is Big Data?” Indeed, this question is one of the most buzzing questions for some time. There may be various comments regarding its definition, however, to put it simply, it is the data in huge chunks!
The term 'Big Data' is connected with 4V's: Velocity, Volume, Variety, Veracity. Volume of the data means the amount of the data. Variety refers to the number of types of data and velocity means the speed of data processing. Veracity means the quality or reliability of the data, achieved through Big Data methods.
With the development of technology, it was inevitable to reach such enormous data and with big data, researchers try to find useful ways to use these data. The difference between Big Data and traditional market research is in the briefest way is the way of data collection. Traditional market research collects data actively through explicit ways. However, big data collected passively.
Now, there arise some questions, what is the advantages and disadvantages of Big Data?
Advantages:
Disadvantages:
In a nutshell, market research should be up-to-date to address and follow up Millennials and Gen Z-ers. By integrating with mobile optimization, social media and audiovisual means, it is possible to analyze and understand these divergent generations easily. It shouldn’t be also overlooked that they are changing day by day.
