...1. How would you define crowd sourcing? Crowd sourcing is the application of the open source idea to any field outside of software, taking a function performed by people within the organization, such as reporting done by journalist. 2. Why does crowd sourcing require a large, "undefined community" to work? Why not a small, defined community of passionate people who you know and have worked with before or with whom you are already friends (think Face book communities which are smaller, and defined)? Crowd sourcing require a large undefined community because it is said to be more accurate and concise. Large aggregates produce better estimates and judgments than smaller groups. Decisions come from diverse backgrounds. Wisdom of the crowd is another type of crowdsourcing that collects large amounts of information and aggregates it to gain a complete and accurate picture of a topic, based on the idea that a group of people is often more intelligent than an individual. This idea of collective intelligence proves particularly effective on the web because people can contribute in real-time within the same forums from very diverse backgrounds 3. Can you think of other examples of crowd sourcing besides photography? Is photography a good example? What kinds of products or services might not lend themselves to crowd sourcing? Mobs, herds and runaway stock markets produce bad decisions from crowdsourcing. 4. What is the impact of crowd sourcing on business? Can...
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...that provides the mechanism for collective intelligence, but also explains how morally reprehensible consensus can form. Behaviors ranging from gang rapes and beatings to the extermination of an entire people group. Human beings tend to exhibit very unique behaviors or habits once they’re in a group. Some sociologists call it “herd behavior” but it is more often described as “mob mentality.” Interestingly, it’s not just humans that behave that way. Flocks of birds and herds of animals have all exhibited similar behavior. The word “mob” has many negative connotations. One imagines a wild and aggressive crowd, feeding on each other’s panic (hence the other alternative term “crowd hysteria”). Certainly, sociologists and psychologists studying mob mentality have often focused on things like violent demonstrations or even the madness that can often ensue in evacuations, stampedes and crisis situations. There are also famous cases of people growing violent in something as mundane as a shoe sale. Thus, mob mentality has often become attached to the idea of human selfishness and competitiveness. Sometimes it is linked to desperation, such as people who will fight tooth and nail to access relief supplies, or rioting in the streets because of total terror. However, mob mentality goes far beyond the study of “crazy crowds.” It studies, for example, the difference when people are in small crowds or big crowds, and what these social scientists have found is that the behavior is subject...
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...Practices The power of the crowd The power of new Crowdsourcing assets and the use of social networking and related Web 2.0 technologies are helping film-makers, musicians, politicians and charities finance new projects. Football clubs like Ebbsfleet United have funded operations through fans subscriptions; Obama has used the internet to reach a new and much broader funding audience, while redesigning the campaign financing business; and sites like buyacredit.com allow people to buy a credit or become an executive producer based on their level of patronage. Now may be the time for other growing companies.In practice, this is a very immature method of raising capital. Substantial legal obstacles, a lack of best practices and formal governance techniques need to be addressed for Crowdfunding to become feasible to a broader audience. About Crowdfunding Central Crowdfundingcentral.com produces member driven research to highlight the opportunities, concerns and best practices to businesses, investors and entrepreneurs of Crowdfunding. For more information go to Crowdfundingcentral.com What is Crowdfunding? Wikipedia defines Crowdfunding as: “An approach to raising the capital required for a new project or enterprise by appealing to large numbers of ordinary people for small donations”. Crowdfunding in theory delivers significant opportunities for small growing companies looking for capital to finance growth. If an organization can motivate a network or crowd to invest in a company...
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...syed2 syed2 Creative Action in Organisations ENTE 3506 Word Count: 1524 Tutor: Andrew Nicholson Creative Action in Organisations ENTE 3506 Word Count: 1524 Tutor: Andrew Nicholson “Critically appraise the role of crowd sourcing in today’s rapidly changing global business environments and its contribution to innovation.” Assigment 3 “Critically appraise the role of crowd sourcing in today’s rapidly changing global business environments and its contribution to innovation.” Assigment 3 “Critically appraise the role of crowd sourcing in today’s rapidly changing global business environments and its contribution to innovation.” Crowdsourcing is finally coming of age especially with a prominent rise in recent years, it is recognised crowdsourcing is an online phenomena which aims to distribute problem solving and production to impact on the present day’s rapidly changing global business environment. This essay provides an introduction to crowdsourcing, analysed through a theoretical basis in reference to examples, moreover paying particular attention to distinguish and define crowdsourcing from open source production. Furthermore this essay also critically explores the prospects for the paradigm. The potential to exploit and impact a crowd of innovators will be assessed likewise to an evaluation of the opportunity for the use outside ‘for-profit’ organisations. To conclude, this essay recommends an outline and plan for research into the role of crowdsourcing and...
