Benefits And Challenges Of Collecting Consumer Data

1924 WordsDec 16, 20148 Pages
The purpose of this study is to determine the benefits and challenges of collecting consumer data. Collecting consumer data has become increasingly popular for many businesses. Its main purpose is simply to give a business a strategic advantage over their competitors. But how is this possible and why do businesses rely on consumer data as a source for competitive advantage? Even though there are many methods that can be used to create a competitive advantage over the competition within an industry, collecting consumer data has been proven to be one of the most efficient and successful techniques. The purpose of this research project is also to analyze how companies put consumer data to use and how companies benefit from collecting consumer information. Ultimately, the goal is to understand the benefits of collecting consumer data, the challenges companies face when attempting to collect consumer data, and understanding the purpose of collecting this data in order to create a strategic advantage over competitors within the same industry. Introduction Collecting consumer data is essential for the future growth of any business. This data can be used in many ways in order to allow businesses to forecast future sales of merchandise, track customer interests, reach customers in the future, and meet the needs of future customers. Not only is it essential to collect consumer data, but also it is necessary for companies to make use of that data in order to
Open Document