Profiting From The Data Economy: Understanding The Roles Of Consumers, Innovators And Regulators In…

Hardcover | October 20, 2014

byDavid A. Schweidel

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Today, the insights available through "big data" are potentially limitless – ranging from improved product recommendations and more well-targeted promotions to more efficient public agencies. In Profiting From the Data Economy , cutting-edge academic researcher, David Schweidel, considers the role that individual consumers, innovators and government will play in shaping tomorrow's data economy. For each group, the author identifies both what can be gained and what is at stake. Writing for decision-makers, strategists, and stakeholders of all kinds, he reveals how today's data explosion will affect consumers' relationships with businesses, and the roles government may play in the process. The book puts you in the shoes of individuals generating data, innovators seeking to capitalize on it, and regulators seeking to protect consumers – and shows how all these roles will be increasingly interconnected in the future. For analytics executives; senior managers; CIOs, CEOs, CMOs; marketing specialists, and analysts; and consultants involved with Big Data, marketing, customer privacy, or related issues. This guide will also be valuable in many business analytics, digital marketing, and social media courses and academic programs.

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From the Publisher

Today, the insights available through "big data" are potentially limitless – ranging from improved product recommendations and more well-targeted promotions to more efficient public agencies. In Profiting From the Data Economy , cutting-edge academic researcher, David Schweidel, considers the role that individual consumers, innovato...

From the Jacket

“… a must-read for those wanting to turn Big Data into big value. This book recognizes that it is only through the combination of better data and statistical knowledge when coupled with business acumen that corporate and customer value can arise.” —Eric T. Bradlow, The Wharton School of the University of Pennsylvania “Every business ...

David A. Schweidel is Associate Professor of Marketing and Co-Director of Emory Marketing Analytics Center (EmoryMAC) at the Goizueta Business School of Emory University.   Schweidel received his B.A. in mathematics, M.A. in statistics, and Ph.D. in marketing from the University of Pennsylvania. Prior to joining Emory in 2012, he was...

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Kobo ebook|Feb 24 2014

$44.49 online$57.74list price(save 22%)
Format:HardcoverDimensions:288 pages, 9 × 6.1 × 1.1 inPublished:October 20, 2014Publisher:Pearson EducationLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0133819779

ISBN - 13:9780133819779


Extra Content

Table of Contents

Foreword     xiv
   Preface     xvii
Chapter 1  Beyond Big Data     1
   Searching for the Next Generation of Quants     2
   From Big Data’s Past to Its Future     5
   Characterizing Big Data     6
   Is Big Data a Strategy?     9
   Data Versus Insights     10
   Data and Value     12
   Value for Value     16
   Endnotes     20
Chapter 2  Building Businesses     23
   Back to Marketing Basics      23
   Putting Marketing Analytics to Use     27
   Internet-Based Businesses: Is Content or Context King?     32
   Social (Marketing) Networks     38
   Common Ground     44
   Discussion Questions: How Do We Reveal Ourselves Online?     45
   Endnotes     46
Chapter 3  Refining Practice     51
   Old Media? New Media? Just Media     52
   Better Data, Better Ad Targeting     57
   Old Media Meets New Media     59
   What’s Your Life Worth?     64
   Timing’s Everything     66
   You’re Where?     69
   Discussion Questions: Reaching Today’s Consumer     71
   Endnotes     72
Chapter 4  Improving Public Service     77
   Can Data Protect and Serve?     78
   Big Findings in Public Data     80
   Quality Trumps Quantity     83
   Compiling Data to Inform the Public     88
   Consumers and Providers of Data     90
   Discussion Questions: Data Science for Social Good     92
   Endnotes     93
Chapter 5  Today’s Data Economy    97
   The Groundwork     97
   The Current Exchange     100
   The Foundation of the Data Economy: Customer-Centric Marketing     108
   Customer-Centric Investments in Data     114
   Discussion Questions: The Collaborative Consumer     118
   Endnotes     119
Chapter 6  Cracks in the Foundation of the Data Economy     123
   Privacy in Customer Data     125
   Learning Who Your Customers Are     127
   Why Marketers Need to Engage in the Debate     130
   Transparent Practices, Informed Customers     135
   Sharing the Value of Data     140
   My Actions, My Data?     141
   Discussion Questions: The Hierarchy of Personal Data     144
   Endnotes     146
Chapter 7  Harbingers of Change     151
   Demand-Based Pricing     151
   The Consumer Highway to Hell?     156
   Benefiting from Price Discrimination     160
   Consumers’ Comfort with Leveraging the Data Exhaust     163
   Discussion Questions: Valuing Consumer Data     169
   Endnotes     170
Chapter 8  In Need of Oversight?     173
   Valuing Consumer Privacy     173
   Profiling by Association     176
   Data Sharing Free-for-All     180
   Consumer Data, But at What Cost?     185
   Data-Driven Discrimination     189
   Socially Acceptable Segmentation?     192
   Discussion Questions: Protecting Consumers Throughout the Data Value Chain     196
   Endnotes     197
Chapter 9  The Race for Resource     203
   Want Consumer Data? Pay to Play     203
   Exchanging Products and Services for Consumer Data     205
   Data Acquisition Free-for-All     208
   Empowering and Informing Consumers     211
   Reshaping the Media Landscape     214
   Consumer Data as a Financial Asset     218
   Do We Need Regulators in the Data Economy?     220
   Education as Part of Data Regulation?     224
   Can Consumer Control Ensure Competition?     227
   Discussion Questions: Empowering Consumers to Regulate Access to Personal Data     228
   Endnotes     229
Chapter 10  What’s Next for the Data Economy?     235
   Moving Beyond Double Jeopardy     235
   The Changing Face of Innovation     237
   Can Consumer Data Contribute to Competition?     239
   Smarter Practice, but How Far Is Too Far?     241
   The Cost of Data-Driven Innovation     .244
   An Appropriate Role for Government?     246
   A Right to Digital Privacy?     249
   Endnotes     252
Afterword     257
Index     259


