Samukelo Zuma Caroline Oakes Veronika Makarova
Samukelo Zuma Caroline Oakes Veronika Makarova
Table of Contents INTRODUCTION .......................................................................................................3 BIG DATA ....................................................................................................................5 Where did Big Data come from? ................................................................................5 How can companies utilise Big Data? .....................................................................6
PHILIP MORRIS INTERNATIONAL ......................................................................7 NEED 1: REDUCTION IN REVENUES AND PRODUCTION .........................9 NEED 2: CONSUMER PREFERENCE .................................................................12 How can Big Data help? .............................................................................................14
NEED 3: ENTERING NEW MARKETS ................................................................15 CONCLUSION ..........................................................................................................19 APPENDIX .................................................................................................................20 BIBLIOGRAPHY .......................................................................................................22
Samukelo Zuma Caroline Oakes Veronika Makarova
INTRODUCTION Big Data is fast becoming a huge resource in business to analyse vast pools of digital data to gain consumer insights and allow companies to make insightful strategic decisions. This research paper aims to explain what is Big Data, and how this resource can be successfully utilised by Philip Morris to assist them in building a strategy to tackle challenges that they as a business are currently facing.
The first challenge that Philip Morris faces that will be addressed is the decline in annual revenue from 4.6% from the previous year coupled with the lower volume of tobacco products produced in the EU. 2014 was a trying year for Philip Morris with huge declines throughout the EU market, large tax payments on their cigarette exports, and an increase in competition from other tobacco companies promoting lower prices. This report will analyse the reasons behind this huge drop in revenue and further suggest how and why Big Data should be used and analysed to give Philip Morris the competitive edge to improve its annual revenues and increase cigarette unit production. By utilising Big Data Philip Morris will have access to data stored on country specific tobacco consumption to assess why tobacco markets in certain countries had declined and they will be able to strategize on how to remain competitive against their main competitors who offer lower prices for similar products by analysing specific consumer preferences.
The second challenge that Philip Morris is facing is their inability to predict changing consumer preferences due to economic conditions and legal sanctions on tobacco companies. Changes in economic trends have severely impacted Philip Morris by decreasing their consumer loyalty as during financial low points consumers turn towards cheaper competitors which is detrimental for Philip Morris. Furthermore the implementation of plain packaging across Australia, which is being explored by other countries such as the UK and Ireland, is harming their brand by commoditising the
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tobacco industry in making all products look similar with no unique features specific to any brand. This ultimately lowers consumer loyalty and affects their annual revenue. This report will detail how Big Data can be used to anticipate economic trends to allow Philip Morris to stay ahead of forced conditions and implement pricing strategies which allow Philip Morris to remain profitable. This report will also demonstrate how Big Data can be utilised to explore the effect that plain packaging has on consumer loyalty and from this will Allow Philip Morris to strategize a way to maintain their brand equity and promote their ‘brand’ to consumers.
The final challenge this report will tackle is with regards to Philip Morris struggling to capture the Chinese market despite it being the largest tobacco market in the world. Asia is a huge market for Philip Morris however China has always remained outside of their domain due largely to the fact the China’s tobacco industry is largely state owned causing issues of China rejecting Philip Morris as it poses a threat to the State’s own industry. However if Philip Morris were able to penetrate this market it would drive revenue and open up their products to a new large consumer base. This report will look at how Big Data could help Philip Morris infiltrate this market by giving them consumer insights on the Chinese market to maybe inspire them to produce new products that would appeal to China specifically and other them products that they could not receive from their State’s tobacco industry.
The final aim of this report is to demonstrate how we are moving into the digital and information era in which Big Data is one of the powerful avenues a company can take to create competitive advantage, drive innovation, and increase efficiency. If companies such as Philip Morris were to utilise this resource at its full potential, it opens up a huge realm of possibilities when faced with increasingly harder challenges to overcome in the international business market.
