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Social Media and Forecasting: What is the Predictive Power of Social Media

Schade, Leah (2015) Social Media and Forecasting: What is the Predictive Power of Social Media.

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Abstract:The emergence and growing usage of Social Media has resulted in extremely vast amounts of data that can be collected and accumulated. Businesses are furthermore increasingly interested in using customer generated Social Media Data to generate useful insights about their customers. However, the data from Social Media platforms is very complex in nature and thus poses a variety of challenges which have to be overcome to successfully implement Social Media based forecasting. The purpose of this paper is consequently to evaluate upon Data processing techniques that can be used to make predictions about future customer needs and future market trends. A critical literature review has discussed and critically elaborated on past findings in Social Media based forecasting, presented different data processing techniques, highlighted the importance of organizational prerequisites and pointed out limitations of making predictions based on data derived from Social Media activity. The results indicate that Social Media data can indeed be used to make predictions about market needs and market trends if analyzed in a professional manner. In an attempt to position this paper as helpful for practitioners a framework is proposed to enable effective forecasting with Social Media Data.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:International Business Administration BSc (50952)
Link to this item:http://purl.utwente.nl/essays/67321
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