You are reading the article Why Consumer Behavior Is Important? updated in February 2024 on the website Bellydancehcm.com. We hope that the information we have shared is helpful to you. If you find the content interesting and meaningful, please share it with your friends and continue to follow and support us for the latest updates. Suggested March 2024 Why Consumer Behavior Is Important?Why Consumer Behavior is Important for Business Managers?
Consumer behavior is the study of how people respond to products and services, followed by their marketing and selling. It’s of huge importance to managers because the focus on consumers is the key contributor to the marketing of business practice. Business functions like accounting, production, or finance, don’t need to factor in the customer. Business managers, who truly understand their consumers, can come up with better products and services and promote them more effectively.
Start Your Free Marketing Course
Digital marketing, conversion rate optimization, customer relationship management & others
Understanding consumer behavior is important for all companies, especially before the launch of a product or service. If the company fails to read the customer’s mind, it may end up in losses. Consumer behavior is usually very complex because each one has a different attitude towards purchase, consumption and disposal of a product. Understanding the concepts of consumer behavior helps in marketing products and services successfully. Besides, frequent study of consumer behavior helps in several aspects. There’s constant change in living standards, technology, fashion and trends, and customer attitude towards a product or service also changes. Marketing of a product is largely dependent on these factors and consumer behavior serves as a tool for marketers to meet their sales objectives.What is Consumer Behavior?
Consumers, while buying a product or service, go through various steps. Studying consumer behavior helps companies to understand how the decision to buy was made and how they hunted for the product. These information help companies and business managers to know the reasons behind the purchase or rejection of a product or service by the customer.
To understand customer behaviour, marketing experts usually examine the buying decision processes, particularly factors that trigger customers to purchase a product. A recent study disclosed that an average shopper takes less than 20 minutes for purchasing groceries and covers only 23% of the store area, giving managers very little time for influencing customers. In fact, more than 58% of all purchases in a supermarket are unplanned. Business managers spend a lot of money and time to discover what compels customers to take such on-spot decisions. Researchers can obtain the most valuable data on customer buying trends through in-store surveys, and often introduce new products and services in some select stores where they expect to reasonably test an item’s success. In this way, a company can determine whether there’s a chance of the product to be successful when launched, before further investing into it.Understanding Consumer Needs
Customers adjust their purchasing behaviour depending upon individual needs. On some levels, customer choices could be quite random. Every decision to buy, has meaning behind it, even though it may not always seem rational. Purchasing decisions could stem from social situations, personal emotions, values, and above all, goals.
People buy for satisfying various sorts of needs that may not be solely utilitarian. These needs could be biological or physical, for security, love and affection, to get esteem and prestige, for self-fulfilment, and a hundred other reasons. For instance, connecting products with a sense of belonging has seen success for many hugely popular campaigns like “Fly the friendly skies”, “Reach out and touch someone”, and “Gentlemen prefer Hanes”. Such a focus may link products and services either to attainment of belonging or link them with persons similar to those with whom others like to relate.
Prestige is yet another intangible need. People concerned about their status are ready to pay for that. Products and services appealing to such a need are considered high profile. Targeting this segment of the market means that the demand trajectory of luxury items is usually reverse of the standard i.e. a high-status product sells better at a higher price.
Some equate needs with a particular class of products. For instance, a desire to achieve something may drive people to carry out difficult tasks and invest in tools and self-improvement programs, and similar things.
Personality traits are also imperative for establishing how customers meet their needs. Pragmatic people would purchase what is useful and practical. Their purchases are mostly guided by durability and practicality of a product, rather than physical beauty. An aesthetically inclined customer will be drawn to items that forge a symmetry, beauty, and harmony. An intellectual will be more inclined to obtain more knowledge about a product or service and likely to be critical. They are likely to contrast and compare similar products, ahead of taking any decision. The politically motivated people would seek products and services to give them an “edge” regarding social power and position. More social people can be motivated if the company appeals to the humane angle and promotion that suggests kindness and empathy.
Customers also vary according to the demands they want to meet while buying a product or service. Are they more bothered to meet their own demands and buy what they require for themselves? Or do they give importance to others’ opinions for determining the products and services for their use? It helps the company to understand whether they will purchase a product simply because it’s new and the most popular product available, or because it’s truly something they need.
Customer behavior influences the way business managers brand their products. A wine seller, for instance, trying to cater to customers looking to whet their personal taste, would emphasize the superior vintage quality and fine bouquet. The same seller, marketing the same wine to people who want to satisfy others, would stress on how sharing the liqueur can lift up spirits in a gathering.