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BIG DATA Big data is everywhere, large pools of data that can be gathered, analysed and utilised to discover patterns. These patterns are then examined to gain detailed consumer insights and allow companies to make better strategic decisions. For a company to be able to utilise this resource, they first must understand the different types of big data. The first is Unstructured Data; this comes from sources such as social media posts e.g. Twitter and Facebook.1 This data is usually quite difficult to structure and organise as it is usually text heavy and follows no particular pattern. The second is Multi-Structured Data, which is constructed of the relationship between people and machines, e.g. such as Internet searches and communication online such as social media. Identifying which avenue of big data to utilise is extremely important from a company perspective to ensure they are obtaining information, which can help them structure a innovative and competitive business strategy.
Where did Big Data come from? Roger Mougalas from O’Reilly Media officially coined the term ‘Big Data’ in 2005; it was originally used to describe a mass of data that was near enough impossible to examine using traditional data methods.2 The notion of ‘Big Data’ had however been present long before this, dating back to the 20th Century in 1937 when the USA passed the Social Security Act and had to store the data of 26 million Americans and more than 3 million employees.3 Big Data continued to grow through use by the British Government in 1943 during The Second World War, and then by the NSA 1952 to
1
http://www.forbes.com/sites/lisaarthur/2013/08/15/what-is-big-data/
2
https://datafloq.com/read/big-data-history/239
3
https://datafloq.com/read/big-data-history/239
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collect and process intelligence signals.4 Since the arrival of the 21st Century many new start-ups have started to develop technologies to finally begin to tackle this mass of data and organise it in a way that can be utilised by many different sources. Due to the exponential growth in technology and the digital world, the amount of data that is readily available has exploded, with 90% of the world’s data having been created in the past 2 years. With such a high growth rate companies are now starting to realise the benefit of harnessing ‘Big Data’ as a resource to give them a competitive edge with regards to consumer insights. How can companies utilise Big Data?
Big Data allows companies to anticipate consumer needs before the consumer even asks for it. Companies are able to gather a large database of consumer information, such as spending habits, where they live, what products they buy, if they interact with a brand on social media and ultimately analyse this behaviour to predict consumer’s desires.5 With this information companies are able to promote the right products to appeal to their consumers wants and do this in a personalised and effective way, thus increasing consumer satisfaction and purchases.
Companies are also able to increase customer satisfaction by using Big Data to uncover what makes their consumers unhappy, in identifying these issues companies are able to tackle them head on and ensure that their consumers remain happy and loyal. For example an airline company used Big Data to discover the number one complaint of their consumers, they identified the misplacing of baggage during connecting flights to be the main issue. Using Big Data they were able to implement a system that ensured that passengers bags were able to traced to lower the number bags lost and increase consumer satisfaction which in turn increased consumer loyalty.
4
Ibid
http://venturebeat.com/2014/04/21/5-ways-big-data-is-helpingcompanies-help-their-customers/ 5
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Big Data can also be used to minimise risks during the decision making process and unearth hidden insights that may have remained unreachable otherwise. By having access too and analysing such a vast amount of information companies are able to use this in product development, to see what consumers want and ultimately tailor products specifically to their wants and desires, thus minimising the risk of failure. It will also enable companies to make swift and strategic decisions as they will already be aware of what the market wants, making the product development process more certain of success.
PHILIP MORRIS INTERNATIONAL Philip Morris International is the leading international tobacco company that includes the production of the world’s top 15 tobacco brands including the number one worldwide cigarette brand Marlboro. Philip Morris is headquartered in the US and located in Virginia; it’s one of the widest known and biggest tobacco brands in the world. The industry this company operates within is the tobacco product manufacuring industry as well as the manufacturing industry. It is an American company, with products sold in over 200 countries covering aproximately 15.6% of the international cigarette market outside of the US. Phillip Morris owns 50 manufacturing facilities and operates in the tobacco product manufacturing industry, which includes 3 stages: processing the tobacco leaf, production of cigarettes as well as packaging and preparation for distribution. According to the statistics in 2013, Phillip Morris International has 91100 employees. The reputation of this company includes a total remuneration approach which is designed in order to enhance the competitiveness, promoting the performance of the employees as well as it encourages superior achievement ensuring internal equality within the firm. It also offers the employees market-competitive compensation and benefits for the hard work as well as their capabilities and accomplishments, addressing their individual needs as well as their short-term and long-term being.
