Social Media and Forecasting: What is the potential of Social Media as a forecasting tool?

Barakos, Melina (2015) Social Media and Forecasting: What is the potential of Social Media as a forecasting tool?

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Abstract:In pursuance of retaining a competitive advantage on the market, businesses continuously ought to be ahead of time, meaning that they have to produce innovative products which respond to customer needs on a regular basis. This can only be accomplished if organizations are able to detect future market trends and customer needs. Social Media generated data offers the insights which are required to make predictions of future market trends and customer needs. Marketers have to be aware of the complexity of Social Media generated data as it can present various obstacles. Diverse data processing methods need to be applied in order to turn raw data into something meaningful and useful. The purpose of this paper is to review research findings and results on the role of Social Media as a forecasting tool; the study is conducted on the basis of a critical literature review in order to give a clear impression of the potential and the value of Social Media data for forecasting purposes. It was detected that Social Media does have the potential of predicting future market trends and customer needs. Marketers however have to be cautious due to numerous limitations of 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/67324
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