Question

Consider the role of consumer data in business and the economy and how a company like Amazon could leverage technology and data to generate profit and grow. If technology applied to a lot of data about individuals can help create better goods and services and public services for regular households in the economy, would you be willing to share more of your own consumer and behavioral data? How do you think collected and analyzing individual consumer and behavioral data will affect the good(s) or service(s) you will be providing or producing (either as a business owner or as an employee helping a firm provide the good(s) or service(s) ) in your future?

Minimum word count: 150

Answer 1

it can be mentioned that consumer behaviour can be considered as a growing aspect in the business field as it reflects the behavioural aspect and the psychology of the consumer so that the product should be developed and marketed accordingly and only then the consumer motivation would increase to purchase the product on the whole and for instance it would be very difficult to get the consumer letter because all the consumers might not be expressive revealing their needs for the particular product and the behavioral patterns on buying over the past data can suggest and information about them which might not be conclusive at times but rather one has to understand the pattern so that they would analyse the behaviour thorough and get an input for your product and for instance the behavioural pattern suggests that customers are sticking to a particular colour mostly for a product then what happens is that you can understand how the colour of the product is influencing the purchase and based on that the future product can be develop accordingly same goes for the employee in understanding the customers in various aspects.