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The Measurable Value Of Digitalisation In Business Flashcards

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1
Q

What is the primary role of marketing in a business?

A

To promote and sell products and services.

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2
Q

Why are sales important to a business?

A

They generate profit and ensure survival.

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3
Q

What comes first, marketing or selling a product/service?

A

Marketing.

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4
Q

What must be identified in marketing to successfully sell a product/service?

A

The needs and wants of the customer.

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5
Q

How has digitalisation enhanced market research?

A

By allowing businesses to obtain information through multiple channels and touchpoints.

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6
Q

What can businesses analyze using data gathered through digitalisation?

A

Consumers’ lifestyles, needs, and preferences.

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7
Q

What are the benefits of analyzing consumer data for businesses?

A

Delivering personalized product recommendations, promotions, rewards, and content.

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8
Q

How can digitalisation help in the development of products/services?

A

By considering how to improve existing offerings or develop new ones.

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9
Q

What platforms can businesses use for brand promotion?

A

Social media and other digital devices.

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10
Q

What is one way businesses can engage with customers through digital promotion?

A

By quickly answering queries and sharing news, promotions, and updates.

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11
Q

What is a significant advantage of using the internet for businesses?

A

Global access to a wider audience.

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12
Q

How does digitalisation enable businesses to target audiences?

A

By allowing them to focus on specific age ranges or locations.

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13
Q

What is a cost-effective advantage of digital advertising compared to traditional methods?

A

It is more economical.

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14
Q

What tools can businesses use to analyze their promotional effectiveness?

A

Various programs dedicated to effectiveness analysis.

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15
Q

What does having an ‘even playing field’ imply for businesses using digital technology?

A

All businesses, regardless of size, have the same promotional opportunities.

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16
Q

What is a disadvantage of social media for businesses?

A

Businesses have little control over how their posts are accepted, leading to potential misinterpretations that can go viral.

This highlights the risks associated with public perception and reputation management on social media platforms.

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17
Q

Why is it important for businesses to allocate time and skills for digital marketing?

A

To manage marketing and promotions effectively and ensure a good return on investment.

Businesses need to evaluate the financial benefits of digital marketing efforts.

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18
Q

What are the consequences of negative comments on social media?

A

Negative comments are visible to everyone, and responding to them can be challenging for businesses.

This can impact a business’s public image and customer relations.

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19
Q

True or False: All businesses face the same level of competition in the digital marketing space.

A

True

Businesses must keep pace with competitors to attract the target audience.

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20
Q

What must businesses consider to increase communication and coverage via social media?

A
  • What social media channels are the customers using?
  • How can the business target audiences by using these channels?
  • What are the business’s objectives for using social media?
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21
Q

How can social media help businesses grow?

A
  • Boost user engagement
  • Increase sales
  • Improve brand loyalty
  • Enhance visibility with potential customers.
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22
Q

What are customer expectations regarding e-commerce?

A
  • Fast dispatch of products/services
  • Instant access to products/services
  • 24/7 customer service availability.
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23
Q

What is one advantage of e-commerce for businesses?

A

It enables businesses to reach a larger audience and increase brand awareness.

This is particularly relevant as online shopping becomes more prevalent.

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24
Q

What does setting up an online store require?

