Pportunities and limitations for using big data in the marketing industry

Abstract

The use of big data in marketing in Latvia is a relatively new and unexplored field, therefore the most important information about the possibilities of using big data in marketing and the limitations related to it has not been collected so far. In order for company management and marketing specialists to be able to manage the risks arising from the use of big data and the implementation of privacy policies, it is necessary to identify them, assess the main causes and analyse the impact of risks on consumer behavior. Despite the rapid development of technology, many companies avoid the use of big data, and the interest of consumers in the use and processing of their data is also growing. The research objective is to evaluate the scientific and practical problems of big data use and privacy, to identify the main actualities of big data use in marketing, the advantages and limitations of use, as well as to investigate consumer attitudes towards the use of big data. In order to attain the objective of the research, a literature review of public databases, literature and research articles is performed followed by interviews of experts representing big data analytics in Latvia and consumer survey. As a result of the research, it was concluded that consumers' knowledge of big data use and processing technologies is relatively low, therefore there is a low interest in privacy compliance and violations, and the size of the company does not affect the awareness of the importance of using big data in marketing, making business decisions and conducting company consumer analysis.