The profound and unexplored implications of big data for companies, consumers, innovators, and regulators

Editorial Reviews

“David Schweidel's book is a highly readable and comprehensive look at the impact that the Big Data phenomenon is having on both businesses and consumers. Managers can learn the implications of the availability of more data on how to reach consumers more efficiently and effectively, while taking consumer privacy and regulatory implications into consideration. This is an important and timely book.”—Russell Winer, William H. Joyce Professor of Marketing, Stern School of Business, New York University "David’s book is a must-read for those wanting to turn big data into big value. First and foremost, this book recognizes that it is only through the combination of better data and statistical knowledge when coupled with business acumen that corporate and customer value can arise.”—Eric T. Bradlow, Chairperson, Wharton Marketing Department, K.P. Chao Professor; Professor of Marketing, Statistics, and Education, Vice-Dean and Director, Wharton Doctoral Programs, Co-Director, Wharton Customer Analytics Initiative, The Wharton School of the University of Pennsylvania “In Profiting from the Data Economy, Schweidel brilliantly and accurately coins the term ‘digital exhaust’ to label the increasing amounts of granular data society's engines generate. This book presents the innovators, regulators, and consumers who grapple with the opportunities and cautions this new resource creates, as well as the tools, techniques, players, projects, and legal issues surrounding Big Data's ecosystem. As a practitioner of the art and science of Big Data, I promise this book will engage you. If you are already involved in Big Data, this will help you understand the landscape—and if you are not, it will convince you to start paying attention. An equally important read for consumers, business, public services, and the legal profession.”—Michael Knight, CEO, “Every business leader, every data practitioner, every teacher and student of business should read this book. David Schweidel’s account of analytics in business is both accessible and thought-provoking. It is a pragmatic introduction to the way that new levels of insights and the realities of consumer sentiments in our data-driven world shape the future of business and the economy as a whole.”—Rasmus Wegener, Partner, Bain & Company “The data-driven world described in Profiting from the Data Economy identifies an expanding vista for consideration by innovators and management in the modern enterprise. In this book, David Schweidel addresses how all stakeholders can benefit from new data, advances in analytics, and new interpretations of results. This engaging narrative is rich in anecdotes, analogs, and lessons-learned, and is an important read for all managers, analysts, and students of analytics.”—Benn Konsynski, George S. Craft Distinguished University Professor of Information Systems, Goizueta Business School, Emory University “The increasing swath of consumer-level data that is now available to firms in many industries is enabling a culture of data-driven decision-making in these organizations. This can make them more efficient and profitable. Consumers should also realize that by sharing their information with firms, they can benefit from more personalized and curated products. They need to get over their knee-jerk reaction to privacy concerns from data sharing and realize that this give and take is how the world will increasingly operate in the coming years. Said simply, users have a lot more to gain than lose from information sharing with firms. This book lays out these important issues remarkably well and is an absolute must-read for practitioners and government officials alike.”—Anindya Ghose, Professor of IT and Professor of Marketing, and Co-Director of the Center for Business Analytics at NYU Stern School of Business “An extremely well-written and timely book on Data Economy. It is full of case studies and quotes. I particularly liked the discussion on the role of public policy in protecting consumers from cyber threats.”—Jagdish N. Sheth, Charles H. Kellstadt Professor of Marketing, Emory University