A
  • A domain name
  • Hosting
  • Optionally, a website template or web designer.
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25
How does online selling reduce operational costs compared to physical stores?
Businesses do not incur costs for rent, utilities, or rates associated with physical locations. ## Footnote This makes it more feasible for smaller businesses to compete.
26
What is the benefit of personalized experiences in online trading?
Websites can collect and analyze customer data to create tailored mailing lists based on location and purchase history.
27
What is targeted online advertising?
Advertising aimed at specific customers based on their preferences and behaviors ## Footnote This includes customers who may abandon their shopping carts or leave without purchasing.
28
How can businesses increase website traffic?
By displaying best-selling products and promoting items that other customers have bought ## Footnote This strategy can lead to increased sales.
29
What is one advantage of online selling compared to physical stores?
Businesses can easily increase their space by upgrading their hosting plan ## Footnote This helps accommodate a growing customer base without the need for physical space.
30
What is a major drawback of e-commerce?
High competition among businesses offering similar products/services ## Footnote Standing out in a crowded market can be challenging.
31
What is the customer return issue in e-commerce?
Customers cannot try products before purchasing, leading to high return rates ## Footnote Returns occur when customers are dissatisfied with their purchases.
32
What does customer retention rate (CRR) measure?
The number of customers retained over a specific period ## Footnote It indicates how well a business maintains its customer base.
33
How is the retention rate calculated?
((Customers at end of period - New customers) / Customers at beginning of period) x 100 ## Footnote Example: If a business starts with 1000 customers, ends with 1200, and attracts 300 new customers, the CRR is 90%.
34
What happens if customer service is poor?
Customers may choose to purchase from other businesses ## Footnote Poor customer service leads to decreased customer loyalty.
35
What is the impact of personalized service on customer loyalty?
Customers are more likely to remain loyal if the service is personalized ## Footnote Personalization helps businesses differentiate themselves from competitors.
36
How does digital technology aid in personalization?
By processing customer data accurately and quickly ## Footnote Technologies like AI and IoT enhance understanding of customer needs.
37
What are some benefits of improved customer service?
* Better solutions for individual needs * More relevant search results * Personalized product recommendations and suggestions ## Footnote Tailored emails based on buying habits also enhance the experience.
38
What is the role of AI in customer experience?
AI improves service and customer experience by automating repetitive tasks ## Footnote This allows businesses to focus on more complex customer needs.
39
What are virtual assistants?
Bots that perform tasks like understanding user questions and providing information ## Footnote They are available 24/7 to enhance customer experience.
40
What are bots used for in e-commerce?
To provide answers to customer questions and suggest products ## Footnote Bots enhance user interaction and support.
41
What is the primary role of digital support in business services?
Provide immediate answers and information about prices and availability of products/services
42
How do AI bots enhance customer engagement?
Provide human-like intelligence to keep customers engaged and increase customer satisfaction
43
Why is the use of virtual assistants and bots important for businesses?
Customers expect immediate responses and these tools can respond to multiple enquiries simultaneously
44
What is digital analytics?
Collection, measurement, analysis, visualisation, and interpretation of digital data indicating user behaviours
45
What are the benefits of digital analytics for a business?
* Improve customer experiences * Attract new audiences * Convert audiences into customers * Track product/service performance * Make appropriate business decisions
46
How does digitalisation improve business operations?
Enables automation, increases data quality, and helps structure data
47
What are the advantages of enhanced communication channels in business?
* Accessibility of messages 24/7 * Reliability of communication * Marketing exposure to a wider audience * Online training availability
48
How has digital technology affected remote work?
Allows people to work remotely and conduct research/projects online
49
What is the reliability issue with traditional communication methods?
Messages can get lost in translation, leading to incorrect service delivery
50
How does digital technology expand marketing exposure for businesses?
Access to a wider audience through social media and websites
51
What is one benefit of online training for employees?
Reduces overall training costs and makes training more widely available
52
What does automation of internal processes involve?
Using digital technology to make processes run themselves, improving efficiency and reporting
53
What is one key benefit of automating business processes?
Operational efficiency by reducing the need for continuous human intervention
54
What is a bottleneck in a production system?
Congestion occurs when workloads arrive too quickly for the production process to handle
55
Fill in the blank: Digital analytics is often used to improve customer _______.
[experiences]
56
True or False: Digital technology can help businesses conduct projects without geographical limitations.
True
57
What does digitalisation help businesses do?
Work better and smarter
58
What are the benefits of automating document and file management?
Requires less effort, improves data security, increases productivity, and enables accurate data transfer between processes.
59
How does automation improve customer experiences?
It makes products/services readily available, maintains quality, improves efficiency, and uses bots for quick and accurate service.
60
How does automation improve employee morale?
Reduces repetitive tasks, removes bottlenecks, decreases human error, and allows focus on more interesting tasks.
61
What are the advantages of remote working functionality?
Reduces office space and utility costs, increases accessibility, but may impact work-life balance and employee mental health.
62
How can good communication help remote workers?
It allows them to communicate effectively with colleagues, improving work quality and productivity.
63
What is the main benefit of automating finance processes?
It frees up the finance team to focus on strategic performance and improves service with digital tools.
64
How does financial software improve decision-making?
Provides up-to-date information, helps assess financial situations, and supports budgeting and risk analysis.
65
What are examples of critical financial business tasks improved by technology?
Quarterly financial reports Profit and loss statements Balance sheets Payroll runs
66
What are the benefits of cloud-hosted finance software?
Accessible from anywhere, consolidates data, improves collaboration, and saves time.
67
What is the impact of fiscal policies on businesses?
They influence the economy through taxation and spending, affecting company performance.

Business Context (3 decks)

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