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Lecture 3

ADM1370 Lecture 5: Lecture 3-ADM1370

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Craig Kuziemsky

Lecture 3-ADM1370 Business Objectives and Outcomes • Classic objectives (increase sales, decrease expenses, improve ROI) • Social objectives (engagement, personalization, social driven marketing) • Development of social objectives are an evolving process Identifying demographic group • Need to know both your customer and the social medial tools they engage with (i.e. Facebook, Twitter) • Use available technologies to study demographic patters and spy on competitors • Social or digital branding is different than physical branding (i.e. voice, message) and may require changes to how branding is done Innovative connectivity (pages 19-23) • Social media tools connect people to processes and information • Apps are simply the means of doing that to help prevent information indigestion • Business processes gain new perspectives- people and businesses become more productive • Doing the same thing digitally is not innovative • It accelerates the date to information cycle to make information usage more efficient o Data- information- knowledge- wisdom Digitization • The replacement of physical tasks by digital means • Significant business relationships have been digitally enabled • Supply chains are a good business example- we used to design products face to face but now we often do it piece by piece in different locations Digital goods • Goods that can be delivered over a digital network o I.e. music tracks, video, software, newspapers, books • Industries with digital goods are undergoing revolutionary changes (publishers, record labels, etc.) • These changes may impact many other processes (i.e. recruitment, marketing)- i.e. offline revenue from last class Other digitization impacts • P2P changed how we access products and required new laws to be created because of technology enables business • Online banking- new security standards had to be created • Social governance Eight key differences in the digital economy • Ubiquity o Internet technology available everywhere o Effect: ▪ Marketplace removed from temporal, geographic locations to become “marketspace” ▪ Enhanced customer convenience and reduced shopping costs • Global reach o The technology reaches across national boundaries, around earth o Effect: ▪ Commerce enabled across cultural and national boundaries seamlessly and without modification ▪ Marketspace includes, potentially, billions of consumers and millions of businesses worldwide • Universal standards o One set of technology standards: internet standards o Effect: ▪ Disparate computer systems easily communicate with each other ▪ Lower market entry costs- costs merchants must pay to bring goods to market ▪ Lower consumers’ search costs- effort required to find suitable products • Richness o Supports video, audio, and text messages o Effect: ▪ Possible to deliver rich messages with text, audio, and video simultaneously to large numbers of people ▪ Video, audio, and text marketing messages can be integrated into single marketing message and consumer experience • Interactivity o The technology works through interaction with the user o Effect: ▪ Consumers engaged in dialog that dynamically adjusts experience
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