Recommended coursesLearn Consumer Buying Pattern
While all these information may be of help to marketers, it’s equally imperative to recognize what compels a buyer to make a purchase, rather than just generating an interest. Some customers, for instance, only consider the price of the product and no other factors. Knowing the various elements that triggers a purchase activity helps business managers adopt appropriate sales techniques.
Chairperson of the marketing studies department at the Miller College of Business, Ball State University, Susan Powell Mantel, in a study on “attitude-based processing” and “attribute-based processing”, concluded that product attributes like size, price, durability, nutritional value etc. are usually compared disproportionately. Any one of the attributes assumes a key subject of comparison and elicits more consideration from the consumers when they decide on the “best” part of the brand. The order of the consideration is also important here.
Further complicating issues is the fact that buying decisions may not always depend on an “attribute by attribute” comparison. Customers often take decisions depending upon a general evaluation of their intuition, impressions, and knowledge gained from past experience. A learned attitude can also influence decisions. It’s seen that parents who loved Kool-Aid when they were children, usually buy the drink for their kids as well, largely because they have fond memories associated with it, or simply because of brand loyalty.
Each marketing strategy calls for time and effort. Attribute-based processing, however, requires much more effort on part of the consumer.
Buyer patterns are also dependent upon perceived roles that are acquired via social processes. The roles create a person’s need for things to enable them to carry out these roles, improve performance, facilitate attainment, or symbolizes a relationship.
Evaluating all the marketing information could be time-consuming if it’s done every time an individual visits a shop.Interpreting Consumer Behaviour
It will be a mistake to depend upon traditional wisdom when business managers start to evaluate consumer behaviour, particularly when the actual activity can be studied. Where are they while buying certain items? What’s the time of use? Who accompanies them while purchasing an item? Why do they prefer a particular time to buy their stuff and not others? Business managers must determine the key needs satisfied by that service so as to sell it off.
There are two major ways for evaluating the motivation behind customer purchases: by intensity (how much they want), and by direction (what they want). Direction means what customers want from a product or service. For instance, if the customer is buying a pain reliever he/she may buy one that’s cheaper. But if what they want is a quick reliever, they may probably pay more that serves the purpose. Marketers have to understand the main motivation behind all types of product or service and zero in on the target group.
Intensity, the other way of evaluating customer behaviour, refers to whether the buyer’s interest in a product or service is enough compelling to make them go out and purchase it. Effective marketing can generate such intensity. The “Aren’t you hungry?” campaign by Burger King that aired on TV was compelling enough for people to venture out late at night and buy burgers. Understanding customer motivation is the ideal way for learning how to enhance buyer incentive.
While it’s easy to speculate all these elements, it’s much harder to research the motivating factors for a given product. It’s rare that customers’ reasons to but some product or service marketing campaign could be perfectly determined via direct questions. Researchers have to set up other ways to dig out the information. Questions like “What’s your opinion about your friends reacting to the marketing campaign?” Consumers are unlikely to admit the effects of marketing efforts on them. But they are often ready to speculate the effects on other persons. And they mostly answer their own responses.Conclusion
Remember, marketing strategies can significantly impact the daily lives of consumers. They act as a source of information for new products and services that are introduced in the market. The strategies also influence the way people perceive things, their thoughts, attitude, beliefs, and finally their buying decision.
There are several ways by which a customer is exposed to various promotional and marketing tactics every day. TV alone accounts for more than six hours of commercials each week. Besides TV, customers can get information from other mass media like, newspapers, magazines, radio etc. What method the company adopts will depend upon the marketing strategy.
Consumer behaviour concepts and theories have the most important to marketers and salespersons. Products and services are devised to cater to the demands and needs of customers. Hence, they must be carefully marketed to successfully achieve the organization’s goals. Studying consumer behaviour helps companies to analyze the various factors that influence the buying decision of customers. Business managers who fail to understand the factors, won’t meet their targets. It’s imperative that companies evaluate consumer behaviour to a reasonable extent or the maximum possible. In the days when companies are cutting corners, unfruitful investments can severely dent revenues.Recommended Articles
This is a guide to Why Consumer Behavior is Important for Business Managers?. Here we discuss a brief overview along with understanding Consumer needs and Buying Pattern. You may also look at the following articles to learn more –
You're reading Why Consumer Behavior Is Important?
In the event you use email marketing in 2023? Or in case you refuse the idea, proceed, and begin having another, more current marketing strategy entirely?
If you are considering these questions at the moment, odds are you’ve read someplace that email marketing is dead. Well, I am here to let you know, email marketing is far from dead. In reality, it proceeds to attract significant results — and revenue — to companies.
Inside this guide, we will discuss the value of email marketing in 2023 and a few suggestions and strategies to enhance your small business email campaigns.
To begin with, email marketing is economical. Email programs are usually free or priced very easily.
