MARK 1051 – Contemporary Issue in Marketing

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University of Greenwich (UOG)
Bachelor of Arts (Hons) Business Management (Top Up)
ASSIGNMENT / PROJECT COVER SHEET
(to be completed individually by student)

UOG ID Number001146293

Course Specialization
(*Please delete whichever is not
applicable)

Marketing and Sales
Subject Code/NameMARK 1051CONTEMPORARY ISSUE IN
MARKETING

Assignment TitleESSAY 50%
Lecturer/SupervisorMr. Mark Carace
Word count5025 words

DECLARATION
I, the above named student, confirm that by submitting, or causing the attached
assignment to be submitted, I have not plagiarized any other person’s work in
this assignment and except where appropriately acknowledged, this assignment
is my own work, has been expressed in my own words, and has not previously
been submitted for assessment.
1

TABLE OF CONTENT
INTRODUCTION........................................................................................................................................ 2
I.WHAT ISDISRUPTIVETECHNOLOGY?............................................................................................................ 2
1.Definition............................................................................................................................................. 2
2.The Capability of Disruptive Technology............................................................................................. 3
II.CONTEMPORARYMARKETINGTHEORY......................................................................................................... 3
III.HOW DOES DISRUPTIVE TECHNOLOGY IMPACT ON TODAY MARKETING?...................................................... 5
DISRUPTIVE TECHNOLOGIES IN MARKETING................................................................................. 6
I.INTERNET OFTHINGS(IOT)............................................................................................................................. 6
1. Definition and History.............................................................................................................................. 6
2. How Internet of Things impact Marketing (IoT in Marketing)................................................................. 7
3.How Amazon use IoT: Alexa in Marketing........................................................................................... 9
II.ARTIFICIALINTELLIGENCE(AI)................................................................................................................... 10
1.Definition........................................................................................................................................... 10
2.Implementation of AI in Marketing.................................................................................................... 12
3.Implementing Artificial Intelligence in Alibaba Marketing................................................................ 15
4.Personal Analysis............................................................................................................................... 16
CONCLUSION.......................................................................................................................................... 18
REFERENCES.......................................................................................................................................... 19
2


