QUANTIFYING CONSUMER PREFERENCES FOR GOODS AND SERVICES ACROSS CATEGORIES IN THE DIGITAL INFORMATION ERA

Abstract

The current approach to demand analysis involves examining various product and service categories based on consumer requirements. To evaluate the significance level of these demand categories for the major consumer groups, an instrument that can objectively assess consumer preferences and requirements for these categories is required. This research seeks to create a tool that can be frequently updated using the Term Frequency-Inverse Document Frequency (TF-IDF) index. The aggregated consumer data was gathered from social networks, an excellent source for differentiating users based on their interests. Consumer properties were divided into three categories: those associated with the user's biology, society, and digital environment. The developed instrument quantifies the digital information environment and aggregates actual and potential consumers to determine the significance level of demand categories. By analyzing consumer characteristics across these three categories, the proposed tool can objectively and frequently assess the level of demand for various categories of products and services.