...Introduction This essay mainly discussed the market for information, although this market is invisible, it plays an essential role in financial and banking industry. In part I, the essay will try to explain why the market will exist as well as why the different kinds of participates exist. The market for information is a complex market with a large number of chains and relations between information producers and information buyers. However, some chains and relations of the market are the core part for the market to function well. The essay will also discuss the “Chains of transacting and accountability” and “Networks of assurance”. However, in the process of information producing, there will be some difficulty in learning and knowledge creation. In part II, the essay will firstly introduce the ideal process of learning and knowledge production and secondly discuss the reason for the ineffectiveness of learning and knowledge creation processes. Based on the possible reasons of ineffectiveness, it will also give some suggestions on how to avoid the difficulties in the future. This essay is mainly based on John Holland’s two papers; therefore, in the end, the report will discuss some limitations of these two papers. I. Information production and assurance roles of participants in the ‘market for information’ What is the market for information and why does this market exist? Information markets are usually a place where individual knowledge is organized and aggregated...
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...ASSESSMENT Task 1 – ORAL QUESTIONS Research market information 1 a. According to the organisation’s marketing plan, what are the organisation’s three target markets * New builds * Renovations * Replacements * Describe the profile of each target market segment New builds- want to purchase entire suites, shop as couples, price sensitive, live in Brisbane Renovations- high quality items, different items, looking for unique and exotic, live in affluent suburbs Replacement – single shopper, cheap price, live in less affluent suburbs, basic products that replace broken or worn items * Describe the positioning and marketing mix for each market segment Product- wide ranging, quality and unique (Renovations) Service- Three year guarantee, easy payment scheme (New builds) Pricing – comparable prices for comparable quality (New builds, Renovations) Distribution – through a chain retail stores (All three target markets) Advertising and Promotion- Brizzy magazine, informational articles (All three target markets) Customer service- high quality (All three target markets) b. What previous marketing activities have been undertaken? Why do you think they were only partially successful? * Local letter box drops * Radio * Magazines * Direct Mail and advertising The previous marketing activities were only partially successful because they were not targeting the affluent people, many people do not want ‘junk mail’. After the advertisement...
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...|Discuss the reasons why asymmetric information can be a source of market failure. Use examples to illustrate your answers. | |By Andrew Sweeting | |November 1998 | |Introduction | |This essay is concerned with the issue of information in microeconomics, particularly where information is a factor in the failure of| |individual markets in an economy. Economic information and its importance in microeconomics is initially discussed, and continues | |with defining asymmetric information, which is a factor that can lead to a market failure. | |In the analysis of asymmetric information in markets, ex ante and ex post asymmetries information are discussed in relation to market| |transactions. Ex ante asymmetric information can be explained through Adverse Selection in relation to quality of goods in the | |product market, and ex post asymmetric information can be explained through Moral Hazard in insurance markets. Strategies to correct | |market failure(s) caused by these information asymmetries is addressed for each example discussed. ...
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...Marketing Information to Gain Customer Insights Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall Chapter 4- slide 1 Learning Objectives Topic Outline • • • • • • • Marketing Information and Customer Insights Assessing Marketing Information Needs Developing Marketing Information Marketing Research Analyzing Marketing Information Distributing and Using Marketing Information Other Marketing Information Considerations Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 4- slide 2 Marketing Information and Customer Insights Customer Insights are: • Fresh and deep insights into customers needs and wants • Difficult to obtain – Not obvious – Customer’s unsure of their behavior • Not derived from more information but better information and more effective use of existing information Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 4- slide 3 Marketing Information and Customer Insights Customer Insights • Companies are forming customer insights teams – Include all company functional areas – Use insights to create more value for their customers – Customer controlled could be a problem Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Chapter 4- slide 4 Marketing Information and Customer Insights Marketing Information Systems (MIS) Marketing information system (MIS) consists of people and procedures for: – – – Assessing the information needs Developing needed information Helping decision...
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...requires an innovative information system proficient in the organization of product sales, which allows management of data by employees from computers and mobile devices. This new system would contain customer records and be password protected for sales agent’s individual accounts and further promote confidentiality of client and corporate data. Information security and carbon footprints will need to be addressed with creation of a new data warehouse. The cloud computing system would be an idyllic system for addressing the needs of Riordan Manufacturing and would be an inexpensive conversion from the old systems. Cloud computing initially evolved from visualization. The use of visualization would allow Riordan to separate its software, business applications, and data from hardware sources that may experience an issue. The cloud offers storage, network, and hardware virtualization. Businesses can set up private clouds as storage warehouses for company information. Information technology virtualization enhances the business’s assets and offers lower administration fees, reduced maintenance, and consolidation of company information for strategic marketing initiatives in one location. With this in place, there would be less risk of possible loss of important and pertinent information. The entire marketing division would be combined into one superior database for easier comparison of information. Switching to a cloud system would allow a speedier return on information requests from different...