Secondly, email marketing campaigns are extremely simple to implement. With the support of all email automation tools, you can conduct email campaigns 24/7 with no direct participation. Simply do the first installation, and everything runs alone from there.
Last, it’s highly rewarding. Email marketing frequently delivers substantial investment yields, since you’ll learn at the subsequent sections of the manual. It is a tried and tested business investment which brings excellent results.7 reasons email marketing is crucial to your small business content strategy
Following are a few of the reasons why you want to incorporate email marketing to your own content plan.1. Emails generate better results than most marketing channels
Among marketing channels, email marketing yields the maximum return on investment (ROI) for the previous ten years. Additionally, it has the maximum conversion rate (66 percent ) for purchases made in response to promotional messages.
Get better results out of your email marketing campaigns by using these tips.
Use email marketing software with performance optimization and analytics features. This allows you to make data-backed adjustments to your campaigns.
Track your key performance metrics regularly. Experiment with tactics to see which ones work, and continually improve them.2. Emails help with customer engagement and retention
Join with your customers by collecting their mails and receiving their permission to include them on your email marketing campaigns. Promotional mails are ideal avenues for teaching your audience and introducing your supplies without being overly pushy or intrusive.
Keep in mind these tips when reaching out to your clients using email marketing.
Your email promoting content should pack a punch. It has to be value-laden if you would like to keep your clients. You are able to share tips and suggestions, how your product solves their issues, its own attributes and best applications, etc.. Add movies , infographics, GIFs, and various newsletter designs, for instance.
Send email content with interactive formats, and diversify. Insert videos, infographics, GIFs, and different newsletter layouts, for example
Maintain your subject lines succinct and simple. Be lead or ask questions which rouse their fascination. This may increase open prices.
What Boden did is a superb email promoting example. Its subject line is tricky and consistent with its own short and readily readable content. Together with all the subject line,”New season? New wardrobe,” here is what Boden’s email resembles.
Also read: Top 6 Tips to Stay Focused on Your Financial Goals3. Emails compel your audience to take action
Employ these email marketing approaches to turn your email messages more persuasive.
Make your CTA switches stand out with contrasting or vivid colours. Keep your text short and actionable also.
Make sure your CTA switches lead to your landing page, as opposed to your homepage.
Also read: 10 Business-Critical Digital Marketing Trends For 20234. Emails improve brand awareness
Use mails to boost your clients’ understanding of your own brand. By discussing your own values, mission, services and products, etc., your viewers is going to get a better grasp of what you’re about. As your shoppers’ brand consciousness develops, it is easier for them to urge your own business since they know you better.
Boost your brand consciousness by contemplating the following tips when sending mails.
Always insert your logo and business name to improve brand recall and institution.
Make your messages memorable and distinctive.
Keep consistent branding during your mails to boost recognition and attract clients.5. Personalize your content
Rather than sending generic email blasts, produce content that is related to your recipients’ interests, purchasing actions, client journeys, along with other relevant things. Get hints about their pursuits by searching to products they watched, blog articles read, things bought and added to their own carts and wishlists.
Additionally, study your email marketing funnels to deliver appropriate content to your clients based on where they’re in the purchasing cycle.
Do this by employing email automation applications programs which allows you send certain messages based on client actions.
For example, put your email software to send welcome mails to each shopper that signs up to your own newsletter. You might even send abandoned cart mails to individuals who included items to their virtual carts but did not finish their purchases.
Setting behavior-based causes makes for successful email communication as your readers feel the content that you shipped is created especially for them.
Let us face it: Your most loyal customers do not visit your site every day. It is not they aren’t interested in your articles; they just have anything else to do.7. Emails integrate with your other marketing channels seamlessly
This way, your clients can trace your social networking profiles.
You might even add “throw it” switches to your own visuals to allow subscribers save them onto their own Pinterest accounts. This approach works wonders in case your services and products are images – and – image-heavy.
Emails will also be ideal for boosting your own webinars and sharing additional info about them. Irrespective of the marketing campaign you are running, you may nearly always utilize email to fortify it. That is how adaptable the station is.
Here are the details of Khan’s example:
The latest news
In July 2023, it emerged that the British accountant and businessman Zafar Khan had been barred from holding UK directorships.
Announced by the country’s Insolvency Service, the decision ended a long-running probe into the collapse of construction giant Carillion in 2023.
Khan will now be ineligible to serve on the board of any British company until the year 2034.
Who is Zafar Khan?
He’s a British businessman, a graduate of the University of Warwick and a qualified chartered accountant.
His career has centred on providers of infrastructural services. Before joining Carillion in 2011, he served nearly ten years at Associated British Ports. His forte has been in financial controller/director roles.Stay compliant, stay competitive
Qualified directors are far less likely to get on regulators’ bad side. Build a better future for yourself with the Diploma in Corporate Governance.
