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Open access

Larry Downes

Abstract

The pressure of delivering products in hyper-competitive markets often leads developers to ignore basic data management precautions, along with a failure to devote adequate resources to marketing. To assure that short-term errors don’t cause long-term damage for the IoT, developers must adopt new strategies. Converging on a single IoT standard could foster adoption as well as better security protocols. To handle the sheer number of connected items and their need for constant interaction demands investments in high-performance networks. For IoT products to integrate deeply into consumers’ daily lives, applications must be integrated into existing solutions from trusted brands. Finally, they must do more than simply replace existing and still-working items, but add new functions and new applications that existing technology can’t possibly duplicate.

Open access

Donna L. Hoffman and Thomas P. Novak

Open access

Rudolf Aunkofer

Abstract

The classical customer journey with its touchpoints is transformed into a lifelong, interactive customer relationship within an IoT-based product-service ecosystem. The customer journey happens in multiple, partially automatic loops that make it significantly less predictable for manufacturers and retailers. For many product categories, the IoT is not going to take off until providers and retailers succeed in getting at what their customers really want. For one thing, they need to better understand individual usage behavior, and for another, there is a need to better personalize products and services, creating emotional and situation-specific customer experiences. Expanding the ability of digital products to communicate with each other, to record and analyze usage behavior and to implement concrete product improvements will be decisive. If customer centricity is reinvented in the IoT space, customers will see a real value and smart products will replace classical products in the next five to ten years.

Open access

Donna Hoffman, Tom Novak and Linden Tibbets

Abstract

IFTTT is a neutral platform that offers easy and free ways to get all your apps and devices talking to each other. Millions of users worldwide have enabled more than 75 million Applets for over 600 services that already cooperate with the platform. Linden Tibbets, co-founder and CEO of IFTTT, explains that everything in the future will be a digital service. Connecting all these services is a tricky task and many companies are struggling with making these connections. Tibbets explains how the IFTTT platform tackles these interfaces and functions and how end users and companies can get more value from being able to connect just about everything with everything.

Open access

William Rand

Abstract

What consumers notice from the IoT is just the tip of the iceberg. Underneath the surface, dozens of applications are communicating and interacting with each other. A brand that wants to succeed in this complex environment needs to work within this network and make sure that its messages are the ones that filter all the way through and ultimately reach the consumer. IoT designers need to make sure that products and devices can only send and receive valid messages and consider the ramifications of those messages on the rest of the system. If security is underestimated, the whole system and the consumers are put at risk. Further, it is important to collect and examine the data that the interactions generate to better understand the usage of IoT-enabled products and their interactions with other elements of the complex network.

Open access

Stefano Puntoni

Abstract

The benefits brought to us by recent product innovations also come with potential burdens for people who are motivated to consume by identity motives - that is, by the desire to be the kind of person that they want to be. Being freed from a personally relevant routine might be undesirable. Therefore, IoT adoption will be more likely when the associated tasks are less relevant for identity signaling and less likely when the associated tasks are relevant for one’s identity. However, people who oppose IoT application in one context might willingly accept IoT applications in others with less personal relevance. Managers should not overlook that people’s quest for meaning in consumption remains an important driver of buying decisions even in our age of amazing machines. Physical products won’t completely disappear any time soon, especially when they are relevant for a person’s identity.

Open access

Florin Lucian Isac and Eugen Florin Remes

Abstract

Culture is a concept with different meanings, which is in close contact with the business world as well. Its influence on managerial activities within current organizations cannot be questioned, especially in the existing political, economic and social context. Nowadays, one of the specific ways of formulating and implementing strategies at the level of companies is related to the change of organizational culture. This paper aims to highlight, from a managerial perspective, the way in which the existing strategies at the organizational level are influenced by different cultural contexts. Sometimes strategy can be considered as a variable determined and constrained by the culture in which it is defined. It is not limited to the reflection and expression of culture but rather influences and changes it.

Open access

Dan Stelian Deac and Klaus Bruno Schebesch

Abstract

Using efficient marketing strategies for understanding and improving the relation between vendors and clients rests upon analyzing and forecasting a wealth of data which appear at different time resolutions and at levels of aggregation. More often than not, market success does not have consistent explanations in terms of a few independent influence factors. Indeed, it may be difficult to explain why certain products or services tend to sell well while others do not. The rather limited success of finding general explanations from which to draw specific conclusions good enough in order to generate forecasting models results in our proposal to use data driven models with no strong prior hypothesis concerning the nature of dependencies between potentially relevant variables. If the relations between the data are not purely random, then a general or flexible enough data driven model will eventually identify them. However, this may come at a high cost concerning computational resources and with the risk of overtraining. It may also preclude any useful on-line or real time applications of such models. In order to remedy this, we propose a modeling cycle which provides information about the adequacy of a model complexity class and which also highlights some nonstandard measures of expected model performance.

Open access

Olimpia Neagu and Mircea Constantin Teodoru

Abstract

The paper explores the association between economic competitiveness and inclusive development in 101 economies based on data provided by the 2018 World Economic Forum reports. Coefficients of ranks correlation and cluster analysis are used in this view. The values of Competitiveness Index and of Inclusive Development Index delivered by the 2018 World Economic Forum reports are considered. Economic competitiveness and inclusive development are positively associated in our sample of 101 economies and the correlation is stronger in the emerging countries as in the group of advanced economies. Among the advanced economies the mean scores of GCI and IDI are higher than in the group of emerging countries showing a better coordination of economic and institutional factors driving competitivity as well as inclusiveness. Countries belonging to a geographical region/continent/economic group are not grouped in the same cluster, emphasizing disparities among countries at regional/continental/economic group level. In the group of emerging economies, the disparities regarding competitivity and inclusiveness are lower than those among the advanced economies, the clusters are closer to one another and they are more homogeneous. Greater competitivity and economic performance can generate socioeconomic inequity that should be corrected through appropriate economic and social policy measures aimed to lead to wider distrbution of income and social inclusiveness.

Open access

Talknice Saungweme and Nicholas M. Odhiambo

Abstract

This paper provides a conceptual analysis of government debt servicing in Zimbabwe from 1980 to 2015. The mounting debt burden arising largely from nonconcessionary foreign loans since the 1980s, and the economic hardships that characterise the country beginning the late 1990s, caused dreadful public debt servicing challenges. Thus, the paper discusses the public debt service reforms and policies; trends; and problems in Zimbabwe over the review period. In the paper, it was identified that between 1983 and 1997, the government’s debt servicing costs were growing exponentially, resulting in liquidity challenges. However, between 1998 and 2015, the country had plunged into public debt service overhang, with public debt servicing liabilities exceeding the country’s foreign exchange earnings. Notwithstanding the various public debt servicing reforms to boost domestic revenues, Zimbabwe, as many other developing countries, still faces a number of debt servicing problems. Among others, these include: high government debt, low industrial and export competitiveness, narrow revenue base and subdued investor confidence. The paper recommends the government of Zimbabwe to undertake the following measures, among others, aimed at either boosting or expanding the revenue base: (i) improving tax enforcements; (ii) mobilising the informal sector; and (iii) expanding the productive capacity of public entities.