lecture 9 Flashcards
Thousands of new business concepts as a results of digitalization
waiting line apps, fridge camera apps, apps to prevent food waste, apps for digital toilets, autonomous driving, new digital currencies, chatbots instead of humans, smart voice assistants
General benefits of digitalization
Interactivity (dialogue not a monologue, feedback by customers, communication between customers9
individualization/customization (allows tailored products/services to overyone and low costs)
Intelligence/measurability (predictions at low cost & market research and R&D at low costs)
Channel integration (allows to respond to consumers in other media, support decisions through several channgles)
Independence of location (serve customers everywhere)
Dependence on location (target customers by geography)
Accountability
testing (testing of ads, new features etc)
flexibility (react immediately to changes in business environment)
Marketing in digital media adds value for companies (e.g. influencer marketing)
There is a multitude of different forms of influencer marketing in the digital media.
The forms can be classified as follows
y axis: professionally produced or user generated content
x axis:
social networks, native applications (installed on device), video sharing sites, online journals, traditional media (TV, cinema, books)
Types of influencer marketing
Influencer product hauls
Lets plays
Posts (for example on instagram)
Process of why influencer marketing may work
influencer contact –>
Attention on the promotional content –>
Emptions & motivation -> learning -> attitudes
Attitudes -> memory -> emotions and motivation –>
purchase intention
influencer marketing success factors of influencer marketing
Reach: number of followers exposed to content (increasing in number of followers (D))
Engagement probability: reached followers decide whether to engage with content with certain probability, driven by perceived tie strength with influencer (decreasing in number of followers (D))
Engagement: number of measurable interactions (e.g. number of likes) (inverted U shape)
mid sized influencers (100-500k) provide optimal engagement
Machine learning
the field of study interested in the development of computer algorithms for transforming data into intelligent action
One of todays most rapidly growing technical fields
-driven by the development of new learning algorithms
-explosion in the availability of online data and low cost computation
Related to many disciplines
-ai technology are used in many discipllines
-Integration of computer science and statistics
-Core of artificial intelligence and data science
Added value
-More evidence-based decision-making
Key message:Machnie learning aims to predict
what ai models do
learns in layers, input is a face, they first layer learn edges and shapes, then the second layer combinations of edges and colors and textures color etc, third layer object parts and models
Process machine learning steps
1) collecting data (gather data suitable for analysis, this data will serve as the learning material an algorithm uses to generate actionable knowledge
2) Exploring and preparing the data (the quality of any machine learning prjoect is based largely on the quality of data it uses. This step requires a great deal of human intervention)
3) Training a model on the data (algorithm will represent the data in the form of a model)
4) Evaluate model performance (important to evaluate how well the algorithm learned from its experience, evaluate the accuracy of the model using a test dataset)
5) Improving model performance
(e.g. switch to a different type of model, supplement data with additional data, performa dditional preparatory work as in step two of this process)
application: cumputer vision technology
fridge with camera, youre almost out of milk…
application: text and speech recognition software: The power of chatbots and their role in the future
a chatbot is a piece of software that conducts a conversation
Research has shown that chatbots can help build positive customer relationships. Through chatbots consumers benefit from additional interactions, entertainment, customization, and problem solving
Anthropomorphism in chatpots
the underlying machine learning technologies of chatbots improve and there has been a considerable drive towards developing chatbots that exhibit greater human resemblance.
When encountering an anthropomorphic chatbot, angry customers:
Report lower customer satisfaction, have lower overall evaluation of the firm have lower future purchase intentions
The findings suggest business managers should carefully design and use human like chatbots
Future: speech-to-speech reasoning in combination with motor intellect
Robot describing what he is doing while performing actions
big data examples
in 1 race 10 terabites of data are transmitted from a formula 1 car
or health tracking devices
The Five V’s of big data
High in volume (sufficiently large amounts of data that require special considerations, high storage capacity, accessibility)
High in variety (data consists of multiple types and potentially from multiple sources, structured(Table), semi-structured (XML), or unstructured)
High in velocity
Data is produced at high rates and operating on stale data is not valuable
High in veracity
(correctness of data can be assessed. Data quality, preparation, trust, E.g. errors and incnsistencies when dealing with user generated content or automatically generated data)
high in value
(data has a perceived/quantifiable benefit to the organization. Eg. Connecting data sources
