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Data is increasingly being created, stored, analyzed, and applied. Big Data is becoming an everyday phrase that appears in popular media and people’s daily conversations. This paper provides a framework to define Big Data from technical and business perspectives, to present its enormous value in different fields, to share its applications in marketing and retailing, market segmentation, targeting and positioning as well in developing marketing mix. We also provide some real life industry examples, to shed light on the challenges in harnessing the potential of Big Data, and to discuss its future. Big Data will separate the winners from the losers in the business field in the future. The leading companies in the Big Data field, such as Google, Amazon, and Wal-Mart, will continue to build their competitive advantage, both in marketing and other areas, by acting on the insights developed from Big Data analysis.