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Utility function is great theoretical concept but is it used in customer data analysis or in building customer profile (e.g. from Big data or cash register/checkout data, ecommerce history) or in predicting future sales and future proposals that customers can be eager to accept? If utility function is not used in these areas what other tools (conceptually similar to utility function) is used in customer data analysis?

Are there attempts to discover customer goals, intentions and personality, build utility function from these conceptually high level data and use such framework in sales prediction or modelling the desirable features of new product? I have read about behavioral economics but it have strong focus on stock market modelling and little is said about consumer goods and services.

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    $\begingroup$ Are you asking if anyone in applied marketing uses economic theory? To my knowledge no, not really. There is too much noise in the applications. Most customer profiling attempts are done through data science. "I have read about behavioral economics but it have strong focus on stock market modelling..." I must have been reading about a different behavioral economics because I have mostly read other things. $\endgroup$ – Giskard Mar 21 '16 at 22:26
  • $\begingroup$ OK - indeed, the practical methods have names conjoint analysis, customer anlaytics, predictive analytics $\endgroup$ – TomR Mar 27 '16 at 21:52

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