Lecture 9

Question 1

General benefits of digitalisation

Answer 1

Interactivity - Enhanced communication with customers / feedback

Individualisation / customisation: allows tailored products / services to everyone - low costs

Intelligence / measurability - predictions at low cost

Channel integration - allows to respond to Consumers in other media

Question 2

Process of why influencer marketing may work

Answer 2

Influenced contact>
Attention on the promotional content

Psychological process: leering = attitudes
Memory = motivation and emotions

Then purchase intention

Question 3

Machine learning

Answer 3

Machine learning is the field of study interested in the development of computer algorithms for transforming data into intelligent action

Question 4

Machine learning is:

Answer 4

One of today’s most rapidly growing tech fields

Is related to many disciplines

Added value - more evidenced based decision makong

Question 5

Process: machine learning

Answer 5

1. Collecting data: gather data suitable for analysis
2. Exploring and preparing the data
3. Training a model on the data - algorithm will represent the data in the form of a model
4. Evaluate model performance - how well the algorithm learned from its experience
5. Improving model performance- eg switch to a different type model

Question 6

Computer vision technology - text and speech recognition software example - power of chatbots

Answer 6

A chatbot is a piece of software that conducts a convo

Chatbots can serve plenty of marketing functions: directing a website visitor to a particular product
M

Researchers shows chatbots build positive customer relationships

Question 7

Computer vision technology example- power of images

Answer 7

Product returns are associated with huge costs for companies. Companies can predict return rates based on the way clothes are illustrated on the retailers website. By then classifying the way to do and not it will minimise returns

Question 8

The five Vs of Big Data

Answer 8

High in volume
High in variety - structure semi and un
High in velocity - produced at high rates
High in veracity - correctness of data can be assessed
High in value - data has a perceived / quantifiable benefit to the organisation

Question 9

Storage of data: databases

Answer 9

An organised collection of data.

Question 10

Database management systems

Answer 10

Software designed to allow the definition, creation, querying, updating and administration of database

Eg mysql (structured)
Monogb (unstructured)

Question 11

Benefits of databases

Answer 11

Data independence - seperately strange data (eg on disks) from data retrieval (eg on different workstations)

Integration and sharing of data - concurrent access

Consistency of data - no seperate application specific data files

Minimal data reducnayc - redundancy of data avoided as much as possible