Artificial Intelligence is at a point where almost anyone who has access to the Internet has heard of it. But there are still people who do not know for sure what AI is and what its potential uses could be. As it stands, AI is currently used for a multitude of different tasks. Whether it be balancing accounts in a small business or diagnosing patients with physical ailments, AI has the opportunity to succeed at any of these tasks and all of them in between. But with that wide array of tasks that AI is capable of handling, it may seem that there are not many more roads that are left untraveled in terms of new AI capabilities. However, that can all change with a few major advancements in technology, which is not all that far fetched when thinking about the world as a whole. For example, supercomputers that were used to put man on the moon almost fifty years ago have a fraction of the computing power of the computers that are in an everyday household. In fifty years, technology regardin...
Posts
Social Media has gain immense amounts of traction over the past couple of decades. What was once a simple world where people connected, is now a marketing hot spot. With the rise of the Internet came the rise of Social Media. And as more and more people began using the Internet and Social Media, companies took notice. Over time, more and more companies began using Social Media as a way to directly interact and market towards potential customers. Wendy's, for example, uses its Twitter account to directly interact with its primary target audience. The popular fast food restaurant is constantly tweeting funny comments and even getting into Twitter fights with other competitors. By using this tactic, Wendy's is capable of appealing to their target audience who also uses Twitter. Through this form of Social Media, Wendy's can advertise their products and potentially bring in new customers due to its social standing on Social Media. Wendy's is a single example out of hundre...
Google is a huge component to the development of AI. The amount of advancements that came solely from the large amount of money and man hours spent to create their AI has driven the industry forward. However, Google may be headed down a dark path by signing a contract with the United States Department of Defense. However, after many comments regarding the contract, Google put out a statement stating that they will ban the production of Artificial Intelligence software that is capable of being used in weaponry. But what does this mean for Artificial Intelligence in the business world? Well, simply put, not a whole lot. Google is an extremely large company with even larger amounts of resources capable of being used to push the industry forward and away from AI weapons. However, just because Google banned the development of AI weaponry does not mean some other company or even country may develop it. The biggest point about Google banning the development of AI weaponry is not only to preve...
The holiday season is upon us and that means ads, ads, and more ads. It is no secret that there are definitely more advertisements and sales that go on during the holiday season when compared to any other time of the year and that is not a coincidence. Many Businesses understand the timeliness of this specific time of year and issue sales accordingly. Because the holiday season is all about giving and being kind, companies use that to their advantage. By putting a bunch of their own products on sale, they are increasing the likelihood that potential customers will buy that product as a gift for someone else. Another reason for all the sales the companies have on their products during the holiday season is because it is a great way to bring in new customers by giving them coupons and other money saving opportunities in the future.
Marketing Channels and Distribution is what gets a product from the production lines to a customer. Marketing Channels are certain types of advertising that is used in order to produce awareness about a certain product and it helps to recognize the need for that product. A few types of Marketing Channels are online advertising, billboards, coupons, magazine advertising, etc. Distribution refers to the actual route a product goes through in order to get to a customer. For example, a product may come from different corners of the globe as raw materials, and then produced into its final product. That final product may be sold to wholesalers or retailers before it gets to the customer. This line of travel that a product goes through is what is known as Distribution.
The Marketing Environment is a term that encompasses the entire business world's environment. The two main parts of the Marketing Environment are the Internal Environment and the External Environment. The Internal Environment includes anything and everything that a single specific company must deal with on a daily basis in order to produce their product, manage their employees, etc. For example, in the Internal Environment, a business may have to purchase or repair different kinds of equipment that is necessary to produce a product. The Internal Environment is often assessed in order to optimize the allocation of resources to be able to yield the best profits possible. The External Environment includes two subtopics. The Micro Environment (Task Environment) and the Macro Environment (Broad Environment). The Micro Environment deals with factors that are directly related to one's business. For example, the Micro Environment includes negotiations with suppliers, adjusting pric...
Marketing strategies are what companies use in order to gain a competitive advantage in their business using the limited number of resources that they own. Companies who excel in creating and implementing superior marketing strategies tend are better off than those who are not. Some topics that will help businesses create a better marketing strategy are to develop a marketing plan, know one's target audience, and target marketing. Developing a marketing plan can be extremely useful to a company because it allows them to explore different areas and different marketing techniques and then proceed to go on using the one that yields the best results. A good marketing plan is one who takes into consideration what their customer wants from them and ease of access. By having and using a good marketing plan, it will inevitably provide easy to consume products that satisfies a customer's wants. Knowing one's target audience and target marketing go hand in hand. For example, targ...