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...some data either in spreadsheets or hard papers to be collated at the head office. In order that this data becomes important information can be translated into knowledge, it is essential that some vital statistics and information be captured periodically. Depending upon the source of the information, we would be classifying this into two categories – internal and external. Internal Source: This would refer to all the information which exists within the stores and the head office and can be pulled out without any dependence on an external agency (Christopher, J. 1994). Some of the examples are - Sales figures at each store Customer foot fall at each store Merchandise wise sales Enquiries for product line unavailable Customer Segmentation at each store – by age, gender, personality types Salesperson wise sales or units sold Productivity rate i.e. Number of people who bought something vs. total foot fall Advertising Campaigns/ POS used at each store Sales increase post advertising , in-store marketing External Source: In addition to the above, it would be essential that the company also gathers data from outside agencies, from secondary sources like research firms, market, Television, competitors etc. Examples of such data and statistics would include the following – Number of competitor outlets in the region Total Market Share of Hot Chile in Mexico Most popular Surfwear store in the region Sales Trends in the industry Growth rate expected...
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...MEANINGFULL DATA AND INFORMATION. Data consist of raw facts, such as customer names and addresses. For data to be meaning full, it must be collected to constitute information. Information is a collection of data or facts organized in such a way that it has more value beyond the individual pieces of data themselves. For example, a set of data of customer names and purchases might provide information on a company's market demographics, sales trends, and customer loyalty or turnover. Every purpose data or collecting data is to transform them to information. Turning data into information is a process or a set of logically related tasks performed to achieve a defined outcome. This process of defining relationships between various data requires knowledge. Knowledge is the body or rules, guidelines, and procedures used to select, organize, and manipulate data to make it suitable for specific tasks for a specific period of time. Consequently, information can be considered data made more useful through the application of knowledge. The collection of data, rules, procedures, and relationships that must be followed are contained in the knowledge base. Companies face increased pressure to provide higher quality information faster and more efficiently. They want more transparent information in less time. There are demands that information must be faster with more transparency and come from every angle meaning they shouldnt be just providing information from one perspective . Many people...
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...Chapter 4 Case Study Meredith: Thanks to Good Marketing Information, Meredith Knows Women 1. Meredith’s marketing information system really focuses on women. Their target market is women and it is obvious in the way they cater towards women. Some of their strengths include they cater to a woman’s progression throughout life, they have studied their customers so greatly that they have over 700 data points on each one, and they have even segmented each individuals interests in order to better serve them. Not only that, but they have so much data on their customers that they can now sell their information to other businesses. As print is a declining business, Meredith has also ventured into the online and television world and is making their presence known. They are not simply looking at the present but are also setting themselves up for the future. A weakness of Meredith is that preferences can change over time. They need to keep up with the changing interests of their customers and make sure their data points are not just a storage bin full of outdated information. Another weakness is that it is only providing to women through magazines and television shows. With all of the information they have gathered, they should be able to reach out to women in other forms such as clothing, exercise equipment, gardening tools, or even cookware. The information that they have accumulated could be used for another business venture. 2.Through impersonal...
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...personalization and automated event notification to engage and service the customer | | Best possible terms from suppliers | Back-uo | Error-free fulfillment | | Lowest possible operating cost | | Excellent computer service | | Automatic and information intensive business process | Cloud | A powerful, well organized system/data processing capability | | Cost efficient | | Efficiently and accurately capture, recod, store, process and retrieve data& information involved with the work | Kindle | Competitive pricing | | Environment friendly | | One size fit all | 2. What challenges did Amazon face when it first entered the marketplace? [list] a. .Amazon ‘s early history was facing some financial problems, like startling loses and lots of red ink. b. .Amazon needed to build warehouse, which is really expensive. c. .When Amazon first entered the marketplace, the information systems and processes was brand new. d. .Amazon had some competitor, and it was a challenge. e. .Developing a new method f. . g. add more items as needed….. 3. What information is required by Amazon to transact, to manage, and to innovate? [table] Level of Information Processing | Information Needs | transacting | Product types | | Product price | | Product availability | | Customer registration | | Shipping info | | Credit card info | | | management and control | Inventory | | Product update | | Customer feedback | ...
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...May 25, 2015 Erin Di Cesare Social Media When it comes to social media there is no one-size fits all, in today’s society it is much easier to obtain information from social media than one would think. There are advantages and disadvantages of easily obtainable information, just like there is advantages and disadvantages to social media, and knowing these advantages and disadvantages may very well alter the way one uses social media. Believe it or not there are advantages to easily obtainable information. One of which is expediency, it is convenient for people to be in one place and catch the hottest news, listen to fresh top songs on the billboard charts, watch and share music videos to those songs, while at the same time holding a conversation through chat multiple friends instantly. It is easier than reading the newspaper, watching TV, listening to the radio, and talking on the phone all at once to achieve the same thing. One can multi-task and do these things efficiently while conforming to society’s intolerant nature. A disadvantage of easily obtainable information is identity theft, which is where critical or sensitive information is available when it shouldn’t be. Another one is the unintentional discovery of finding out a family member perishing in a car accident or some other drastic way before the information is able to be properly delivered. There are many different advantages and disadvantages of social media. Everything in excess is bad. Social media is not...
