Untitled spreadsheet Flashcards
7Ps with e-business
This framework adapts the traditional marketing mix to the digital environment. * Product: Some products sold online can be customized to customer specifications. Products can also be bundled. * Price: Price is more transparent online, and users can easily compare prices. * Place: The internet is the place of sale, and some goods (e.g. music) can be delivered over the internet. * Promotion: Websites and email offer new ways to advertise goods and services, and targeted promotion is possible. * Physical Evidence: The design of the website is crucial since it influences visitor perception. * People: Customer interactions occur primarily through computers. * Processes: Efficient delivery service is essential after a sale, and immediate order confirmations are common.
Porter’s Five Forces with e-business
Porter’s model is used to analyze the competitive forces in an industry. The internet significantly impacts each force. * Competitive rivalry: The internet fosters greater competition, making it easier for competitors to emulate successful strategies and leading to lower selling prices. * Threat of new entrants: The internet reduces barriers to entry, allowing new competitors to enter the market quickly and inexpensively. * Bargaining power of suppliers: Suppliers can leverage the internet to expand their customer base, potentially increasing their bargaining power. * Bargaining power of customers: The internet empowers customers with readily available information about rival products, enabling them to switch suppliers easily and increasing their bargaining power.
Intermediary vs. own website (and own website barriers)
Businesses can choose to sell through an intermediary platform (e.g., eBay) or create their own website. * Intermediaries: Intermediary websites act as agents, simplifying the process for customers by offering products from various companies in one place. * Own Website: Offers greater control over branding and customer experience but comes with barriers like high set-up and operating costs, lack of in-house expertise, difficulty in attracting customers, and challenges in selling certain products (e.g., clothing).
6 Is of e-marketing
The 6 Is of e-marketing provide a framework for understanding the key aspects of marketing in the digital age. * Interactivity: Websites are pull mediums, attracting and engaging with customers to create a dialogue. * Intelligence: The internet allows for cost-effective market research and customer data collection, enabling businesses to understand customer behavior and preferences. * Individualization: Internet communication allows for personalized messages tailored to individual customers. * Integration: The internet facilitates integrated marketing communications by connecting different channels like websites, phone calls, and emails. * Industry Structure: The internet can disrupt industry supply chains, leading to disintermediation (removal of intermediaries) or re-intermediation (new intermediaries emerging). * Independence of location: Small companies can compete on a level playing field with larger ones online as the internet masks location.
Qualities of a good website
An effective e-commerce website must possess certain qualities to engage users and drive results. * Easy to use: Simple navigation, clear product selection, and a visually appealing layout. * Interactive: Allows for user engagement and feedback. * Up-to-date content: Regularly updated information and offerings. * Integration with other systems: Seamless connection with transaction processing and other relevant systems. * Security: Assurance of a secure environment for user data and transactions. * High availability: Minimal downtime to ensure accessibility.
CRM functions and its advantages
CRM systems use technology and strategic approaches to manage customer interactions and data. * Functions: - Collect and store customer information. - Analyze customer behavior to inform marketing strategies. - Improve customer experience through personalized service and efficient support. - Monitor customer management key performance indicators. * Advantages: - Enhanced understanding of customer needs and preferences. - Improved customer retention and loyalty. - Increased sales and profitability.
Vs of Big Data
Big data is characterized by its enormous Volume, high Velocity, and diverse Variety. * Volume: The sheer amount of data generated is immense, requiring efficient processing and storage solutions. * Velocity: Data is generated, stored, and analyzed at an unprecedented speed, often in real-time or near real-time. * Variety: Big data encompasses a wide range of structured and unstructured data types from various sources. Some commentators also include Veracity (accuracy and reliability of data), Variability (changing meaning of data based on context), Visualization (making data comprehensible), and Value (the potential benefits derived from big data).
