Module: MG413

Data insights For Business Decisions

Student’s Name: Eduard Andrei Scorohod

LSST ID: H2010277
BUCKS ID: 21928258
Lecturer’s Name: Dr Iddrisu Musah
Due Date: 17/08/2022

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 Table of Contents
INTRODUCTION ...........................................................................................................................5
Task Assessment ............................................................................................................................. 6
Type of data ................................................................................................................................. 6
Orthodox market research ........................................................................................................... 7
Information captured and stored ..................................................................................................8
Role of technological development ............................................................................................. 9
Information and data used and strategic importance ................................................................. 10
Research outline ........................................................................................................................ 11
CONCLUSION ............................................................................................................................. 12
REFERENCES ..............................................................................................................................13

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INTRODUCTION

Orthodox market research will also be described, and its differentiation from big data will be
discussed. The use of the database management system will also discuss. Furthermore, the use of
the information in the retail sector will discuss in the project.

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Task Assessment
Type of data

The information collected is not big data as it could approach only 100 customers in the market.
In the case of big the information is collected in large and giant numbers. Almost all possible
sources are explored and used by the organization to collect the required information. Biog data
is a different concept used to deliver some critical research areas and explore a field in detail.
Usually, companies do not go for big data as it requires considerable time and resources to
collect and analyze the big data information. Biog data also requires an entire system to collect
the information and store the same so that the best forms of information can be used in the
project. The primary data type is very effective and essential for the search as it allows the
scholar to provide a fresh viewpoint and perspective on the type of information and the category
of information that the researcher is trying to collect.

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Orthodox market research

Whereas big data is a lengthy process, it is challenging to analyze the information. Big data carry
massive information, which requires a system to analyze and evaluate the information and even
store the same. Orthodox research contains limited information, whether it is done through
primary or secondary research. The orthodox market research requires limited resources to
deliver the entire study. At the same time, big data need a massive amount of resource such as
time, money, systems, and human resources to deliver future research. Big data is considered a
continuous process in which a company or industry is constantly involved in searching. Whereas
the orthodox is not a continuous research process. It is conducted to achieve a particular aim and
objective and once the research is done industry tries to use the outcome to deliver better and
more productive results in favour of the sector.

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Information captured and stored

The responses of the respondent can easily be collected through social media surveys and the
company's internal system in the form of graphs and charts. The retail industry can store such
information. The role of information capturing and storage is very crucial in searching. The
outcome of this study is influenced and depends upon the information and data collected and
stored. The researcher would interpret the information and try to demean the findings and
conclusions in the study. Every organization or industry focuses on suing systems and internal
control channels where the complete information and data are stored. The research and industry
experts review that information every they desire to see. It is collected in the systems so that it
can be kept safe and secure to use the information and data further.

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Role of technological development

Today, the retail industry can store and analyze big data due to technological advances. It is one
of the crucial impacts technology could create in the industry. Today, even big data can analyze
and assess with the proper application of technology. Today, doing research is a straightforward
process as technology allows the researcher to collect the information and further interpret or
analyze the same. Hence, technology could make every aspect of the retail sector very
convenient and easy. The role of technological development is also very crucial in the business
decision-making process. It supports the business to do the proper research so that the business
can take all critical decision with the proper use of data analytics and information.

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Information and data used and strategic importance

The information allows the business what customers desire in terms of products and the need for
customs—the best selling products of the retail market and all other information. According to
the information, companies try to deliver further operations. The information and data carry
massive strategic importance. In today’s time, the organization capable of using the information
best can take competitive advantages in the retail industry. Companies get to know about all the
trends through which businesses can gain complete competitiveness compared to other
competitors in the target market. Hence, the information and data related to the customers,
market trends, performance, and competitors is the key to taking a strategic advantage in the
respective market space.

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Research outline

It would play a role in collecting and securing the information in the organization's internal
system. The retail sector can ensure that data analytics becomes more integral to business
decision-making. It would completely change the business or sectors potential. The outline of the
reach is about understanding the role of big data and information in market research. The
technology in today's time is laying a vital involvement in executing the research of the market
and respective areas of business for the retail industry. Researchers are getting it better in terms
of doing the appropriate research study and such other aspects with the proper application and
use of technology in doing the research study.

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CONCLUSION

It is allowing businesses to store big data as well. The retail industry is widely using the
technology to make all critical decisions in the business and further analyze the performance of
the organisation in market.

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REFERENCES

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