well-
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Market capitalisation meaning the market value of a company’s outstanding shares, this figure is found by taking stock price and multiplying it by total number of shares outstanding. The market capitalisation of Phillip Morris International is 126.21 Billion as of July 7, 2015. Phillip Morris sells its products more than 180 markets .In 2014 the company held an estimate of 15.6% share of the total international cigarette market outside of the US or 28.6%excluding the Peoples Republic of China and the U.S. Phillip Morris has a good managerial structure, which includes the CEO-Steven C.Parrish who was appointed as a Chief Executive Officer and elected to the Board of Directors in May 2013. Phillip Morris International Inc’s management team has extensive experience, providing the collective depth as well as business knowledge to successfully manage their business and world-class portfolio of brands .The most important responsibility of the Board of Directors is to enhance the long-term success of the company, consistent with its fiduciary duty to the stockholders. It is also responsible for establishing corporate policies, setting strategic direction and overseeing management, which is responsible for the day-to-day operations of the firm. It is believed that in order to bring the company to success each member of the board must exercise his or hers good faith in the business judgement of the best iinterest for the company. Their top ten brands are: Marlboro, L&M, Parliament, Sampoerna A,Bond Street , Chesterfield ,Philip Morris, Lark, Fortune and DjjSame Soe.
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NEED 1: REDUCTION IN REVENUES AND PRODUCTION During 2012, Philip Morris saw declines in their cigarette market share in the EU as well as a decrease in cigarette volumes shipped to the EU. The total decline during that year in the EU market had gone down by 6.3% on higher prices that were tax driven, an uncertain economic environment due to the after effects of the global recession as well as an increase in the illicit trade of cigarettes. Spain had the highest decline in the region where it was down 11.7%, followed by Italy at 7.9% and France at 4.9%. With the reduction in market share in some of the EU regions as well as the reduction in volume production of cigarettes, Philip Morris was able to maintain its market share at 38.1% within the EU region during 2012. The increase of lower priced other tobacco products (OTP) was a contributing factor in the decline of cigarette volumes in the EU region. Manufactured cigarettes, such as the ones produced by Philip Morris are subject to higher excise tax on tobacco compared to other products such as; cigars, cigarillos, fine cut tobacco, pipe tobacco and chewing tobacco, which have lower excise tax than manufactured cigarettes, thus
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making manufactured cigarettes more expensive and adding to the problem of lower cigarette volumes. These trends affect the company’s performance, which in turn affects their annual revenue income, should the trend continue declining6 .
According to the results posted in the Philip Morris 2014 annual report, the tobacco company faces a decline in the volume of 856 billion cigarette units produced, which displays a 2.8% decline compared to the previous year, excluding their acquisitions. The decline in production displays the impact all regions faced due to lower industry volumes as well as inventory movements that were not favourable especially in the Asian regions, particularly counteracted by market share growth in other regions such as the European Union (EU), EEMA, Latin America and Canada. The net reported revenues, not including excise taxes had decreased by 4.6% compared to the 2013 revenues, which could also be attributed to the industry volume declines, which reduced a significant portion in Philip Morris’ favourable pricing variance, which at $1.9Bn was in line with their historical average7.
Data accuracy in today’s market would be valuable for Philip Morris to conduct business in this market, especially when utilizing big data inside the company. In terms of the decline of revenues, sales teams are usually perplexed when faced with the lack of knowledge of what consumers need and how to meet those needs. A research report conducted by IDG connect on the use of big data in sales engagement processes showed that most modern day organisations face dilemmas or are at crossroads in finding suitable data focused strategies. A survey they conducted on 300 6
"Philip Morris Lights Up Growth As Asia & EEMA Compensate For European
Woes." TREFIS. 11 Feb. 2013. Web. 7 July 2015. <http://www.trefis.com/stock/pm/ articles/167836/philip-morris-lights-up-growth-as-asia-eema-compensate-foreuropean-woes/2013-02-11>.
