Question

As known., we cannot make ALL customers satisfied with our products, services, and marketing activities due to a wide range of consumers’ needs and wants. Based on their information and data, we can segment the market and decide our target market in an effective and efficient way. Therefore, we need to find the ways to reduce the negative impacts of collecting and using consumer information on business performance from consumers’ perspective.Most marketers will argue about the negative consequences of consumers’ perceptions of data vulnerability and provide empirical findings that the negative influence may be reduced by companies’ data transparency and customer control practices. In other words, we may be able to reduce the negative impact by clearly showing customers how data has been stored, used, and protected. Do you believe that this managerial implication is going to be a solution to reduce the negative impact on a company’ business performance in 10 years? Do you believe it works for your company or market? What are they missing? Support your opinion with evidence one page

Answer 1

Answer 1) Well yes I am with this topic as in today’s era the biggest asset of the company is data, data in nowadays are used as an asset which can bring lots of illegal revenue if any company wants to sell data or can also lead a company to be banned from any state or company if data privacy issues are found. Quoting example of 59 Chinese applications are banned in India because of reason of data privacy and security. Few moments back facebook was also found tracking and using data of customers for which a lot negative impressions and allegations were made against the company. Talking about data, data is very important asset and companies should duly take care of it, companies like Google, Apple and Samsung are bringing new technologies to save data in a secure and protected manner, this will win the trust of customers and goodwill will also be enhanced. Data transparency with customers is very important customers should know how and where there data is protected and in what ways along with this there should be a technology where customers directly get to see his her data security details that his/her data is safe. A strict government regulation act should be passed where companies interfering with customers data should be taken to court and licence should be banned of these companies. Along with these few more steps can be taken to control data privacy issues and companies should be able to reduce the negative impact by clearly showing customers how data has been stored, used, and protected by using a online platform like India is using “Digilocker” where Indians save their most of private data and can see how many security layers are added. Whenever logging you need to verify your OTP and other details. Same should be done by other companies as well.