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Abstract

This structured assignment is to accompany the case ''509-114-1''. The abstract of the case is as follows: Conventional retailing is becoming passe, as on-line retailing is the new mantra of the 21st century''s business environment. Physical store retailers are outsourcing their on-line business activities to digital service agencies to dwell in the lore of on-line trading. Companies are in a rush to make every consumer''s website visit into a sales conversion. To accomplish this target they are coming up with analytical, neuromarketing techniques and implementing them to jot down cutting edge marketing strategies. The Netflix Prize 2009 is one of its kind methodologies where web analytics are used to cut a unique algorithm to flood a visitor with intelligent advice. It catalyses the buying behaviour of the visitor and influences his thought process to press the buy button. This eventually enhances the company''s business to greater heights. The case deals with the use of analytics and neuromarketing techniques in the cutting edge marketing research methodologies. It emphasises the significance of these techniques in tracking consumer behaviour on-line as well as off-line. Holistically, it spotlights two basic questions - how can companies leverage these techniques to track down consumer behaviour accurately, and how do they help in formulating unique marketing strategies? It also addresses the relevancy of these strategies in applying them to both e-Commerce as well as the off-line businesses. This case can be used to: (1) understand the role of personal preferences and perceptions on the buying decision process, and to analyse how these are manifested in physical stores and on-line stores; (2) debate and analyse the influence and impact of the algorithms and neuromarketing techniques used in devising quintessential marketing research models; (3) analyse the significance of monitoring behavioural patterns of consumers and to debate if such a practice would end up in intruding into consumer privacy; and (4) understand the rationale behind the Netflix Prize 2009 initiative and discuss whether the same can be embraced by other dotcom companies.
Location:
Industry:
Other setting(s):
2009

About

Abstract

This structured assignment is to accompany the case ''509-114-1''. The abstract of the case is as follows: Conventional retailing is becoming passe, as on-line retailing is the new mantra of the 21st century''s business environment. Physical store retailers are outsourcing their on-line business activities to digital service agencies to dwell in the lore of on-line trading. Companies are in a rush to make every consumer''s website visit into a sales conversion. To accomplish this target they are coming up with analytical, neuromarketing techniques and implementing them to jot down cutting edge marketing strategies. The Netflix Prize 2009 is one of its kind methodologies where web analytics are used to cut a unique algorithm to flood a visitor with intelligent advice. It catalyses the buying behaviour of the visitor and influences his thought process to press the buy button. This eventually enhances the company''s business to greater heights. The case deals with the use of analytics and neuromarketing techniques in the cutting edge marketing research methodologies. It emphasises the significance of these techniques in tracking consumer behaviour on-line as well as off-line. Holistically, it spotlights two basic questions - how can companies leverage these techniques to track down consumer behaviour accurately, and how do they help in formulating unique marketing strategies? It also addresses the relevancy of these strategies in applying them to both e-Commerce as well as the off-line businesses. This case can be used to: (1) understand the role of personal preferences and perceptions on the buying decision process, and to analyse how these are manifested in physical stores and on-line stores; (2) debate and analyse the influence and impact of the algorithms and neuromarketing techniques used in devising quintessential marketing research models; (3) analyse the significance of monitoring behavioural patterns of consumers and to debate if such a practice would end up in intruding into consumer privacy; and (4) understand the rationale behind the Netflix Prize 2009 initiative and discuss whether the same can be embraced by other dotcom companies.

Settings

Location:
Industry:
Other setting(s):
2009

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