Philip Morris International. 2014 Annual Report, 2013. Web. 07 July 2015. <file:///Users/samukelozuma/Downloads/ PMI_2014AR_CompleteAnnualReport%20(2).pdf> 7
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respondents chosen from U.S. based enterprise organisations uncovered that 42% struggled to draw any insights from data, 23% found data quality to be their biggest challenge, 12% felt the data was excessive and 4% struggled with inaccurate data. This then shows that companies, including Philip Morris need to identify critical issues as the ones discussed above before being able to use big data to increase their revenue and cigarette volume production. Big data can however, if used appropriately, help Philip Morris increase their sales qualified leads, increase their return on investment and improve their ability to identify the key trends in the tobacco market. Big data could play a vital role at Philip Morris in helping them develop an informed strategy to improve their decision making, efficiency and effectiveness so as to be able to turn the decline around for their production and revenues. Philip Morris can use big data to structure their financial data resources, by interpreting the relevant business information gathered from markets that are experiencing issues with revenues and production, such as the EU and the Asian markets. Philip Morris could harness the power of big data in order to provide their personnel especially their marketing, sales and research and development personnel with a technology solution that would allow the company to compete in the modern business landscape, and allow them to research and see how they can improve the production of their cigarettes and revenues. Big data could help internal personnel communicate effectively with one another and analyse the vast amounts of data retrieved from each department in order to understand what possible solution they can provide, as well as use big data to communicate with external members such as suppliers in order to maximise production and use the information collected through big data to work together more effectively and efficiently with their suppliers. In order to make sure that big data is utilized in an effective way and is well implemented, Philip Morris can harness big data to provide personnel with the insight needed to understand the reasons behind the decline in revenue and production as well as be able to compete effectively in the market. By integrating big data into their current strategies, Philip Morris would be able to collect actionable information and be able to grow their market share, revenues and production levels.
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Harnessing big data within their strategies would allow the people involved evaluate their teams and the information they have gathered from top performers to individual performers, and be able to determine the possible annual revenue increases gained from using the data, analytics and strategies provided by big data. Research conducted by McKinsey and the Chally Group validated the importance of using big data in this way could essentially achieve a 6% improvement on sales execution.8
Philip Morris could also use big data analytics to communicate information and patterns internally and externally to support decision-making, as well as make their auditing process easier. Big data analytics can help Philip Morris identify and assess the risks associated with bankruptcy or high level management fraud, that would not otherwise have been as easily identified without the correct data provided.9
NEED 2: CONSUMER PREFERENCE One of the significant challenges that Philip Morris International is facing (As listed in the annual report) is with regards to the shift in consumer preferences due to exogenous economic conditions. PMI have one of the most extensive brand portfolios in the tobacco industry, because of this; need to find a way to implement effective product portfolio management. One of the ways that the imposed economic conditions creates a huge challenge for PMI is the fact that external economic factors
Pogorzelski, Steve. "3 Hacks for Using Big Data to Increase Sales Revenue." Data Informed. 9 Dec. 2014. Web. 7 July 2015. <http:// data-informed.com/3-hacks-using-big-data-increase-sales-revenue/ >. 8
Min, Cao, Roman Chychyla, and Trevor Stewart. "Big Data Analytics In Financial Statement Audits." Accounting Horizons 29.2 (2015): 423-429. Business Source Complete. Web. 9 July 2015. 9
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such as a decrease in income or even a down turn in the labour market can create waves of consumers that will shift from PMI’s premium priced products, such as the Marlboro and Parliament range and move towards the lower priced products such as Bond, Red White and Lark. When the consumers shift their purchasing strategy from the mid-premium priced products towards the low-priced, PMI’s bottom line and profitability will take a huge hit in terms of mid-long term business performance.
