An assessment of the role of big data analytics in optimizing marketing strategies: A case study of an FMCG company in Lagos.
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Background of the study:
Big data analytics has revolutionized marketing strategies by providing actionable insights derived from large volumes of data. FMCG companies in Lagos are increasingly harnessing big data to optimize marketing campaigns, tailor product offerings, and enhance customer targeting (Ibrahim, 2023). This study examines how big data analytics is used to drive strategic decision-making, improve customer segmentation, and forecast market trends in the fast-moving consumer goods sector. By analyzing consumer behavior, purchasing patterns, and social media interactions, companies can develop more effective marketing strategies that yield higher returns (Okafor, 2024). The research discusses the integration of advanced analytical tools and machine learning algorithms in processing big data, enabling firms to identify emerging market opportunities and adjust their strategies in real time. Furthermore, the study evaluates the challenges related to data quality, privacy issues, and the complexity of data management that may affect the successful application of big data analytics. Recent studies underscore the importance of data-driven insights in achieving competitive advantage and driving revenue growth (Adeleke, 2023). This investigation aims to provide a comprehensive understanding of how big data analytics optimizes marketing strategies within the FMCG sector.
Statement of the problem:
FMCG companies in Lagos face challenges in fully leveraging big data analytics to optimize their marketing strategies. Despite substantial investments in data infrastructure and analytics tools, many companies struggle with issues such as data integration, quality control, and the translation of insights into actionable marketing strategies (Okafor, 2024). This gap results in suboptimal campaign performance and missed market opportunities. The study addresses these issues by examining the role of big data analytics in informing marketing decisions and identifying barriers to effective data utilization. The objective is to provide solutions that can enhance strategic marketing outcomes (Ibrahim, 2023).
Objectives of the study:
To evaluate the impact of big data analytics on marketing strategy optimization.
To identify challenges in implementing big data solutions in the FMCG sector.
To propose recommendations for improving the use of big data in marketing decisions.
Research questions:
How does big data analytics optimize marketing strategies in FMCG companies?
What challenges do companies face in implementing big data solutions?
What strategies can improve the integration of big data analytics into marketing practices?
Significance of the study:
This study is significant as it provides FMCG companies with insights into leveraging big data analytics for enhanced marketing strategies. The findings will assist marketers in making data-driven decisions that improve campaign performance and competitiveness in the market (Ibrahim, 2023; Adeleke, 2023).
Scope and limitations of the study:
This study is limited to assessing the role of big data analytics in optimizing marketing strategies for an FMCG company in Lagos, Nigeria, and does not cover other industries or regions.
Definitions of terms:
Big data analytics: The process of examining large data sets to uncover hidden patterns, correlations, and insights.
Marketing strategies: Plans and actions aimed at promoting and selling products or services.
FMCG: Fast-moving consumer goods, which are products that are sold quickly and at relatively low cost.
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