Managing a business is not an easy task; a businessperson needs to focus on many things at the same time in order to get the business running. A person should have a great insight into the current practices going on in the market and the trends currently prevailing among the customers. In order to sell their products more successfully or give awareness to the potential customers about the services being offered, organizations make use of various marketing techniques.
Marketing is actually the set of activities carried on by organizations in order to promote the buying and selling of a product or service. The process of marketing includes a number of activities like advertising, selling, and delivering the product to the right customer at the right time. An important component of the process of marketing is marketing science. Scholars, experts, and marketers are putting a great deal of effort in the area of marketing science. There are a number of research projects that have already been completed and hundreds of research projects that are being carried on currently, in different areas of the world on the topic. A number of articles have also been published on the topic of marketing science and its implications in the field of marketing. I recently went through one of such articles, titled "Marketing Science and Big Data” (Chintagunta).
Marketing sciences is the approach to the area of marketing, using the scientific methods and techniques, instead of relying upon the methods used in arts and humanities. Marketing science includes understanding the needs and demands of the customers and developing the strategies and ways through which they can be fulfilled. It can easily be understood as the application of scientific techniques and tools for solving various problems related to marketing.
The article under discussion, “Marketing Science and Big Data” focuses on the world of marketing science and its implications in various fields. One of the major components of marketing science is data, and large organizations make use of big data to disseminate their message in order to increase their sales. Such a large amount of data also requires great responsibility. The organization using this data needs to be very careful while using it so that the privacy and confidentiality of the customer's data are not breached.
Talking specifically about the organizations working in Canada, the article also puts a light on the various organizations working in the country that make use of marketing science and its implications in various fields. Canada is a country that has many large organizations working on it. These organizations make use of big data for various purposes, so that they can promote and sell their products. However, these organizations make sure that this data is used very carefully and ethically so that the conditions of data secrecy and confidentiality are fulfilled.
Hence, in a nutshell, it can be concluded that marketing science is an important aspect of the life cycle of almost every organization. Marketing science is not actually marketing, but a part of the whole marketing process. Every good company is focusing on it currently so that it can grab the attention of a maximum number of customers. One of the important parts of marketing science or this whole process, is data collection and analysis. Big companies collect large amounts of data that is further used for the purpose of predicting various trends in the market. However, it is the liability of these companies, to use this data responsibly and care about the privacy and confidentiality of a person’s information, otherwise, huge issues can arise out of it, not only for the customers, but the organization as well.
Chintagunta, Pradeep, Dominique M. Hanssens, and John R. Hauser. "Marketing Science and Big Data." (2016): 341-342.
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