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...Perceptual maps are an excellent way for companies to view how there companies’ marketing is working in certain components of marketing aspects. Perceptual maps give a snapshot of what their customers think about certain attributes of a companies products such as; price, design, quality, etc. The amounts of attributes used in a perceptual map are endless, however, there are only four attributes used in one perceptual map at a time. So it is important for companies to choose the right attributes on the map to find out the pertinent information they are trying to find out. In this simulation I was asked to help out CruiseThor, which is a motorcycle company that deals in high-end motorcycles. Their current product line, which has been quite successful, has been falling off lately and they are trying to decide on a new direction to take to help increase their market share. The first part of the simulation had us analyze the current market evaluation of customer’s perceptions of CruiseThor motorcycles. I chose to analyze the current price, lifestyle image, product services, and finance options. I chose these attributes because these were the ones that received the most negative remarks in the research data. My choices according to the simulation were good ones because these were the ones that were most important to the company to figure out why the current product line is under-performing. From there we had to make a decision on what to do inside the CruiseTho compound. We...
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...Definition of crowd funding 2 1.2 The history of crowd funding 3 1.3 Objectives of Research 4 2.0 Review of literatures 5 2.1 Awareness about crowd funding mechanism 5 2.2 Legal Challenges 8 2.2.1 Navigating the Prospectus Rules 8 2.2.2 Information Requirements Often Overlooked 8 2.2.3 Role of Crowd funding Platforms and Further Considerations 8 2.3 Finance Challenges 9 2.4 Interest rate 10 2.5 Success factors 11 2.5.1 Crowd funding fit 12 2.5.2 Realistic pricing 12 2.5.3 Building trust 12 2.5.4 Media expertise 12 3.0 Methodology 14 3.1 Introduction 14 3.2 Research approach qualitative 14 3.3 Sampling strategy 14 3.4 Data collection 14 3.5 Data analysis approach 16 3.6 Interview questions 16 3.7 Validity and reliability 16 4.0 Findings 17 5.0 Conclusion and Recommendations 23 5.1 Conclusion 23 5.2 Recommendations 23 6.0 Bibliography 25 1.0 Introduction 1.1 Definition of crowd funding Crowd funding is a way for businesses, organizations and individuals to raise a fixed amount of money via the Internet, the purpose of the money refers to amount of efforts by different entrepreneurs, such as business cultural, social responsibility, and for profit. The funding of one company was drawing on relatively small contributions from many investors, and without standard financial intermediaries. In one of the whole published overviews of the topic, Schwienbacher & Larralde (2010) define crowd funding as “Crowd funding is an...
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...Mission CoJo’s Sports Bar’s mission is to provide an upbeat atmosphere for local sports fans featuring quality locally and regionally brewed beer, as well as mainstream beer choices, a varied selection of food choices, and excellent customer service. Management CoJo’s Sports bar is organized as a sole proprietorship where I, Peter Macdonald, am solely responsible for the day-to-day operations including food and beverage purchasing, staffing, and scheduling. Objectives The objectives of CoJo’s Sports Bar are: * To build a successful locally owned and operated sports bar * Develop a loyal client base by providing an excellent atmosphere which make customers feel at home * Source a location for the bar that has easy access and visual impact * Develop a supply chain for quality locally and regionally brewed specialty beers * Provide simple great tasting food option to compliment the sports bar atmosphere Keys to success In order to be successful CoJo’s Sports Bar must: * Appeal to as wide as demographic as possible * Select the most suitable location for the bar * Control their costs at all times * Promote specific sporting events on a weekly basis * Provide customers with unique entertainment options such as sports specific trivia * Advertise through local media and social networking including Facebook, Twitter, etc. Company Summary The Industry Canadian Industry The Canadian food and beverage industry...