This challenge creates a number of viable options that set up a foundation to build a successful long term for the organization. These strategies include the promotion and development of mid-premium priced product brand equity. This option will give PMI the leverage needed to create a strong enough brand that consumers can stay loyal too, even when the prices begin shifting. Assessing and evaluating new consumer trends, needs, and wants. In addition, PMI can develop new product ranges specifically suited to emerging or shifting market segment, as well as being able to properly evaluate and analyse large shifts in pricing so that PMI can adjust their strategy to ensure desired margins are brought in on a quarterly basis.
To add to these difficulties, due to sanctions imposed from governmental institutions with regards to the way in which tobacco companies can advertise and package their products, Philip Morris is facing a new age of consumer disloyalty due to a lack of ‘branding’. Philip Morris is a brand that has centred itself on its brand image, when that is taken away consumers no longer feel loyal to the brand as competitors are cheaper and are offering the same product. This is evident in the Australian Market where plain packaging was legally enforced in 2012 resulting in banning all branding, logos and colours from the packaging of tobacco products, with only the brand name and variant printed in uniform text available on the packet. This was ultimately implemented to remove the ‘glamour’ and ‘loyalty’ associated with smoking particular brands, as now the packing is generic, which is slowly commoditising the industry as such where there is barely any differentiation between brands. More countries are beginning to follow suit by introducing the notion of ‘plain packaging’ into the legislative process in places such as the UK, Ireland and New Zealand. To
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ensure that Philip Morris retains its loyal consumers, it needs to look at how consumer trends have changed since the implementation of this law and analyse how to retain its consumers, and the way to do this is via Big Data.
How can Big Data help? As we move deeper into the age of information, knowledge is the most powerful commodity. Big data can help us harness the power behind this knowledge and implement as a strategic asset into the company. Big data can be used as a tool to help PMI assess trends; speculations in economic conditions and help the company adjust and anticipate preferences in advance. Furthermore it can help Philip Morris gain consumer insights regarding the effect of plain packaging of consumer loyalty and decipher a way to maintain consumer satisfaction with regards to â&#x20AC;&#x2DC;brandingâ&#x20AC;&#x2122;. With the launch of PMIâ&#x20AC;&#x2122;s IQOS, heat-not-burn Reduced-Risk Products as well as the Marlboro HeatSticks, Philip Morris could use big data to analyse the launch of these new products, especially in markets such as Australia, where these products could have more marketing leeway in terms of visual display, compared to the current products placed by Philip Morris. Big data could be used to extrapolate data on how consumers feel about the new products, whether they would be willing to purchase the new products, and if these products were to be sold in restricted regions such as Australia, big data can help Philip Morris gauge and assess whether consumers and potential consumers would be willing to purchase these products without the visual advertisement that they could have in other regions. Big data could also be used to assess how consumers and potential consumers feel about the graphic photos used on cigarette packaging, and whether or not such packaging could possibly deter consumers on purchasing. Big data could also help determine whether plain packaging at an advantage, where consumers are not subjected to the graphic photos, but are also not able to be marketed at with the design on packaging with the plain package restriction. These types of data could be highly valuable to Philip Morris, and could add to the internal use of big data to pass along this information between departments, and analyse the data in a more efficient way
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when implementing marketing strategies as well as placement and promotion of these new products in different regions. To understand consumers and their preferences, Philip Morris requires their marketing personnel to be able to generate useful information to help generate sales and brand equity for the company. With so much information available and departments struggling to identify which information is useful and which is not, big data can be used to collect all the information and separate it into sections and sub sections ranging from most important to least important, to make assessing the data simpler for personnel. Once the information has been assessed and well evaluated, departments within Philip Morris could use the data accordingly to their needs and the resources can be allocated accordingly, thus improving productivity and reducing funds spent on marketing to the wrong people or in the wrong manner.
NEED 3: ENTERING NEW MARKETS
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The final challenge we have chosen to explore is the problems that Philip Morris is experiencing attempting to enter the Asian Market. The Asian market overall has been hugely successful for Philip Morris, as it has been the highest performing segment since the year 2009.The volume of growth has been increasing rapidly whilst their market share has also largely increased, due to these reasons Asia is a market that Philip Morris aims to invest heavily into.