Book a call
Stay compliant, stay competitive
Build a better future with the Diploma in Corporate Governance.
Book a call
What did he do wrong?
First off, he’s not alone. Regulators have targeted several other senior Carillion leaders for their roles in the scandal. Khan’s case carries large weight, though; as of July, his fate is set.
Khan and certain colleagues were accused of misleading shareholders by presenting Carillion as more stable than reality during its final days.
Khan only served as Finance Director for eight months – between January and September 2023.
During that time, however, he was found to have authorised corporate announcements and the payment of dividends. Both painted the company’s financial state as better than it was, and did not give a “true and fair view” of its performance – breaking both UK and EU law.
Ultimately, a director in his position is supposed to keep the shareholders’ interests at the top of the priorities list. Here, he appears to have withheld or dressed up important and dire information.
Why is his example important?
Let’s look at two things:
First, the scale of his punishment
“The length of the ban is in the top tier of director disqualification periods, reserved for only the most severe breaches of a director’s duties,” Fladgate law firm partner Ben Drew told the Financial Times.
This is why directors should pay attention to Khan’s case. It’s a sign of heightened responsibility, extra pressure facing directors, and the more serious ramifications for wrongdoing – whether Kahn agrees or not.
Directors are simply not the rubber-stamp people they used to be. They’re now expected to act as core decision-makers; if that means more responsibility, so be it.
Realistically, directors in the UK could face anything up to jail time if they screw up badly enough. Whatever the punishment, it’s unlikely to help anyone’s career when it comes.
Second, the time it took to give the punishment.
Khan received his ban six years after the alleged incidents took place. That’s a long time.
Whatever warning the first point sends to directors, this point will dilute. The gap between offence and penalty has been criticised, especially given the scale of Carillion’s ultimate collapse.
It is perhaps an indicator that while authorities are bedding up measures to ensure good governance, they haven’t got the capacity to match those measures yet.
Zafar Khan is the most recent example of a former director penalised for bad governance. His boardroom career in the UK is over for at least a decade, and the publicity accompanying that crime will stick with him for a long time elsewhere.
What is Big Data? Why Big Data Analytics Is Important? Data is Indispensable. What is Big Data?
Is it a product?
Is it a set of tools?
Is it a data set that is used by big businesses only?
How big businesses deal with big data repositories?
What is the size of this data?
What is big data analytics?
What is the difference between big data and Hadoop?
These and several other questions come to mind when we look for the answer to what is big data? Ok, the last question might not be what you ask, but others are a possibility.
Hence, here we will define what is it, what is its purpose or value and why we use this large volume of data.
Big Data refers to a massive volume of both structured and unstructured data that overpowers businesses on a day to day basis. But it’s not the size of data that matters, what matters is how it is used and processed. It can be analyzed using big data analytics to make better strategic decisions for businesses to move.
According to Gartner:Importance of Big Data
The best way to understand a thing is to know its history.
Data has been around for years; but the concept gained momentum in the early 2000s and since then businesses started to collect information, run big data analytics to uncover details for future use. Thereby, giving organizations the ability to work quickly and stay agile.
This was the time when Doug Laney defined this data as the three Vs (volume, velocity, and variety):
Volume: is the amount of data moved from Gigabytes to terabytes and beyond.
Velocity: The speed of data processing is velocity.
Variety: data comes in different types from structured to unstructured. Structured data is usually numeric while unstructured – text, documents, email, video, audio, financial transactions, etc.
Where these three Vs made understanding big data easy, they even made clear that handling this large volume of data using the traditional framework won’t be easy. This was the time when Hadoop came into existence and certain questions like:
What is Hadoop?
Is Hadoop another name of big data?
Is Hadoop different than big data?
All these came into existence.
So, let’s begin answering them.Big Data and Hadoop
Let’s take restaurant analogy as an example to understand the relationship between big data and Hadoop
Tom recently opened a restaurant with a chef where he receives 2 orders per day he can easily handle these orders, just like RDBMS. But with time Tom thought of expanding the business and hence to engage more customers he started taking online orders. Because of this change the rate at which he was receiving orders increased and now instead of 2 he started receiving 10 orders per hour. This same thing happened with data. With the introduction of various sources like smartphones, social media, etc data growth became huge but due to a sudden change handling large orders/data isn’t easy. Hence a need for a different kind of strategy to cope up with this problem arise.
Likewise, to tackle the data problem huge datasets, multiple processing units were installed but this wasn’t effective either as the centralized storage unit became the bottleneck. This means if the centralized unit goes down the whole system gets compromised. Hence, there was a need to look for a better solution for both data and restaurant.