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...& Capital Markets” as well as another event titled “Three Business Models for Social Impact.” While the first event focused on generating capital to fund social enterprises, the latter centered on new business models that attempt to drive social change. At the first event, “Value Creation and Capital Markets,” speakers discussed how socially responsible companies can still use traditional methods of financing. In particular, they tried to push five major points. These points were external options of financing, internal options of financing, crowd funding, appropriate sources for capital, and new financial mechanisms. Of the five, external financing is by far the most traditional method of financing. It includes equity, banks/credit unions, friends/family, and social investors. Social investors can be particularly helpful because they are typically the most interested in your cause. Additionally, philanthropic grants can be used, but often not a reliable means of funding. Government funding is more reliable, but requires more extensive obligations. Internal options can be another source of funding. For example, a company can collect accounts receivable as quickly as possible by offering discounts for timely payment or interest for late payment. On the other hand, they can also delay making payments on accounts payable for as long as possible. Crowd funding is another method of securing financing, and has become extremely popular in recent years. Crowd funding typically...
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...the school is ranked as high as it is in a small place like Kent compared to other fashion meccas which are home to top fashion programs too. With ties to the textile lab you can truly get a full view on the whole process as well getting to buy one of a kind garments. The target market of the Fashion School would surprise some it is located on a college campus but they go after an older more establish crowd. Age group would be around thirty to forty years of age. Reason being is that the clothing does have a higher price point seeing that the garments are all hand crafted. This is their target market to because people around that age might not be as fashion forward as students you attend the fashion school themselves. Having a older more established crowd gives the opportunity to grow seeing that they hold most of the money in the communities and they get things around by word of mouth. Doing this does not involve much technology but it is a powerful tool when trying to grow in a town like Kent where most of the population that has money is of that age group. As far as what is sold most of the clothing we came across was women’s clothing. All of the garments found in the store fit the target market that they aim to service. The clothing has a more mature look to it and its pretty modest. The...
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...crowdsourcing. Crowdsourcing has revolutionized the way services are rendered, with an online community taking up the tradtional role of suppliers. Forever 21, the popular American fashion retail chain has hired a leading international consulting firm to advice on global crowd sourcing. As a junior consultant, specializing in Information Systems at the firm, I have been tasked with recommending crowdsourcing strategies for Forever 21. In doing so, I shall investigate the crowdsourcing phenomenon and aim to identify the best crowd sourcing strategy for Forever 21. The client has identified platforms such as Amazon Mechanical Turk (MTurk), Freelancer, oDesk, Would You Rock This (WYRT), and Spoonflower to be off particular interest. As a junior consultant, I have thus evaluated these platforms and then put forward my recommendation on the best crowdsourcing platform. One that I believe is capable of posing radical challenges or opportunities in line with Forever 21’s objectives and operations (Allen, 2011). In-Depth Analysis of the Various Types of Crowd Sourcing Platforms In this section, I shall conduct an in-depth analysis of the aforementioned crowd sourcing platforms on the basis of their target markets (Barnes, Hinton, & Mieczkowska. 2003). Amazon Mechanical Turk (MTurk): The Amazon Mechanical Turk (MTurk) is a swarm sourcing Internet commercial center that empowers people and organizations (known as Requesters) to organize the utilization of human insight to perform...
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...Steps for accessing the States Data file: 1. Open your Excel with PhStat2 2. Click File—Open 3. Select the States Data file * Not all questions require the use of technology or the States Date file. * You may insert your answers, including any charts, graphs, or output, on this document. * Be sure to put your name on this document and save it to your computer. 1. Even though independent gasoline stations have been having a difficult time, Susan Solomon has been thinking about starting her own independent gas station. Susan’s problem is to decide how large her station should be. The annual returns will depend on both the size of the station and a number of marketing factors related to oil industry and demand for gasoline. After careful analysis, Susan developed the following table: Size of Gasoline Station | Good Market ($) | Fair Market ($) | Poor Market ($) | Small | $70,000 | $30,000 | -$30,000 | Medium | $110,000 | $50,000 | -$40,000 | Large | $170,000 | $70,000 | -$50,000 | 1. Develop a decision table for this decision. 2. What is the Maximax decision? Maximax decision would be starting a large gasoline station. This is the optimistic approach which results in the highest of all possible payoffs ($170,000). 3. What is the Maximin decision? Maximin decision would be do nothing. This is the best of the worst alternatives ($0). 4. What is the criterion of realism decision? Use α = 0.6. Criterion of realism...