The revenue from the Asian Market from 2009 was around 26% and has increased to 36% in 2012. On the other hand, the EU market has been falling dramatically with the share of the European region markets has been falling due to macro-economic conditions of Europe as well as the indirect tax expansion. Despite the success of Philip Morris in Asia, China produces a small amount of revenue compared to other Asian countries, which due to the fact that Chinaâ&#x20AC;&#x2122;s tobacco industry is mainly state owned. China has the largest tobacco industry in the world, accounting for a bit more than 40% of the total consumption of tobacco cigarettes in the world, which is why Philip Morris is looking to expand into this market.
Philip Morris has faced many difficulties in entering the Chinese tobacco market, as the only brand that has been agreed to be licenced in China was Phillip Morris International`s biggest brand Marlboro. Phillip Morris International is looking at different ways of entering the Chinese market through innovative products which could give it an advantage compared to the existing Chinese companies, however these products are not expected to enter the market until late 2016 which sets Philip Morris back by a year.
How can Big Data help?
Volume variety and velocity are the three dimensions that define the property of big data, which can be used to aid Philip Morris in penetrating the Chinese market.
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The volume of Big Data refers to the amount or quantity of data. The variety refers to the number of different types of data and velocity and the speed of which it processes. The model of three V's describes the challenges that big data implements while expanding those properties. The concept was introduced in order to help companies get a handle on how to recognize as well as to deal with different challenges they may encounter.
The concept of the 3Vs was introduced in 2001 by an analyst Doug Laney in the MetaGroup research publication "3D data management: controlling data volume, variety and velocity. In addition to the 3Vs concept there has been proposed variability, which means the increase in the range of values, which is the increase in the range of values typical of a large data set as well as the value which makes up the need for valuation of companyâ&#x20AC;&#x2122;s data. Philip Morris could use this concept in order to solve the issue of entering the Chinese market by using the model of the 3Vs. The three main characteristics of big data, that could help Phillip Morris solve their issue, are:
Velocity: data velocity is the speed at which the data is going to be gathered and analysed. In our case, they would be gathering the data they have in the Chinese market in order to implement a strategy through time, ultimately to enable them to develop low-risk innovative projects and to adapt to the Chinese governments regulation changes. Real-time data analysis can help them to understand how the market and the government are responding on a daily basis to their entry. The most effective way to keep the system efficient is to keep feeding its data and using as much old and present data to develop accurate forecasts in order reduce risks.
Volume: The size of available data, as well as the storage capacity of individuals and companies has been growing at an increasing rate. Due to the accessibility of the Internet to the majority of the population, the company, the partners, as well as the consumers gather the information. This large amount of data available, gives the ability to gather all the information of the variables that play, or might play, a role on
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the research and future decisions (e.g. government restrictions or changes in Chinese demographics). To be able to synthetize this data with technology that shapes the information and gives it real value for the companies usage. To be able to implement the data gathered from patterns and trends observed, in relation to common market models already used by the company.
Variety: The variety consists on the different types of data gathering sources. With the current fast growing development of Internet, and social medias, the possibilities to gather big data have been taken to another level. In order to collect a great variety of data they will need to use all the type of data gathering techniques they have in order to have a more complete picture of the Chinese Market (eg. social media, government information, primary data or multimedia data). This will help them Reduce their margin of error by using all their resources and outlets to analyze all the trends necessary for them to improve in the market of research. Due to the big population in China, and the diverse demographics that exist, big data is going to be very useful, as it will permit to adapt to each of the Chinese regions (sub-markets) individually and realize the potential of the countryâ&#x20AC;&#x2122;s market as a whole which will ultimately help them in creating innovate products that will appeal specifically to the Chinese demographic.
It is important to understand that the era of Big Data has started and it will be increasing in the next years. Many companies have started using the concept of Big data to tackle a wide range of challenges and create a competitive advantage by acquiring important information which is then utilized. Since data is becoming faster to access, more diverse and larger by quantity its use will only continue to increase across all industries. Companies that will implement and start working with big data will have an opportunity to be more innovative a well as much more competitive, to ultimately allow the firm to get insights that no other firm has extracted before giving them a great advantage, as well as gain the skill and the knowledge of using it in the right way.