Tom came with an efficient solution, he divided the chefs into two hierarchies, i.e. junior and head chef and assigned each junior chef with a food shelf. Say for example the dish is pasta sauce. Now, according to Tom’s plan, one junior chef will prepare pasta and the other junior chef will prepare the sauce. Moving ahead they will hand over both pasta and sauce to the head chef, where the head chef will prepare the pasta sauce after combining both the ingredients, the final order will be delivered. This solution worked perfectly for Tom’s restaurant and for Big Data this is done by Hadoop.
Hadoop is an open-source software framework that is used to store and process data in a distributed manner on large clusters of commodity hardware. Hadoop stores the data in a distributed fashion with replications, to provide fault tolerance and give a final result without facing bottleneck problem. Now, you must have got an idea of how Hadoop solves the problem of Big Data i.e.
Storing huge amount of data.
Storing data in various formats: unstructured, semi-structured and structured.
The processing speed of data.
So does this mean both Big Data and Hadoop are same?
We cannot say that, as there are differences between both.What is the difference between Big Data and Hadoop?
Big data is nothing more than a concept that represents a large amount of data whereas Apache Hadoop is used to handle this large amount of data.
It is complex with many meanings whereas Apache Hadoop is a program that achieves a set of goals and objectives.
This large volume of data is a collection of various records, with multiple formats while Apache Hadoop handles different formats of data.
Hadoop is a processing machine and big data is the raw material.
Now that we know what this data is, how Hadoop and big data work. It’s time to know how companies are benefiting from this data.How Companies are Benefiting from Big Data?
A few examples to explain how this large data helps companies gain an extra edge:Coca Cola and Big Data
Coca-Cola is a company that needs no introduction. For centuries now, this company has been a leader in consumer-packaged goods. All its products are distributed globally. One thing that makes Coca Cola win is data. But how?
Coca Cola and Big data:
Using the collected data and analyzing it via big data analytics Coca Cola is able to decide on the following factors:
Selection of right ingredient mix to produce juice products
Supply of products in restaurants, retail, etc
Social media campaign to understand buyer behavior, loyalty program
Creating digital service centers for procurement and HR processNetflix and Big Data
To stay ahead of other video streaming services Netflix constantly analyses trends and makes sure people get what they look for on Netflix. They look for data in:
Most viewed programs
Trends, shows customers consume and wait for
Devices used by customers to watch its programs
What viewers like binge-watching, watching in parts, back to back or a complete series.
For many video streaming and entertainment companies, big data analytics is the key to retain subscribers, secure revenues, and understand the type of content viewers like based on geographical locations. This voluminous data not only gives Netflix this ability but even helps other video streaming services to understand what viewers want and how Netflix and others can deliver it.
Alongside there are companies that store following data that helps big data analytics to give accurate results like:
Tweets saved on Twitter’s servers
Information stored from tracking car rides by Google
Local and national election results
Treatments took and the name of the hospital
Types of the credit card used, and purchases made at different places
What, when people watch on Netflix, Amazon Prime, IPTV, etc and for how long
Hmm, so this is how companies know about our behavior and they design services for us.What is Big Data Analytics?
The process of studying and examining large data sets to understand patterns and get insights is called big data analytics. It involves an algorithmic and mathematical process to derive meaningful correlation. The focus of data analytics is to derive conclusions that are based on what researchers know.Importance of big data analytics
Ideally, big data handle predictions/forecasts of the vast data collected from various sources. This helps businesses make better decisions. Some of the fields where data is used are machine learning, artificial intelligence, robotics, healthcare, virtual reality, and various other sections. Hence, we need to keep data clutter-free and organized.
This provides organizations with a chance to change and grow. And this is why big data analytics is becoming popular and is of utmost importance. Based on its nature we can divide it into 4 different parts:
In addition to this, large data also play an important role in these following fields:
Identification of new opportunities
Data harnessing in organizations
Earning higher profits & efficient operations
Better customer service
Now, that we know in what all fields data plays an important role. It’s time to understand how big data and its 4 different parts work.Big Data Analytics and Data Sciences
Data Sciences, on the other hand, is an umbrella term that includes scientific methods to process data. Data Sciences combine multiple areas like mathematics, data cleansing, etc to prepare and align big data.
