The Music Industry's Use of Big Data Shows How Information

question 43

Multiple Choice

The music industry's use of big data shows how information about buyer behavior and the overall business environment is vital to effective managerial decision making. All of the factors listed below facilitate decision making for music industry except:

• A)Musicians can interact with fans via social networks.
• B)Big data allows record executives and band managers to find patterns and discern market trends.
• C)Big data allows executives to see what factors "move the needle" across a variety of metrics.
• D)Data analytics permit record company executives to overlay information about an artist's appearance on a TV show.
• E)Big data helps in increasing revenues from paid downloads.

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Definitions:

Differentiation Strategy

A business approach where a company seeks to distinguish its products or services from competitors through unique features.

Employee Skills

The specific competencies and abilities possessed by workers that enable them to perform their job duties effectively.

Strategic Planning

The process of defining a company's direction and making decisions on allocating resources to pursue this strategy.

Differentiation Strategy

This is a marketing strategy that involves making a product or service stand out from competitors by highlighting its unique features or benefits.