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Currently I am working on a academic project that helps to identify factors that an organization must consider while creating a pricing policy. No this article has not to do anything around this but to set the context this is required.
When we talk about what should be the price of a particular thing? We need to answer a simple question
Do people really want that and how much are they willing to pay for it?
This was where my research started and look this is a small economics question, I think given my knowledge of Economics and same way answer came
Simple answer is Law of Demand and supply of economics
“That the availability of a particular product and the desire (or demand) for that product has on price. Generally, if there is a low supply and a high demand, the price will be high. In contrast, the greater the supply and the lower the demand, the lower the price will be.”
When I reached this point I started to get data from all around the place, Internet, Books, Publication and all others also to find right equation for pricing.
This whole episode leads me to the question that is main point of focus of the article
Is BIG data that is available is big enough for all the customer questions to be answered?
Answer again can be Yes and No Depending upon the position you are looking from
Looking at majority of developed and developing countries most data is available either on Social Networking or on any other ways we can have data based on
However it is true when we look at a macroeconomic level and here the view point came into picture; let me try to explain, if we talk about India, Having Highly diverse demographics and vivid culture.
Places like Delhi, Mumbai, Kolkata would have a major share of data readily available as most people are active and are giving there information on Social Sites or letting it out some way or the other, like credit card transaction.
However when we go to smaller places do we see same behavior or there is a mismatch. Yes there is as peoples are not using credit card, Social Sites or other way to tell them about their buying behavior. They are still living a life far from internet and Technology. Only information that we can get is through the Government Surveys or data from Government Agencies. Now BIG data is big enough to provide insight to these locations?
Microeconomics still play a greater role here and the answer is No. BIG data still need to mature and in the aspect of giving a whole 360 degree view of all aspect.
I am a big data Professional and think this is one of the limitations if organization wants to focus on a global brand and people they need to focus on collection microeconomic data for that to work.
Again this is my observation and can be bit off target will like you to please advise the same. As in our childhood we have learnt that SHARING IS GREAT and this will help me to improve.