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Social Media as a Source of Predictive Power to Forecast Market Needs

Bockstette, Henrik (2015) Social Media as a Source of Predictive Power to Forecast Market Needs.

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Abstract:The purpose of the following literature review is to verify if social media is a source of predictive power. Various techniques are described along with their different methods to make predictions on future market trends. A broad range of techniques are described and used by the visualized social media analytic process, containing several steps (e.g. capture, understand and present) to predict future market needs derived from Twitter raw-data. The research provides evidence that Twitter is a source to gain information on future customer behavior. Whereas, it concludes, also that techniques and methods needs to be modified to reflect useful information to predict future events. To make efficient use of Twitter raw-data the author concludes with a guideline, namely the “Extended Market Pull Innovation Process”, which could be seen as a useful tool for marketing departments and practitioners to establish accurate predictions on market needs, resulting into new innovations.
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/67345
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