Importance of Big Data in the Modern World - Thesis Proposal Example

Big Data Table of Contents Table of Contents 2 Aims and Objectives 3 Research Methodology 3 Research Approach 3 Research Design 4 Data Collection 5 5 Ethical Consideration 5 Literature Review 5 Big Data 5 Importance of Big Data in Electronic Markets 6 Contribution of the Proposed Research Study 7 References 8 Aims and Objectives In the contemporary business scenario, big data is of immense importance for bsuiness organisations, as management of business organisations with the assistance of big data is able to make effective decisions and formulate appropriate strategies. In this regard, the aim of the proposed research study will be to understand the usage of big data in electronic markets for learning opponent behaviour or predicting trends and prices. The objectives of the proposed study are provided hereunder. To determine the importance of big data in obtaining information about electronic markets To identify the prevailing market and consumer trends in the electronic markets To understand price wars that exist in the electronic market segments To understand the behaviour of opponents or competitors in the electronic market segments Research Methodology Research Approach Research approach is considered to be an important aspect of any research. The appropriate selection of research approach forms the basis for reliable study. In this proposed research study, a systematic approach will be followed for accomplishing the desired aims as well as objectives successfully. In this regard, a qualitative research approach will be used, as it is a procedure of ascertaining values, perceptions as well as attitudes of individuals in an enhanced manner. A qualitative approach will assist in having an immense understanding about the trends that exists in the electronic markets. The collected data will be analysed through qualitative approach, for ascertaining findings reflecting the important information about competitions and prices and other market trends in the electronic markets. Additionally, in this proposed research study an inductive approach will be used with the intention of obtaining about electronic markets on a broader perspective. Subsequently, inductive approach will also assist in understanding different factors responsible for market trends and current market conditions of electronic markets. Moreover, the analysis of data will also aid in measuring the extent as well as trends of customer satisfaction and sentiments of customers in relation to products and/or services (University of Bradford, 2012, Hancock, 2002). Research Design In this proposed research study, a specific research design or process will be followed in order to control its effective completion within a desired timeframe. The proposed study comprises a series of activities, which will be necessary for conducting the entire study in an effective and appropriate manner (Kumar, 2010). The research design consisted of seven phases which have been described below: Source: (Kumar, 2010) Data Collection Data collection is an essential part of a particular research procedure or study. Accurate data should be collected with the intention of obtaining reliable findings. There are two types of data collection technique which include primary and secondary data. In this proposed research study, data will collected through secondary data collection method. Secondary data will be collected from different secondary sources that include news articles, social network data and tweet feedbacks (Hancock, 2002). Ethical Consideration In this research proposal, ethical considerations will be emphasised towards data collection procedure. Contextually, the data to be collected will be ethically considered on the ground that secondary sources authentic and reliable (Halai, 2006). Literature Review Big Data In the present scenario, data is collected from different digital sources as well as processes including sensors, mobile devices, systems and social media technologies (Moshood, 2013). According to Moshood (2013), data is generated from multiple sources with adequate volume, velocity and variety. The collection of data from diverse sources is termed as big data. Currently, big data is used with the aim of having better understanding as well as deriving meaningful value about different aspects through appropriate analysis and processing of information. Moshood (2013) also stated bsuiness organisations with the assistance of big data are facilitated in improving bsuiness operations and making effective decisions (Moshood, 2013). In a similar perspective, Pardeshi & Akulwar (2014) stated that big data comprises both structured as well as unstructured data. Business organisations are identified to make huge investments in analysing data with the aim of obtaining important information in relation to market and business conditions. Big data is of immense importance in the present business scenario owing to intensified competition to due to globalisation and continuous advancement in technologies. In this respect, business organisations with the assistance of big data are able to perform their operations competently and competitively (Pardeshi & Akulwar, 2014). Importance of Big Data in Electronic Markets According to Dholakia & Dholakia (2013), the market scenario is changing owing to the shifts in the preferences of customers, which in turn have affected the marketing concepts of business organizations. In this context, business organisations are required to implement effective strategies with the aim of ensuring that products and/or services are offered in accordance with the needs or preferences of customers. Moreover, feedbacks from customers are acquired from online surveys and interviews in order to determine their requirements. Business organisations also interact with customers, which assist in building effective relationship with customers. Subsequently, business organisations with the assistance of big data are able to obtain adequate information about customers’ needs and preferences based on which products and/or services are offered in the electronic markets (Dholakia & Dholakia, 2013). Panicker (2013) noted that management of business organisations with the assistance of big data are able to accumulate adequate information in relation to electronic markets from different sources that include social media, digital devices and mobile phones among others. The information and facts about electronic markets aid in having a comprehensive understanding about market conditions and market demands. In this respect, an appropriate analysis of big data facilitates business organisations in making suitable decisions, so that business operations are conducted with better governance (Panicker, 2013). Additionally, Carter (2013) stated that business organisations with the assistance of big data are able to possess enormous information as well as knowledge about changes relating to governance principles, business environment, marketing practices and management practices among others with better predictability. In this respect, business operations are conducted with better risk management approaches. Furthermore, businesses are able to conduct their operations effectively in accordance with electronic market conditions and customers’ requirements (Carter, 2013). Contribution of the Proposed Research Study The proposed study will aid in seeking relevant information about big data and its importance for business organisations in the contemporary business environment. . The study will further assist managers, business personnel and academic students in understanding the importance of big data for business organisations to perform effectively in the electronic markets. Additionally, the study will facilitate in determining the role of customer satisfaction towards business performances and success. The findings obtained from the proposed study will facilitate in acquiring greater competitive advantages by identifying the needs and preferences of the customers as well as the behaviour of competitors. References Carter, K., 2013. Big Data: What’s the Big Deal? Articles. [Online] Available at: http://thinkbusiness.nus.edu/articles/item/135-big-data-whats-the-big-deal [Accessed June 15, 2014]. Dholakia, R. R. & Dholakia, N., 2013. Scholarly Research in Marketing: Trends and Challenges in the Era of Big Data. Working Paper Series, No. 10, pp. 1-31. Halai, A., 2006. Ethics in Qualitative Research: Issues and Challenges. The Aga Khan University. [Online] Available at: http://www.edqual.org/publications/workingpaper/edqualwp4.pdf [Accessed June 15, 2014]. Hancock, B., 2002. Trent Focus Group an Introduction to Qualitative Research. An Introduction to Qualitative Research, pp. 1-27. Kumar, R., 2010. Research Methodology: A Step-by-Step Guide for Beginners. SAGE. Moshood, O., 2013. Big Data a Prolific Use of Information. Cameron University. [Online] Available at: http://www.cameron.edu/uploads/1e/c9/1ec908b646b90b1e4f0512cf81aeae1b/1.pdf [Accessed June 15, 2014]. Panicker, R., 2013. Adoption of Big Data Technology for the Development of Developing Countries. Proceedings of National Conference on New Horizons in IT, pp. 219-222. Pardeshi, S. A. & Akulwar, P. K., 2014. Escalation the power of Big Data. Sinhgad Institute of Management and Computer Application, pp. 236-241. University of Bradford, 2012. An Introduction to Research & Research Method. Management. [Online] Available at: http://www.brad.ac.uk/management/media/management/els/Introduction-to-Research-and-Research-Methods.pdf [Accessed June 15, 2014]. Read More