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Big data, brand loyalty, and business models : accounting for imprecision and noise in consumer preferences
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Pogrebna, Ganna (2015) Big data, brand loyalty, and business models : accounting for imprecision and noise in consumer preferences. Working Paper. Coventry: WMG, University of Warwick. WMG Service Systems Research Group Working Paper Series (Number 06/15).
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Official URL: http://www2.warwick.ac.uk/fac/sci/wmg/research/bus...
Abstract
This paper considers how context-independent data (content data) and context-dependent data (metadata) about consumer choices can capture brand loyalty and affect the creation of new business models. We find that metadata can provide more precise account of consumer preferences and more accurately predict future user choices by increasing the visibility of user context. This implies that metadata should be preferred to content data to achieve more efficient business model innovation.
By applying theories on information processing, we reinterpret two types of value consciousness: a phenomenal and an access consciousness. We propose that different information processing systems are in operation in a phenomenal consciousness of value (active in the raw experience) than in an access consciousness of value (active pre- or post-experience). In so doing, suggesting consumer consciousness of value is different at consumption than at choice, and challenging the consciousness assumption implicit in the extant value literature.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | T Technology > T Technology (General) | ||||
Divisions: | Faculty of Science, Engineering and Medicine > Engineering > WMG (Formerly the Warwick Manufacturing Group) | ||||
Library of Congress Subject Headings (LCSH): | Big data, Brand loyalty, Consumer behavior, Management science, Value | ||||
Series Name: | WMG Service Systems Research Group Working Paper Series | ||||
Publisher: | WMG, University of Warwick | ||||
Place of Publication: | Coventry | ||||
ISSN: | 2049-4297 | ||||
Official Date: | April 2015 | ||||
Dates: |
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Number: | Number 06/15 | ||||
Number of Pages: | 18 | ||||
Institution: | University of Warwick | ||||
Status: | Not Peer Reviewed |
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