Platform Marketing And AI Marketing Flashcards
What is the platform business model?
A business model which enables companies scale, much more rapidly by network effects
Platforms create value by attracting marching and connecting diverse groups of customers to enable them to transact
What is the network affect?
The product or service increases in value with the total number of customers
What are the four types of platform?
Marketplaces, e.g. Airbnb
Social platforms, e.g. Facebook
Payment platform is e.g. PayPal
Operating systems and app stores, e.g. Windows
What are the types of platforms pop round e-commerce platforms
What is the Ansoff matrix ( product/market expansion grid)
Is a two by two framework used by management teams to help plan and evaluate growth initiatives
Helps stakeholders, conceptualise the level of risk associated with different growth strategies
What does platform diversification allow?
Create additional growth in unexplored markets with new products
Co-creation opportunities
Option to serve new markets
Update the product and service assortment
What is the difference between a vendor and the seller on market place?
Vendors
used by brand and manufacturers to sell, wholesale to market places
Less control over product, pricing, content and inventory
No contact with the end customer
Leverages customers existing trust with the marketplace brand
Seller
Used by online merchants and browns to list products and sell them directly to consumers
More control over product, pricing and content
Direct contact with the end customer
Need to earn trust from customers in order to sell
What are different types of market places?
Customer to customer, e.g. Etsy, Couchsurfing
Brand to customer, e.g. booking.com, Amazon
Brand to brand, e.g. trade India
What are future predictions of the different types of market Place business?
brand to customer marketplace share higher than brand to brand marketplace share
What are the types of market Place advertising?
Sponsor products- can promote visibility of desired product listing within marketplace search results, have high conversion rates and a based on keyword bidding
Sponsored brands - highlight your brand and is keyword based, effective in Driving brand awareness
Display ads - based primarily on customer behaviour , e.g. previous purchases and search history
Definition of artificial intelligence
In the field of science concerned, with building computers and machines that can reason, learn and act in such a way that would normally require a human intelligence. All that involves data who scale exceeds what humans can analyse.
What is AI marketing
Utilisation of advanced machine, learning technologies to fully automated the decision making process within the marketing industry
What is the benefits of using AI in marketing?
Automation and efficiency
Precision and personalisation
Cost reduction
Speed and agility
Creativity and innovation
What are some examples of where AI is being used in marketing?
Content creation
Ad targeting
Predictive analytics
Voice search optimisation
Chocolates
What is generative AI?
The type of AI that can create a wide righty of data such as images, videos, audio, text and 3-D models by learning patterns from existing data than using this knowledge to generate new and unique outputs
Capable of producing highly realistic content that mimics human creativity, making it a valuable tool for many industries, such as gaming, entertainment and product design
