TECHNOLOGY PART 2 Flashcards
what are the 6 I’s of e-marketing
Interactivity
Intelligence
Individualisation
Integration
Industry structure
Independence of location
INTELLIGENCE: e marketing vs traditional marketing?
Intelligence is about identifying and understanding the needs of potential customers and how they wish to be communicated with.
e marketing: more info can be gathered abt potential customer’s interests, for eg. recording their clicking patterns, finding out when they lose interest, this helps predict future decisions
traditionally: there was no way to know how many ppl are interested in your ad, and at what point they stopped taking interest.
How to improve it:
Collect emails using promotional activities to find potential customers and keep them up to date
Ask them to give phone number or email on website
individualisation, e-marketing vs. traditional?
Individualisation concerns the tailoring of marketing information to each individual, unlike traditional media where the same message tends to be sent to everyone.
Personalisation is a key element in building an effective relationship with the customer.
e-marketing: businesses can now aim their ads directly at different individuals.eg. customised home pages. increases relevance of ads, thus more likely for it to be successful
traditionally, it couldnt be targeted individually. only at groups through tv or newspaper choice.
How to improve:
Email people who have shown interest in a particular product, with similar products ads
Show them ads on Facebook or insta targeted
Current customers can be updated about new products they might like
Specialised maintenance services after care etc
integration, e vs T
E: marketing can be linked to other activities, like “click here to buy” or “see upgrade options”
it can also be done between partner companies, like get discounted service from our partner company
T: separate steps have to be taken, like make a call, go into a shop
interactivity, E vs T
Interactivity concerns 2 way relationship
T: IS JUST push marketing, message is broadcast to customer, rather than being sought by them. the aim is to try and sell rather than solve customer’s personal problem
E-marketing is ‘pull’ marketing in which the recipient of the marketing can participate in it – BY BOT CHATTING,LINK CLICKING, SEARCHING. this helps improve intelligence
How to improve:
Give opportunity to customers to ask questions on website, and publish answer
After purchase is done , they can give reviews and ratings
Chat bots to answer questions and guide them
Personalised accounts, track browsing history and give personalised recommendations
Notifications when discounts etc
industry structure, E vs T
E marketing can change industries, by reducing middle man, and increasing consumer to consumer business models. (selling online to each other) like ebay, airbnb, uber
traditional marketing supports traditional industry culture.
independence of location
e marketing can cover broad area geographically, and also delivery, like e courses. however cos need to consider if their product shud be advertised to other cities. large product with expensive shipping is not best for this.
traditional: expensive to reach broader market
why does cyber security need special attention?
Increased Data Value: The value and volume of data have grown immensely, with the majority of it created in recent years due to advances in data analysis. 90% of world’s data is produced after 2016.
Lack of awareness of personal Data Vulnerability:
People were initially unaware of how personal data could be exploited, leading to privacy concerns, particularly highlighted by the Cambridge Analytica scandal. (social media used to influence elections outcome)
Data Storage and Sharing: Cloud technology allows large-scale data storage and sharing, but it also creates opportunities for unethical or illegal data exploitation.
Software Complexity: Modern software is incredibly complex, making it challenging to identify every potential weakness or vulnerability, leaving room for exploitation.
what measures can be taken to promote cyber security?
Establish a cybersecurity risk management regime
Ensure network security to prevent unauthorized access.
Education and awareness of the risks
anti-malware software to protect against viruses, spyware, and ransomware.
Implement controls for removable media to prevent vulnerabilities from USB sticks and similar devices.
Configure hardware added to the network in a secure manner, such as standard configurations for laptops.
segregation of duties
Develop an incident response plan to handle cyberattacks, including learning from incidents to prevent recurrence.
Monitor for potential threats and implement additional measures as needed, including training for staff.
Ensure secure home and mobile working, with measures like Virtual Private Networks (VPNs) and appropriately configured devices.
what actions can finance department/ CFO take in promoting cyber security?
-Embrace a ‘zero trust’ model, verifying all users and equipment before granting network access. eg. two step verification by banks
-Focus on developing recovery plans to manage cyberattacks and their aftermath effectively. it’s a good ambition to have but it’s impossible to avoid cyber attacks.
-Audit and make sure that the cybersecurity protocols of connected suppliers are robust , to strengthen the overall system.
-Invest in cyber insurance to minimize financial damage from attacks, but avoid paying ransomware attackers, as it can attract more attacks.
what is big data?
Big data is a generic term used to describe the exponential growth of data, provided from numerous sources, available to organisations.
But to make it useful, we have to clean it up and organize it. Think of it like turning raw materials into a finished product.
Data analysis gives valuable insights about trends and driving forces behind those trends
We store this data in a virtual warehouse.
The real value is when we clean and organize it to answer important questions and make decisions for the business.
what are the 5 Vs of big data, how can they help strategy of organisation
-Volume:
Big data involves a large amount of information. coming from social media, ratings, clicks etc.
More data can increase reliability of the trends and relationships discovered, helping in better decision-making. It can help us create better strategies to capitalise on discovered trends.
-Velocity is the rate at which data is recieved and used. in the modern world, Data is generated and used in real-time. bank balances, business inventory records everything is updated instantly.
This ensures that strategies can be continually updated, in order to deliver competitive advantage.
Eg. If a new product is trending on social media, we can stock it, aggressively market it to capture greater market share.
Also we can analyse customer purchases and make recommendations .
-Variety: Big data comes in diverse forms, including text, images, videos, and more. It requires processing to turn into valuable information. Challenging but if managed, correctly will give detailed understanding
-Veracity: Data must be reliable and trustworthy. Without data integrity, analysis and decisions can be flawed.
-Value: Extracting value from big data involves discovering insights, patterns, and trends. It requires skilled analysts, asking the right questions, and verifying assumptions for meaningful results.
three types of data analytics are:
descriptive
predictive
prescriptive
descriptive analysis
Descriptive analytics is the analysis of data to observe what has been and is currently happening
you can analyse by product, outlet or customer.
-helps you turn that information into easy-to-understand charts, graphs, or reports that show trends ,patterns, imp facts.
-helps draw conclusions, make better decisions, like minimizing risk and exploiting opportunities.
-it is a micro level analysis, helps detect fraud and disrepancies.
predictive analysis
Predictive analytics is like looking into the future with data. It uses tools like “Scenario manager” in Excel to analyze information and make educated guesses about what might happen next. For example, if you know things like the weather and temperature, you can predict how many cold drinks or barbecues people might buy.
be careful about: just because two things are related doesn’t mean one causes the other. For instance, when gas prices go up, motorcycle helmet sales also go up. But it’s not because higher gas prices make people buy more helmets. Instead, it’s because more people ride motorcycles when gas is expensive, and they need helmets for safety. So, predictive analytics helps us make smart guesses, but we have to be careful about assuming cause and effect.
