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Showing posts from December, 2018

Week 16 - Where AI is Headed in the Future

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...

Week 16 - Social Media and Its Relation to Marketing

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...

Week 16 - Google Banned Use of AI Software for Weapons

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...

Week 16 - The Holiday Season and Its Impact on Marketing

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.

Week 16 - Marketing Channels and Distribution

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.

Week 16 - Marketing Environment

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...

Week 16 - Marketing Strategy

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...