How big data adds value
Organizations can leverage big data to gain valuable insights and enhance various aspects of their operations. * Creating transparency: Providing timely access to information for relevant stakeholders. * Enabling experimentation: Using data from controlled experiments to understand performance variability and improve processes. * Segmenting populations: Developing customized products and services based on highly specific customer segmentation. * Automating decision-making: Leveraging sophisticated algorithms and predictive analytics to improve decisions and minimize risks. * Innovating new offerings: Utilizing data to drive the development of new business models, products, and services.
Brand identity choices on the internet
Companies entering the online market have various options for managing their brand identity. * Duplicate existing brand identity online: Maintaining consistency with the traditional brand. * Extend traditional brand: Creating a slightly modified online version of the existing brand (e.g., BBC online). * Partner with an existing e-brand: Leveraging the established reputation of an online brand. * Create a new brand for the web: Building a fresh online identity, potentially targeting a different market or offering new products and services.
Expert Support Systems and AI
Artificial Intelligence (AI) encompasses various branches, including expert support systems that emulate human expertise in specific domains. * Expert System: - Definition: A computer program designed to solve complex problems and make decisions like a human expert. - Components: Knowledge base, inference rules, and user interface. - Capabilities: Substituting human decision-makers, possessing human capabilities, producing accurate outputs, refining their own knowledge, advising, instructing, demonstrating, diagnosing, explaining, interpreting, predicting, and suggesting alternatives. - Advantages: Making expert decisions accessible to those lacking specific knowledge, providing consistent and accurate advice, offering flexibility, reducing staff costs, preserving expertise, freeing up human experts for more complex tasks, and providing 24/7 availability.
COBIT (contents)
COBIT (Control Objectives for Information and Related Technologies) is a framework for IT governance and management, providing guidance for controlling IT processes and ensuring information integrity. * Purpose: Helping management and process owners understand and manage IT-related risks. * Components: - Management Guidelines: Maturity models, Critical Success Factors (CSFs), Key Goal Indicators (KGIs), and Key Performance Indicators (KPIs) for IT process assessment and measurement. - Executive Summary: Overview of COBIT’s key concepts and principles. - Framework: Explains how IT processes deliver information and are controlled by 34 high-level control objectives across four domains, aligned with seven information criteria and IT resources. - Control Objectives: Statements of desired results for IT controls, guiding policy and practice definitions. - Audit Guidelines: Activities corresponding to each control objective, aiding information system auditors. - Implementation Tool Set: Resources for implementing COBIT, including management awareness materials, diagnostics, FAQs, case studies, and presentations.
IT controls (general and application)
IT controls are measures implemented to mitigate risks and ensure the security and integrity of IT systems and data. * General Controls: Applied to all IT systems, encompassing areas like physical security, software controls (passwords, encryption, firewalls), system access controls, and IT Standards. * Application Controls: Specific to individual IT systems or applications, often integrated into the software itself. Data validation checks are a common example.
Viruses and ways to prevent
Computer viruses are malicious software programs designed to harm systems and corrupt data. * Types: - Trojan Horses: Viruses disguised within other software. - Worms: Self-replicating data that spreads within a system. - Trapdoors: Entry points bypassing normal security controls. - Logic Bombs: Viruses triggered by a specific event. - Time Bombs: Viruses activated on a particular date/time. - Denial of Service: Attacks rendering a system unusable for legitimate users. * Prevention: - Installing and updating antivirus software. - Restricting use of removable media. - Using firewalls. - Deleting suspicious emails and attachments. - Implementing procedures for reporting potential virus infections.
Cloud computing vs. own
Organizations can choose between cloud-based or in-house IT infrastructure solutions, each with benefits and risks. * Cloud Computing: Utilizing a network of remote servers hosted on the internet to store, manage, and process data. - Benefits: - Reduced upfront infrastructure costs. - Scalability and flexibility. - Quick access to applications and resources. - Remote access for employees. - Risks: - Data security and privacy concerns. - Dependence on internet connectivity. * Own IT Infrastructure: Maintaining in-house servers and systems. - Benefits: Greater control over data and security. - Risks: Higher upfront costs, maintenance responsibilities, and potential for system failures.
