After watching the provocative 60 Minutes video on DATA BROKERS, please answer t
ID: 431860 • Letter: A
Question
After watching the provocative 60 Minutes video on DATA BROKERS, please answer the questions presented below, by carefully addressing the issues and the questions below. IMPORTANT-Carefully number each of your answers. To review the video, click here: https://www.youtube.com/watch?v qAT ina93NY ADDITIONAL SITES YOU MAY WISH TO Visit: www.acxiom.com www.experian.com www.corelogic.com www.eBureau.com 1. Why do data brokers exist and are they useful to the needs of society. Here are some of the largest and the nine data brokers included in the FTC's analysis report: Acxiom, CoreLogic, Datalogix, eBureau, ID Analytics, Intelius, PeekYou, Rapleaf and Recorded Future. their personal data online?Explanation / Answer
1) The data brokers exist as they are able to collect user data regarding their demographic profile including age, preferences, income levels and also their product usage and their travel history and as well their shopping records in the digital domain. These records can then be used by data mining algorithms to derive useful insights which can then help marketer to better target them with focussed advertising, developing and showing them relevant products and thus the optimising the marketing activity and cost. So data brokers basically caters to the need of the society to have relevant information about the society and churn out marketing campaigns based on these insights.
2) This is a true statement as mostly the data collected and put up for sale by data brokers are those information which have been collected by data broking agencies based on the explicit consent of users and the users have themselves put their usage and preference data online to be used.
3) It is not completely ethical to offer someone’s personal usage, travel and preference data up for sale for business purpose since it violates the concept of individual privacy.
4) Using sophisticated data mining algorithms, it is possible to gain valuable insights regarding consumer behaviour and which can help the firms to develop relevant product specifications, optimise prices of the products and also churn out advertising campaigns suited to the consumer expectations.
5) As a student of marketing, the above shows us that there are vast data banks available which can be used to mine marketing insights and make campaigns more focussed. Also usage of these data banks is fraught with risks of privacy violation, so firms need to be careful to use these data banks and with proper amount of diligence adequate amount of optimisation is possible in using these data banks that can refine the marketing campaign to a great extent.