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Published by:
Harvard Business Publishing (2017)
Version:
10 July 2017
Length:
23 pages
Data source:
Published sources
Abstract:
CEO Art Peck was eliminating his creative directors for The Gap, Old Navy, and Banana Republic brands and promoting a collective creative ecosystem fueled by the input of big data. Rather than relying on artistic vision, Peck wanted the company to use the mining of big data obtained from Google Analytics and the company's own sales and customer databases to select the next season's assortment. Peck was betting that intelligence fueled by big data could outperform a fashion industry creative director at predicting the future fashion trends and tastes of consumers.
Learning objectives:
1. This case provides students with the opportunity to understand the marketing opportunities provided by the rising availability of big data and to learn how to assess and value data as a strategic asset. 2. It provides an overview of how companies are using big data and predictive analytics to both sell existing products and develop new ones. Big data's role in new product development forms the heart of the discussion. 3. Students will debate whether big data and the predictive algorithmic modeling that uses it can better help companies predict and plan for future consumer demand for their products. 4. This core discussion allows students to uncover insights about consumers' preferences. 5. To answer important questions related to consumer behavior, such as: How do consumer preferences arise? Are consumer preferences stable across time? How well do a consumer's past purchasing history and/or expressed preferences predict future preferences?.
Settings:
Canada; United States, Apparel accessories; e-Commerce; Retail trade, 2016-2017, Fortune 500 Company; > USD1 billion
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