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...“Crowdsourcing” is a relatively recent concept that encompasses many practices. To a superficial analysis, it could result just as the outsourcing of tasks to a large group of people, instead of assigning such tasks to an in-house employee or contractor. But in my opinion, there is more to it. We have to consider it as a strategic model to attract an interested and motivated crowd of individuals, capable of providing solutions superior in quality and quantity to those that even traditional forms of business can. It’s community, involvement, empathy and transparency, are all made possible and facilitated by web 2.0. The new behaviors and new mental structures that emerged with the rise of social networks allow a constant interaction between "equals" (with no defined hierarchies) at a global level. The paper explores different kinds of crowdsourcing, describing differences and similarities between them. The first kind of crowdsourcing analyzed, is the “Contest”, in witch the sponsor (the company) identifies a specific problem or request, offers a cash prize and broadcasts an invitation to submit solutions. Google offers us a best case in this field: in March 2014 the company has hold a contest called "Pwnium”, in which hackers could put their skills to the test by trying to hack into either the HP Chromebook 11 or the Acer C720 Chromebook for a combined total price of nearly $3 million. At the end of it, Google profit from this action by discovering several bugs then being...
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...PETER A. COLES KARIM R. LAKHANI ANDREW P. MCAFEE Prediction Markets at Google In late March of 2007, Bo Cowgill, Ilya Kirnos, Doug Banks, Patri Friedman, and Piaw Na sat down to lunch at Google’s headquarters in Mountain View, California, and reviewed the most recent results from the company’s internal prediction markets. The five Googlers (as Google employees referred to themselves) had launched the company’s prediction markets, built the information systems that supported them, and overseen them during the previous seven quarters, all while working at their “normal” jobs. The markets had grown in popularity and demonstrated their accuracy during that time, and the team was proud of its accomplishments. Prediction markets were very much like stock markets. They contained securities, each of which had a price. People used the market to trade with one another by buying and selling these securities. Because traders had differing beliefs about what the securities were worth, and because events occurred over time that altered these beliefs, the prices of securities varied over time. In a stock market like the New York Stock Exchange the securities being traded were shares in companies, the prices of which reflected beliefs about the value of the companies. In a prediction market, in contrast, the securities being traded were related to future events such as an American presidential election. In this case, the market could be designed so that each security was linked to a candidate...
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...name. When you are ready to submit your project, click on the Dropbox and complete the steps below: * Click the link that says, “Submit an Assignment.” * In the “Submit to Basket” menu, select Unit 7 Project. * In the “Comments” field include your name. * Click the “Add Attachments” button. * Follow the steps listed to attach your Word Document. * You should revisit the Dropbox to view any helpful feedback your instructor has and to retrieve your graded project. * Make sure that you save a copy of your submitted project. 1. Even though independent gasoline stations have been having a difficult time, Susan Solomon has been thinking about starting her own independent gas station. Susan’s problem is to decide how large her station should be. The annual returns will depend on both the size of the station and a number of marketing factors related to oil industry and demand for gasoline. After careful analysis, Susan developed the following table: Size of Gasoline Station | Good...
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...Digital Marketing Plan for Manchester United Wondering who the new guys are? Wondering where you are in the crowd? Contents Situation Analysis 3 SWOT Analysis: Manchester United 3 Manchester United Service Idea 4 Player Comparison 4 CROWD CAM 5 Digital marketing Strategic Planning: 6 Manchester United Objectives 7 E-marketing strategy 8 Implementation Plan: 10 Evaluation Plan 11 Bibliography 12 Situation Analysis SWOT Analysis: Manchester United Strengths:Manchester United’s Brand consciousness and being globally recognised is a major strength.With the strength of their brand benefits their sponsors, sales of merchandise with United’s emblem on it will be immediately identified by millions.With the strength of their fan base, ticket sales are considered strength. Even the stadium expanded to accommodate such a huge fan base. With tremendous distribution channels united are producing the optimum amount to numerous retail stores globally. | Weaknesses: Would be their products variety, and the new variety they produced wasn’t consulted with the fans to see what they want etc. It seems as though they exploited the more noticeable income channels where as they could benefit more from putting more research into the field.Although a weakness there is definitely opportunity there to develop on this.Whereas another weakness for united is that is has been so flourishing there is a distressing estimation that the club has lost its origins and no longer...
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