Posted: March 17th, 2023

The initial post should be about 150 to 250 words; replies should be about 50 to

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The initial post should be about 150 to 250 words; replies should be about 50 to 150 words.
In this discussion, we look at aspects of behavioral economics / behavioral finance that influence how people behave – and how business and other organizations (e.g., political parties) use predictable behavioral biases among people.
In business, the science of Business Analytics actively uses data for target groups (e.g., consumers) to formulate and implement strategies to increase revenues and profits.
Business analytics has become a standard tool in business, but it is sometimes controversial because of the related issues of privacy and ethics. There are pros and cons: business analytics has benefits such as matching advertising to the unique preferences of individuals or target groups, but some people consider it invasive.
Let’s watch the video called “Hacking Your Mind”, which looks at behavioral economics and how so-called “big data” can be used in business analytics.
https://www.pbs.org/video/weapons-of-influence-gpuj68/Links to an external site.
Hacking Your Mind PBS
The importance of business analytics to business is illustrated by how the stock market valuation of Meta (formerly Facebook, now META on Nasdaq) fell when Apple (AAPL) implemented privacy measures in January 2022 that reduces Meta’s advertising revenue by an estimated 10%:
https://finance.yahoo.com/quote/META?p=META&.tsrc=fin-srchLinks to an external site.
https://www.cnbc.com/2022/02/02/facebook-says-apple-ios-privacy-change-will-cost-10-billion-this-year.htmlLinks to an external site. CNBC impact of Apple privacy software on Facebook
As business students, you will almost certainly use business analytics directly or indirectly in your role as a manager.
Questions:
a) on the negative side, have you ever had an online experience where you felt that an online experience encroached on your privacy too much (e.g., collecting information that you felt was private);
(b) overall, do you think that business can ethically use business analytics to improve the consumer experience, and at the same time improve corporate profits?
REPLY 1 A) Yes, I have had an online experience where I felt that the online experience encroached on my privacy too much. The collection and use of my personal information by companies has definitely made me feel uncomfortable and has raised my concerns about data security and privacy.
B) I do think that businesses can ethically use business analytics to improve the consumer experience and at the same time improve corporate profits. I think it would be important for companies to ensure that they are being transparent and open with the collection of data with privacy and security in mind. By doing this, customers would be more satisfied while companies also know what personalized and relevant products and services to advertise to customers. I know that if companies had been more transparent with me in the past that I would’ve been able to build trust with companies that would have led to long-lasting relationships. It should always be a priority for companies to take into consideration ethical and legal requirements when using data from consumers.
REPLY 2 I don’t remember if I ever experience that I felt encroached on my privacy. I can say that sometimes there are websites or places where they ask so much information that it made me feel a little uncomfortable but others that just not 100% sure I never felt like my information was being used or anything.

Businesses can use analytics to increase customer satisfaction and bottom-line revenue in an ethical manner. Transparency, responsibility, and consent are ethical issues. Companies can, for instance, let customers know what information they are gathering, and how they plan to use it and give them the chance to opt out. Companies should also utilize data in ways that comply with applicable laws and regulations and their stated privacy policies. In the end, using data ethically can both the consumer and the business by enhancing the quality of goods and services, raising client satisfaction levels, and fostering a sense of trust.

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