Artificial Intelligence stormed its way in to the Manufacturing Industry due to its precision and accuracy in completing a single task. The sheer amount of versatility that AI has to offer is second to none when it comes to determining which option is the best with regards to Manufacturers. On one hand, Manufacturers can hire humans, who frequently make mistakes and cannot have the precision of an Artificially Intelligent robot or software. With a human worker, one must also pay them a salary or wage. On the other hand, a Manufacturer can have an automated system where there is precision far beyond that which is capable of a human. There is also maximum efficiency to take into account because AI does not take breaks unless it is to repair a malfunction. And finally, Manufacturers solely have to pay for the AI once and that is it. Over the years, the amount of Manufacturers that use AI equipment and machines have risen dramatically due to the above stated reasons. It's simple reas...
In Surfing The Tsunami An Introduction to Artificial Intelligence and Options for Responding by Todd Kelsey, he explains the final and best option in order to prepare for AI. The best option is Adept, or actively learning how AI works, and being involved with that process in some way. Listening to some of Kelsey's talks in class, its clear to see that he does not wish for people to drop whatever it is they are learning or are passionate about, in reality, its the opposite. Kelsey is urging his students to incorporate in some way, shape, or form, AI into what they are already passionate about or what they are currently studying. The best thing about AI is that it can be whatever one creates it to be. It is the ultimate tool that will be a necessity in the not too distant future. By incorporating AI into what we are passionate about today, we will be ready for the times ahead when AI is everywhere. https://www.amazon.com/Surfing-Tsunami-Introduction-Artificial-Intellige...
Todd Kelsey explains in his book Surfing The Tsunami An Introduction to Artificial Intelligence and Options for Responding, the concept of Adopting AI. Adopt is a step above Adapt. To adopt AI, Kelsey explains, is to incorporate AI systems already out there into ones own business. For example, QuickBooks is an AI software that keeps accounting records automatically without the use of an accountant. Kelsey also goes on to explain that there seems to be no limit to how sophisticated AI can become. With that in mind, one can infer two things. One, robots will inevitably take over the world. And two, the less serious outcome, is that AI will become a pivotal aspect in any future business. So it is best to learn and adopt AI now in order to be ahead of those who do not. Even the simplest of AI additions to one's company may not pay dividends immediately, but the knowledge and experience gained from using and getting familiar with the AI will be extremely useful in the future...
In the Book Surfing The Tsunami An Introduction to Artificial Intelligence and Options for Responding by Todd Kelsey, he discusses three ways to integrate oneself into the changing world of AI in order to be ready for AI in the future. The first option, Adapt, is the bear minimum one should do in order to have a leg up on someone else when it comes to AI. When Kelsey talks about adapting, he means to be aware of what the current state of AI is, and to keep tabs on any changes that are made in that industry. By doing this, it enables one to become more aware of the many possibilities that AI has for the future of not only business, but many other industries as well. AI is becoming more and more useful in a multitude of other industries besides business. The medical industry is pushing the boundary with the accuracy of diagnoses in patients by using AI. Even in the gaming industry, AI is becoming more and more prevalent. Recently, Tesla's Owner, Elon Musk and his team ...
"Business is not about what you know, but who you know." That phrase is thrown around a lot, especially to new people entering the business world. And although one must know a fair deal about how the business world works, that phrase is mostly correct. In previous years before the Internet, a single person could have strong connections with dozens of people. However, nowadays with the help of the Internet, it is possible to have strong connections with hundreds, or even thousands of people. These connections play a huge role in the business world. Knowing the right people and talking with each other to exchange information, negotiate prices, etc. can all positively affect how successful a person or business can become. Marketing is not just about how a business can advertise to its consumers, it could also be applied on the small scale, to individual people. The multitude of marketing techniques out there can be used to form these strong connections with people. The more ...
Many Merchandising Businesses depend on the profits they make from selling inventory. In order to increase that profit, businesses must either increase the selling price or decrease the Cost of Goods Sold. When looking at increasing profits by raising the selling price, it becomes obvious that if a business increases the price too much then the consumer will not buy that product. In order to combat this, many different pricing strategies are used in order to increase the selling price of an item to the point where it is still reasonable enough for a consumer to purchase that product. One of the main strategies companies use, almost universally, is by not using whole numbers when pricing. For example, when shopping at any store, the price of an item is usually $XX.99. The 99 cents is used to somewhat distract the consumer because consumers look first and foremost at the whole number amount rather than the decimal amount. This is naturally caused because of our human psychology. By prici...
Knowing how important a role AI plays in the future of business, it's safe to assume that those who are on the AI train will become successful, and those who are not on the AI train — well, good luck. It may or may not be as clear cut as those who understand AI will become successful and those who do not understand AI will not be successful, but with the ever increasing rate of how much AI has been improved upon over the past few years, it may not be a bad idea to learn a little bit about what AI is and how it can improve a business's profitability. Aside from the obvious fact of not paying salaries to employees with jobs that can be done by AI, Artificial Intelligence can sometimes make better decisions than real people. No human being on this planet can say with 100 percent certainty that they are perfect with whatever it is that they do. However, with AI making near perfect decisions is not that far away. With a concept called Deep Learning, it is possible for AI to learn...