INTRODUCTION
I . What is Disruptive Technology?
1.Definition
Disruptive technology is a significant innovation in how people operate in their daily
lives or how the company operates. With distinctly superior features, it will replace and
eliminate older systems. According to Crossan and Apaydin (2009), innovation is
production or adoption, assimilation, and exploitation of a value-added novelty in
economic and social spheres; renewal and enlargement of products, services, and
markets; development of new methods of production; and the establishment of new
management systems. It is both a process and an outcome”. For example, current
disruptive technologies include 3D printing, e-commerce, internet of things (IoT),
artificial intelligence (AI), etc.
Disruptive technology was first mentioned by Clayton Christensen in “The Innovator's
Dilemma”, published in 1997. Then it is often used by startups when they create
technology that has great appeal.
Not only can large businesses make a breakthrough in technology, but small and
medium-sized companies can also do so by creating entirely new ways of operating.
Large corporations or companies tend to pursue increased productivity and satisfy their
largest and most potential customers rather than creating innovation. On this opportunity,
other businesses have quickly targeted the ignored customer segments, which help them
have their own position in the industry. Rapidly changing and adapting to new threats is
quite a difficult thing for well-known businesses. This has made it easier for small and
medium-sized businesses to capture more customer segments in the market.
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2.The Capability of Disruptive Technology
Thecapabilityofbreakthroughtechnologyforbusinesses'businessactivitiesis
enormous. Therefore, many companies have invested and are willing to take risks to be
able to apply this technology to their products and businesses. As these businesses find
a way to integrate breakthrough technology, they make competitors - companies that do
not anticipate the impact of these technologies - gradually lose their foothold in the
market.
Blockchain is considered one of the most typical examples of disruptive technology. You
may not be familiar with the blockchain concept but if you are not a Cistercian, you must
have heard of Bitcoin, a digital currency released as open-source software. Bitcoin as
well as several other virtual currencies run together on a technology platform formed by
ananonymousperson,namedSatoshiNakamoto.Thistechnologyplatformis
Blockchain.
The name Blockchain fully expresses its nature as linked, chained blocks of information.
The purpose of creating these blocks of information is to accurately record when digital
documents are created, and no one can change or interfere with them. Moreover, this is
an open distribution system that anyone can access. The difference is that once the data
is recorded inside each block, the ability to change those data is virtually impossible.
Blockchain technology simplifies financial, banking and payment services. Blockchain
allows everyone to have access to financial services, banking only with internet
connection without regional or national distinction. Cryptocurrencies (products of
blockchain technology) allow you to send money around the world almost instantly at a
low cost.
II. Contemporary Marketing Theory
The coming of the post-industrial age, which concentrates on companies and consumer
climate, contradicts conventional thinking on marketing. The sophistications of the
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economies brought on by globalisation, and the advent of technology also made
customers more competitive (Firat and Dholakia, 2003). As a way to succeed, many
companies rely primarily on the service elements of goods. It is important to remember
that knowledge and connectivity are becoming the main drivers of industry nowadays
and that conventional business activities are mostly obsolete. Contemporary marketing
has developed new techniques such as partnership marketing, industrial marketing and
corporate marketing that rely primarily on the customer and the culture in general. The
internet is now used and sold in new types of operations. This marketing mode is referred
to as internet marketing or e-marketing (Fornell and Wernerfelt, 2007).
This marketing approach seeks to balance conventional marketing imbalances. It is also
known as targeted marketing, because it is more oriented on and works with the
personalities of consumers. The latest campaign methods are listed below:
RelationshipMarketing:Thiscontemporarymarketingstrategyisfocusedon
promotions targeted at marketing reactions. It stresses the customer's loyalty and
retention rather than revenue. This marketing approach stresses the long-term and
importance of the customer interaction rather than messages by the promotion of
marketing(Maffesoli,2006).Theadvancementoftechnologyhassignificantly
contributed to connection marketing as platforms like the Internet, for example, have
opened up contact paths and social websites.
Business Marketing: This approach is applied by industrial firms, individuals,
organisations and associations to speed up their distribution and supply to other
companies, which subsequently market or use their goods to complement their services
(Green and Srinivasan, 2008). Commercial messaging is usually associated with the
products and then used on casual materials like instant messages and emailing. In order
to succeed, company marketing utilizes a range of strategy: merchandise, branding,
sales promotions, and pricing.
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III. How does disruptive technology impact on today marketing?
With the innovation of disruptive technologies such as Artificial Intelligence (AI), Internet
of Things (IoT), Virtual Reality (VR), Augmented Virtuality (AR), etc., marketing will
always be constantly changing, challenging and competitive, especially in three areas:
digital marketing, relationship marketing and integrated marketing communications
(IMC).
In e-commerce applications such as Shopee, Tiki, Lazada, technologies such as chatbot
assistants and analytics contribute to listening to customer feedback and monitoring their
behavior, thereby making product suggestions, optimizing search results and offering
attractive promotions, which has a huge impact on customer purchasing decision.
Another new technology such as Virtual Reality (VR) and Augmented Virtuality (AR) are
launched to help consumers experience the product before buying. In fact, Amazon has
launched a tool, called AR View, on their website so that users can choose from a variety
of furniture items and place them in their room before deciding to buy it or not. While
there are no official figures saying how much Amazon revenue will improve, AR View
will undoubtedly change the purchasing behavior of people looking to buy furniture.
Last but not least, social media is the most essential and powerful disruptive innovation
technology. Today, people are greatly influenced by their friends and family. For example,
Facebook, a new ‘word of mouth’ and a platform contain a huge number of users’ data.
Marketers can take advantage of this opportunity to advertise products, develop brand
image, increase sales and impact consumers by creating pages or groups on Facebook.
Moreover, Facebook offers selective advertising based on very detailed demographics. If
firms want to advertise a product or service, Facebook can specify the criteria to very small
details such as when will your birthday or where have you been recently (Facebook, 2018).
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