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CONCLUSION In conclusion, we have an understanding that big data is all around us, and in this new technological era, access to big data is vital to the strategies within companies such as Philip Morris, and the various benefits it has for the company. The ability to gain detailed data and insights on consumers is highly valuable for Philip Morris as a means to make more detailed, effective and efficient strategies as to how they place their products in the market, how they enter new markets as well as boosting revenues, productivity and unit volumes for their tobacco products. The use of big data at Philip Morris could allow the company to anticipate its consumer needs prior to the consumer even asking for it. As the leader in international tobacco product trade, Philip Morris has the ability and the power to take the lead in displaying how useful big data can be used in a company that is not traditionally technological, but can use new cutting edge technologies such as big data to further forward it and build it to become a bigger and stronger brand. As mentioned in the paper, Philip Morris is in need of big data to assist in boosting its annual revenues and its production of units of cigarettes, its ability to analyse consumer preferences and how different factors impact their preferences, as well as the struggles it faces in entering new markets. Big data is a useful asset in helping resolve these issues by providing data platforms where different departments can communicate data amongst each other and become more effective and productive thus earning the company a better bottom line or better annual revenue. Its understanding of consumer preferences in existing and new markets is also addressed by big data, and can assist in understanding what the consumer wants and how Philip Morris can deliver their desired product to them. Therefore, for Philip Morris to be able to maintain its position as the leading tobacco company, it should take the lead in utilizing big data and demonstrate how essential and useful big data is in gaining better revenues, increasing market share and
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penetrating new markets in an effective manner, that has great returns for the company.
APPENDIX
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BIBLIOGRAPHY •
"Philip Morris Lights Up Growth As Asia & EEMA Compensate For European Woes." TREFIS. 11 Feb. 2013. Web. 7 July 2015. <http://www.trefis.com/stock/ pm/articles/167836/philip-morris-lights-up-growth-as-asia-eema-compensate-foreuropean-woes/2013-02-11>.
•
Philip Morris International. 2014 Annual Report, 2013. Web. 07 July 2015. <file:///Users/samukelozuma/Downloads/PMI_2014AR_CompleteAnnualReport %20(2).pdf>
•
Pogorzelski, Steve. "3 Hacks for Using Big Data to Increase Sales Revenue." Data Informed. 9 Dec. 2014. Web. 7 July 2015. <http://datainformed.com/3-hacks-using-big-data-increase-sales-revenue/>.
•
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•
"5 Ways Companies Are Using Big Data to Help Their Customers." VB. 21 Apr. 2014. Web. 7 July 2015. <http://venturebeat.com/2014/04/21/5-ways-big-data-ishelping-companies-help-their-customers/>.
•
Van Rijmenam, Mark. "A Short History Of Big Data." DataFloq. 7 Jan. 2015. Web. 7 July 2015. <https://datafloq.com/read/big-data-history/239>.
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•
Arthur, Lisa. "What Is Big Data?" Forbes. 15 Aug. 2013. Web. 7 July 2015. <http://www.forbes.com/sites/lisaarthur/2013/08/15/what-is-big-data/>.
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Min, Cao, Roman Chychyla, and Trevor Stewart. "Big Data Analytics In Financial Statement Audits." Accounting Horizons 29.2 (2015): 423-429. Business Source Complete. Web. 9 July 2015.
•
"Thinking the "unthinkable": Why Philip Morris Considered Quitting." -- Smith and Malone 12 (2): 208. Web. 9 July 2015.
•
"A Closer Look At Philip Morris' Asia Opportunity." Forbes. Forbes Magazine. Web. 9 July 2015.
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EL Jamiy, Fatima, and Abderrahmane Daif. "The Potential and Challenges of Big Data - Recommendation Systems next Level Application." Arxiv. Web. 9 July 2015.
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