Artificial Intelligence, or AI, has grown exponentially over the years. As advancements in computer technology grow, so does the capability of Artificial Intelligence. The functionality of AI in the business world was slow in the beginning. From being able to calculate a number from data using a formula that was manually coded, to now being able to do analyze that same data and produce the best possible option all on its own. The early years of AI were mainly to automate the routine tasks performed by many people. Through the constant development of computer technology, AI is becoming more and more versatile and useful for much more than just the routine. To be able to analyze a set of data, a feat only people with college degrees and years of training could do previously, would be ground breaking for the business world. Instead of paying salaries to many people to analyze the data, a company could pay a one time fee for the AI to be installed and run it from then on — possibly saving ...
For many years, YouTube has been the top video sharing platform on the Internet. Each day millions upon millions of people tune in to their favorite content creators to share in a common experience. Whether it be a video game, makeup tutorial, or anything else that is uploaded onto the website, there is no argument that YouTube traffics most of the videos on the Internet. Because of the high amounts of traffic that YouTube generates each day, more and more businesses are buying advertisements to place on videos. These advertisements are made to be short and to the point. With YouTube implementing the "Skip-ad" function, it's imperative that the advertisement grabs the audiences' attention within the first five seconds or else it will just be skipped and the money paid to put on that advertisement would be considered a waste to the business. Although having an attention grabber is not anything new for advertisements, in a world where one is able to have the option whet...
A standard merchandising business has a singular main goal it wishes to achieve every day— increase the total amount of sales. There are a multitude of different ways to achieve this goal. Businesses may offer discounts for customers who are buying in bulk or make special offers on payment plans and offer in-store credit. Whatever the case may be, these tactics are used in order to achieve the main goal of increasing sales. Taking a deeper analysis of why these tactics work, it is simple to see that a customer's main concern is to save as much money as possible while also purchasing quality goods. The businesses who can acknowledge and understand what it is that customers want from them are more capable of providing quality goods at an outstanding price that benefits everyone. This can be done through the use of payment plans, discounts, in-store credits, rebates, etc. Any way a business can maintain a healthy amount of profit through all the price cuts to their products can result...
With the Internet growing in use at an exponential rate, more and more companies are realizing the amount of opportunities that present itself through the Internet. For example, a major benefit that companies have by using the Internet for Digital Marketing is that they are able to market on a much larger scale compared to that which would be capable by only using Standard Marketing. Through the use of Digital Marketing, corporations are able to increase the amount of advertising that would otherwise be impossible to achieve through Standard Marketing alone. It is also possible to direct those advertisements to specific groups of people who are interested in a certain product by using the information that the Internet collects and holds about the websites people visit, their search results, etc. Digital Marketing has grown with the Internet over the many years and is steadily becoming the best way to communicate with customers. A single company could reach out to thousands of p...
Over the past few decades, the Internet has grown exponentially. The amount of advancements and improvements has driven the Internet to become, arguably, the greatest invention of the 20th century. The Internet was first theorized to be a network of networks, however, in the recent years it has evolved into an enormous knowledge bank for pretty much anything. Through the use of the Internet, it seems that anything could become possible. Although, with that kind of immense power, I feel as though there ought to be more regulations on the Internet. As it stands, through regular use of the Internet, many corporations are collecting information about you. All the websites you visit, the videos you watch, and even the questions that you ask search engines, are all being recorded and analysed. But what is this all for? What are the possible gains that these corporations have and why are they beneficial in the long run? One of the many possible gains that comes from analyzing this inf...
Customer Lifetime Value is essentially how much a customer is worth over the total amount of time that the customer shops at that certain company. Customer Lifetime Value, or CLV for short, is used in Marketing to determine not only customer worth, but also to determine the amount of company resources necessary to generate new and maintain the current customer population. Companies who have a relationship with their customers fit together like a puzzle piece. I believe it to be necessary that all companies use CLV because it helps to increase profitability by increasing revenues, despite also increasing the expenses that come along with increased advertising, and other expenses related with providing a product or service. Companies who use CLV in deciding the amount of resources to invest are generally more profitable and tend to maintain customers over a longer period of time by using targeted advertising and offering discounts to customers who have been shopping with them for a...
There are many different companies who specialize in producing different products. However, many companies have similarities in their products. For example, Intel and AMD both produce Central Processing Units or CPUs, however, the prices of these items differ significantly. Intel CPUs are, on average, more expensive than AMD CPUs. This could be the result of a multitude of reasons. One reason Intel CPUs are more expensive than AMD could possibly be because that more people know and trust Intel to produce a strong yet reliable CPU to power their computer. Due to Intel's marketing strategies and individual development over the years, they have built themselves up to be a sturdy driving force in producing quality content for their customers. Despite Intel seemingly running a monopoly on CPUs, AMD has still come into its own by releasing CPUs that challenge Intel. There are many strengths that AMD has over Intel in terms of producing CPUs. For example, the biggest reason why some p...