Due to the complexities involved data sciences is quite challenging but with the unprecedented growth of information generated globally concept of voluminous data is also evolving. Hence the field of data sciences that involve big data is inseparable. Data encompasses, structured, unstructured information whereas data sciences is a more focused approach that involves specific scientific areas.Businesses and Big Data Analytics
Due to the rise in demand use of tools to analyze data is increasing as they help organizations find new opportunities and gain new insights to run their business efficiently.Real-time Benefits of Big Data Analytics
Data over the years has seen enormous growth due to which data usage has increased in industries ranging from:
All in all, Data analytics has become an essential part of companies today.Job Opportunities and big data analytics
Data is almost everywhere hence there is an urgent need to collect and preserve whatever data is being generated. This is why big data analytics is in the frontiers of IT and had become crucial in improving businesses and making decisions. Professionals skilled in analyzing data have got an ocean of opportunities. As they are the ones who can bridge the gap between traditional and new business analytics techniques that help businesses grow.Benefits of Big Data Analytics
Better Decision Making
New product and services
Better sales insights
Understanding market conditions
Improved PricingHow big data analytics work and its key technologies
Here are the biggest players:
Machine Learning: Machine learning, trains a machine to learn and analyze bigger, more complex data to deliver faster and accurate results. Using a machine learning subset of AI organizations can identify profitable opportunities – avoiding unknown risks.
Data management: With data constantly flowing in and out of the organization we need to know if it is of high quality and can be reliably analyzed. Once the data is reliable a master data management program is used to get the organization on the same page and analyze data.
Data mining: Data mining technology helps analyze hidden patterns of data so that it can be used in further analysis to get an answer for complex business questions. Using data mining algorithm businesses can make better decisions and can even pinpoint problem areas to increase revenue by cutting costs. Data mining is also known as data discovery and knowledge discovery.
In-memory analytics: This business intelligence (BI) methodology is used to solve complex business problems. By analyzing data from RAM computer’s system memory query response time can be shortened and faster business decisions can be made. This technology even eliminates the overhead of storing data aggregate tables or indexing data, resulting in faster response time. Not only this in-memory analytics even helps the organization to run iterative and interactive big data analytics.
Predictive analytics: Predictive analytics is the method of extracting information from existing data to determine and predict future outcomes and trends. techniques like data mining, modeling, machine learning, AI are used to analyze current data to make future predictions. Predictive analytics allows organizations to become proactive, foresee future, anticipate the outcome, etc. Moreover, it goes further and suggests actions to benefit from the prediction and also provide a decision to benefit its predictions and implications.
Text mining: Text mining also referred to as text data mining is the process of deriving high-quality information from unstructured text data. With text mining technology, you uncover insights you hadn’t noticed before. Text mining uses machine learning and is more practical for data scientists and other users to develop big data platforms and help analyze data to discover new topics.Big data analytics challenges and ways they can be solved
A huge amount of data is produced every minute hence it is becoming a challenging job to store, manage, utilize and analyze it. Even large businesses struggle with data management and storage to make a huge amount of data usage. This problem cannot be solved by simply storing data that is the reason organizations need to identify challenges and work towards resolving them:
Improper understanding and acceptance of big data
Meaningful insights via big data analytics
Data storage and quality
Security and privacy of data
Collection of meaningful data in real-time: Skill shortage
Visual representation of data
Confusion in data management
Structuring large data
Information extraction from dataOrganizational Benefits of Big Data
Big Data is not useful to organize data, but it even brings a multitude of benefits for the enterprises. The top five are:
Understand market trends: Using large data and big data analytics, enterprises can easily, forecast market trends, predict customer preferences, evaluate product effectiveness, customer preferences, and gain foresight into customer behavior. These insights in return help understand purchasing patterns, buying patterns, preference and more. Such beforehand information helps in ding planning and managing things.
Understand customer needs: Big Data analytics helps companies understand and plan better customer satisfaction. Thereby impacting the growth of a business. 24*7 support, complaint resolution, consistent feedback collection, etc.
Improving the company’s reputation: Big data helps deal with false rumors, provides better service customer needs and maintains company image. Using big data analytics tools, you can analyze both negative and positive emotions that help understand customer needs and expectations.
Promotes cost-saving measures: The initial costs of deploying Big Data is high, yet the returns and gainful insights more than you pay. Big Data can be used to store data more effectively.
Makes data available: Modern tools in Big Data can in actual-time presence required portions of data anytime in a structured and easily readable format.Sectors where Big Data is used:
Retail & E-Commerce
With this, we can conclude that there is no specific definition of what is big data but still we all will agree that a large voluminous amount of data is big data. Also, with time the importance of big data analytics is increasing as it helps enhance knowledge and come to a profitable conclusion.
If you are keen to benefit from big data, then using Hadoop will surely help. As it is a method that knows how to manage big data and make it comprehensible.Quick Reaction:
About the author
While April has been a positive period for digital assets, the collective asset class faced its first major correction in the month over the past 24-hours. Bitcoin was pushed down, to test price levels last witnessed on 25th March, while Ethereum briefly dipped below $2000. Other assets such as Cardano, Binance Coin, and Chainlink also saw a correction, but interestingly the headlines are currently being stolen by the community’s beloved Dogecoin.
