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Summary Marketing II

Course
- Marketing II
- 2020 - 2021
- Vrije Universiteit Amsterdam
- Economie en Bedrijfseconomie
257 Flashcards & Notes
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A snapshot of the summary - Marketing II

  • H1: THE DIGITAL ENVIRONMENT: DOING BUSINESS IN A CONNECTED WORLD

  • What is digital transformation?
    How the entire organization has adapted to – or ignored – the changes brought to society by the digital revolution. It encompasses the use of new digital technologies to enable major business improvements.
  • Where is digital transformation in the new society with the digital revolution about?
    The strategic use of technology
  • Where is Big data good for?
    - Tracking customers and their communications across every channel.
    - Measuring and managing the customer experience.
  • What is reverse marketing? And give an example.
    The power relationship between firms and customers has changed – power to the customer!
    Organizations and brands are increasingly distrusted by customers and so the customer has become the marketer.
    Customers trust other customers more!
    example: Conversations on platforms such as Facebook or posting reviews on platforms such as TripAdvisor. 
     
  • What is the impact of how potential customers use search engines?
    How organizations react to a request determines who gets the business. 
    Helping the buyer to buy: shifting from helping the seller to sell to helping the buyer to buy. 
    Consumers now expect to be facilitated in their research on the product or service that best meets their wants and needs!
  • What caused mobile applications?
    Technology doesn't cause our behaviours to change, it enables our behaviours to change. For example the smartphone. Consumers expect that all tasks should be easily achievable from a mobile device.
  • What are the internet of things (IOT)? And give 3 examples.
    Computers communicating with each other to perform tasks without intervention from humans
    examples:
    - Internet-connected fridges (if milk is running low it orders more milk
    - wearable devices (monitor health, wellness)
    - Oral-B tootbrush
  • What is the automation of business processes? And give 2 examples.
    The most long-standing aspect of an organization transforming to the digital world is the use of technology to automate processes
    examples:
    - robots building cars
    - computer software
  • What is Artificial intelligence? And give 5 examples.
    Any device that perceives its environment and takes actions that maximize its chance of success at some goal. 
    When a machine mimics cognitive functions that humans associate with other human minds, such as learning and problem-solving. 
     
    Examples: 
    - Character recognition used in scanning documents.
    - Voice recognition software.
    - Personalization of marketing messages. 
    - Chatbots offering intelligent responses to questions.
    - Dynamic pricing (e.g. budget airlines).
  • What did the Tesla chief executive Elon Musk say?
    ‘Robots will do everything better than us’ – Government regulation of artificial intelligence is needed because it poses a ‘fundamental risk to the existence of human civilization’. 
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