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...making takes place within the guidelines set by the strategic plan. Data and information Tactical information will be mostly internal with a few external sources being used. Internal information is likely to be function related: for example, how much ‘down time’ a production line must allocate for planned maintenance. Tactical information is used by middle management (employees) when managing or planning projects. The timescale is usually at least between 6 months and 5 years (depending on the scale of the strategic project). Circumstances vary but a small project may have a tactical timescale of between one and six months. Tactical plans have a medium level of detail and will be very specific; they deal with such matters as who is doing what and within what specific budgets and timescales. These plans have medium scope and will address details at the operational level. They will generally have specific objectives and be geared towards implementation by operational level employees. Operational information The lowest level is operational and operational planning takes place based on the tactical plans. The lowest level of management or workers in an organisation implements operational plans. These may be section leaders or foremen in a large organisation or workers such as shop assistants, waiting staff, and kitchen staff, etc., in smaller businesses where there is no supervisory layer. The timescale is usually very short, anything from immediately...
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...This Task explains different types of business information, their sources and the purpose of an organisation. The business I have chosen is Apple. Type of Information | Example | Description | Purpose | Source | Verbal | Face to Face Skype | If you have any problems you can go to see the staff at the store so they can help you by using face to face communication. Skype is used to communicate internationally. Apple may use Skype to do conference calls with other countries to find out how they can improve their products. | Inviting support for activitiesInforming Future Developments | Customer ServiceSales | Written | ReportNewspapers adverts | A Report is used to communicate to the CEO about the changes in the market such as what the economy is doing.Newspapers adverts are used to inform a mass number of employees about sales promotions which will encourage an increase in sales and profit. | Updating KnowledgeCommunicating Sales Promotions | FinancialMarketing | On-Screen | GraphsTelevisionAdverts | Graphs can be used in presentations for meetings to show how they can improve their products.Adverts are used to inform the customers about upcoming products which will start being sold soon. | SWOT analysisCommunicating Sales Promotions | SalesMarketing | Multimedia | | | | | Web-based | WebsitesSocial Media | Apple uses their website to communicate with people all over the world. Web based communication can allow Apple to tell people what they want about the business...
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...challenges facing Maruti Suzuki management prior to adopting the oracle suite is India at the time was one of the largest car markets in the world and Maruti Suzuki was the leader of that market. Maruti Suzuki then began diversifying their market by adding financing, leasing, insurance and pre-own car business to it. Due to the size and complexity of their organization, Maruti Suzuki was having a difficult time maintaining their explosive growth and was not able to efficiently managed their information management systems. Part of their challenge stems from the fact that a lot of their information systems came local home-grown systems in India and they were not able to communicate in sync which each other leading Maruti to have extra staff in order to coordinate data. 2. What advantages does Maruti Suzuki derive from working with a single vendor, Oracle? What are the possible risks of working with a single vendor? The advantages that Maruti Suzuki derive from working with a single vendor is when buying information systems, they will have a unified software that will be able to communicate and cut out the need for additional staff for coordinating data. Oracle also has a consulting service that can provide Maruti Suzuki managers with any information or knowledge during the implementation in order to have the transition smoothly switch over from the old information system without any interruptions. The possible risk of working with a single vendor is that you becoming totally dependent...
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...Information Use Information Use Information can be used in a variety of ways in today’s world. Companies use it to track profits and losses others use it to see into future trends so they can make informed decisions about where their business should be in a certain market. According to Opara (2003) “Information is the life blood of modern organizations.” Without information organizations would be making decisions blind. Information in a modern organization flows in a circular motion. For an example of how a major car dealership uses information it gathers. A customer who is prospecting for a new vehicle enters a car dealership not sure of what kind of vehicle he or she may want. An associate greats the new customer and asks a few question to discover what the customer is looking for. This would be the input information that the associate will use to enter into an information system (IS) from this system the associate can help the customer choose what vehicle he or she may be looking for. The information is presented to the customer, after looking at the information the customer chooses a vehicle he or she wants to purchase. The associate inputs his or her personal information into an IS to qualify the customer for financing the vehicle. The information is used by the finance department to set up the financial obligation that the customer will have to pay. Once again the information is cycled back to the customer for his or her input. After the sale of the vehicle the information...
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...Information Flows in Organizations In today technological era, information technology (IT) applications have taken over the communications of business collaborations, industry operations, and customer connection. Corporate data are essential to organization's survival rate since these are decisive factors in maintaining their competitiveness on the market. Even for companies in non-Internet industries, they still need assistance from network capabilities for communication and collaboration. Information flow determined the daily operation flow within a company. Depending on the field that the organization falls into, these data can be internal, external, or both. By digitalized most of the physical documents, it is also important to enforce necessary security in order to protect essential information of the organizations and their clients. Due to the enormous amount of information collected on a daily basis, organizations tend to struggle to manage the high volume of physical documents without the help of IS database storage. Databases reduce the amount of physical documents by storing the information in a systematic way. The Information are collected from marketing, sales, customer connectivity, supply chain inventory and external data. These information provides a closer look at the status of the business's standing. The information comes in huge clumps. In order to crunch through the huge datasets, we rely on huge data management vendors whom are working as database warehouse...
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