Surprisingly, Dogecoin failed to register a drastic correction over the past day. Its decline from $0.45 to $0.24 was relatively measured and slow-paced after its 300% hike. The chart above clearly indicates its disassociation from the rest of the market, which is rare for a coin rallying on sentiment and not fundamentals. However, the question remains, can Dogecoin keep it up?Start with the basics: Dogecoin ‘Fundamentals’?
Data from InTheBlock suggested that addresses buying between $0.25 and $0.31 are currently more out of money as a whopping 16 billion DOGE were bought by 64k addresses between $0.305 and $0.310. These particular addresses were currently out of money and possibly emphasizes a level of resistance for the current price action.
Network hash rate has witnessed a long-term increase, which suggests increased stability and security of the network, rising from 179 TH/s on 19th October 2023 to 293 TH/s on 15th April 2023.
However, the chart below is where fundamentals take a hit when Dogecoin’s actual price action is evaluated.
The chart on the left takes into account the previous rally of Dogecoin witnessed during the 1st week of February. Increasing by close to 1100%, over time DOGE underwent a proper correction phase, where the asset dropped down to the 0.50 Fibonacci line, which is usually considered a decent buy-range for any asset.
Till the start of April, the asset continued to consolidate in this range and established a healthy support range between $0.0473 and $0.0568 (highlighted in the chart). Now, any asset adhering to market fundamentals would witness a maximum gain of 2x from the previous top and possibly consolidate before another rise.
A generous target would have been $0.14. However, Dogecoin threw the rulebook out of the window and surpassed the expected top by another 167%, which is the actual price action on the right-hand side. This is the same euphoric behavior imitated by certain assets back in 2023 and has helped DOGE’s popularity to surge. Fundamentals do not explain the present price chart, but the community does not care as capital is flowing into their pockets.
20th April: What’s so special?
Since the narrative has been drawn that Dogecoin is possibly rallying on market sentiment more than anything else, Twitter is currently exploding with Dogecoiners coming together, to possibly push the meme-token on 20th April, or 4/20, as they speak.
Me: Should I buy dogecoin on 4/20?
Me: Should I buy dogecoin on 4/20?
— Ray (@SirEviscerate) April 18, 2023
#dogecoin 4/20 has registered massive traction over the past day and Lunar Crush statistics speak for themselves.
Social Engagement for Dogecoin is currently 931% with social dominance over 536%. The sentiment received by Dogecoin is beyond any expectation, considering Elon Musk hasn’t tweeted anything about Dogecoin either in the past week.Is DOGE going to the Moon?
A week prior, a reasonable market study would have pointed out that the current price position of Dogecoin was ridiculous. However, as explained earlier, the grip on DOGE by the community far exceeds fundamentals at the moment, and while investing in the asset remains as risky as possible, the returns are there to be made for daredevil traders.
The internet as we know it is almost thirty years old — thirty years! Maybe that’s a small portion of your life, maybe you’ve never known life without the web. Whatever the case, we all still need to take safety precautions when we’re on the internet.
Just because you feel comfortable with your knowledge of social media, online shopping, and online banking doesn’t make you immune to the dangers that are lurking out there.
Internet safety is not a joke. Let’s take a closer look at why it’s important, then discuss how to stay safe while surfing those giant web waves.
What Could Go Wrong with The Internet?
Not everyone is out to get us. The majority of people are good-willed, good-intentioned, and pretty honest. The problem is that it only takes one wicked person to cause pain, inconvenience, and even permanent damage to our lives. This is especially easy when it comes to the Internet. But how?
1. Identity Theft
This is one of the more popular cybercrimes, and it’s on the rise. By getting enough of your PII (personally identifiable information), a thief can pretend that they are you. Their next step: get credit cards or apply for loans in your name. Identity thieves can also create official government IDs in your name and steal your benefits.
If your identity is stolen, you could suddenly find yourself in an unexpectedly large amount of debt, bad credit, and other problems that might be extremely difficult to recover from.
2. Financial Theft
Online crooks can be very deceptive and good at what they do. Generally, their strategy is to get you to pay for something that isn’t real. They might ask you to transfer money to them, promising a big payback. They may also blackmail you, saying they have pictures of you that you would not want to be released. Finally, you might get a message that someone has control of your computer and will wipe its data if you don’t pay them.
3. Personal Safety
Physical safety is a concern that many, especially young people, don’t think enough about. Many of us grew up with social media and are used to putting our entire life stories out for all to see. While it’s fun and gives us a sense of self-worth, many dangers can come from providing too much information to unknown people.
Letting strangers know where you are going and when–it’s a disaster waiting to happen. Showing addresses, license plate numbers, and other important information give would-be creeps a chance to find out where you are. Sure, most people are good-natured. However, every stranger is a potential stalker or home invader. Don’t let strangers know where you are!
4. Family and Friends Safety
If you’re not concerned with your own personal safety, you should at least consider your friends and family. The same things that we mentioned above also apply to them. If you broadcast your friend’s and family member’s information and location, you could be putting them in danger as well.
5. Personal Property
I can’t say this enough: providing too much information on the internet is a bad thing. The same data that puts you and others in danger might help thieves steal your personal property. If they know when you’re not home, they’ll see an opportunity to break in and steal your stuff.
6. Catfishing and Psychological Abuse
I have witnessed this happen. When someone gets close to a “catfisher” and trusts them, only to find out they were being lied to, the result can be significant psychological damage.
Catfishing, or someone pretending to be who they are not, can be devastating. It can cause mental despair and anguish. It might influence victims to send money or provide personal information that can be used to harm others.
7. Exposure of Minors to Adult Materials
Tips for Being Safe on the Internet
We’ve seen some of the major concerns about using the internet. Now, let’s take a look at how to be safe while exploring it.
1. Always Know Where You Are
2. Don’t Rush
Take your time and make sure you know what you’re doing when on the web. If you’re signing up for something or purchasing from a new site, research it first to make sure it’s legit.
3. If It Seems Too Good To Be True, It Probably Is
That’s an old adage I learned from my father that he learned from my Grandfather. They were talking about financial deals in general—but this can be applied to the internet. Impossible-looking online deals or giveaways are usually cons. Their purpose is to get you to enter information. Be suspicious, and do your research before shelling out any personal data.
4. Storing Credit Card Info With Retailers And Others
Be leary of storing credit card info on retail websites or applications. If you make frequent purchases, doing so is tempting—it makes buying things so easy! But if someone can log in to your account, they can also buy whatever they want.
5. PII – Personally Identifiable Information
Be very careful giving your PII out. Try to do so only when absolutely necessary. Social security numbers, driver’s license numbers, birth dates, addresses are often not needed for most social media or retail accounts. And those pieces of information are what thieves will use to steal your identity. Keep them safe!
If a website forces you to provide a birthdate or address, change the numbers slightly so that thieves can’t get your real ones. If it’s not an official bank account or government-type account, never provide SSNs or other invaluable data.
6. Unknown followers
This is tempting for social media users who want as many followers as possible. The danger is, if you have followers who you don’t know, they could be someone who could cause you harm. It’s best to ensure that you know who your followers, friends, and associates are in your social media circles.
7. Too much information – Social Media
Don’t provide too much information about your daily life on social media. Letting everyone know where you are, where you are going, and what you are doing can be fun. Still, it can also provide a criminal with enough information to harm you, your family and friends.
Also, be careful that pictures do not provide unwanted information, such as addresses or license plate numbers.
8. Avoid Unscrupulous Web Sites
Sites that contain pornographic, unregulated gambling or contraband materials are the number one places to get into trouble on the web. Because they are tempting, they get people to provide information and place viruses or tracking software on your computer. Avoiding these types of sites can save you many headaches.
9. Use a VPN
A VPN or virtual private network can provide extra protection to your home network and computers in general. VPNs make it harder for hackers to get into your systems and get information such as IP addresses. SoftwareHow has comprehensive resources on web privacy here.
10. Parental Controls
If you have young children using the internet, it’s always good to have parental controls. Some can be set up on your network router or VPN. There are even apps that can do this. They help prevent your children from stumbling into sites that you don’t want them to see or experience. Find some great parental control resources here.
11. Follow Your Intuition
If something does not seem right or you are suspicious, there’s a good chance something’s wrong. Follow your gut.
Be cautious and make sure that you investigate whatever it is that you are doing. Don’t get caught up in a dopamine rush and do something that you regret later or let a “phishing” site lead you down a path that will end badly.
As always, use strong passwords. Never give them out to anyone, and change them frequently. Passwords are the first line of protection for your accounts, networks, and devices. Want to learn more, or looking for a resource for storing your passwords safely? Read more here.
Internet safety and security is, and always will be, paramount. The internet is a powerful and exciting tool that all of us will continue to use, but it’s just as powerful for those who wish to harm us. Keep safety in mind as you wander down the information superhighway.
Let us know what internet safety concerns you have. We would love to hear from you.
Update the detailed information about Why Consumer Behavior Is Important? on the Bellydancehcm.com website. We hope the article's content will meet your needs, and we will regularly update the information to provide you with the fastest and most accurate information. Have a great day!