Business Context C.E. 1 Part 4

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The measurable value of digitalisation in business

Sales and Marketing

Marketing plays and important role for a business when it comes to promoting and selling products and services. Sales are important to a business because this how the business makes a profit and survives.

Enhanced Market Research: Thanks to digitalisation, businesses can transform the way they obtain information about consumers by viewing multiple channels and touchpoints as a mechanism to capture relevant data. Businesses can use the data gathered through digitalisation to analyse consumers' lifestyles, needs and preferences. This enables the businesses to deliver personalised products and content.

Increased opportunities for brand promotion: Businesses can use social media and any other digital device to promote their products and services. It allows the businesses to interact with their customers and potential customers more easily. They can quickly answer queries, and share news, promotions and updates. It is a good way of keeping customers engaged and interested.
 
Global Access: The use of the internet means that businesses have access to a much wider audience. A business can provide customers with their products regardless of where they live.
    
Target Audience: It enables businesses to target specific audiences. Depending on the product a business provides.
 
Cost-effective: Digital advertising is more economical than more traditional methods.

Tools: There are many programs that allow businesses to analyse their effectiveness with respect to        promoting their brands.

Even playing field: Regardless of the size of a business, they all have the same opportunity to promote 
their brands using digital technology.

Social Media: A business can use social media to promote their products. However once they have    posted something they have little to no control over what happens to it after the fact

Time and Skills: Businesses need to ensure that they have people who are allocated the time and have
the skills to manage the marketing and promotions. Therefore carful consideration needs to be given to  the return
 
Competition: All businesses are doing the same thing. A business needs to keep pace with their             competitors in order to attract the attention of the target audience.

Increased Communication and coverage via social media: Social media is no one of the most important platforms for digital marketing. As stated in the section relating to brand promotion above, it can help businesses reach millions of customers help businesses reach millions of customers on a global scale.

Online opportunities for selling/e-commerce: Due to increase in the use of digital technology customers expect fast despatch of the products they purchase. In addition, they expect instant access to products through accessing websites as well as customer service availability 24/7. Research has shown that people online at least once a week.

Tracking and management of customer/service-user retention: Technology can be used to calculate and track customer/service-user retention rates. So, what is a customer retention rate (CRR)? This is the number of customers a business has retained over a given period. There is a simple formula that is used to calculate the retention rate.

Customers at the end of the period - customers acquired / Customers at the beginning of the period x 100 = X% CRR

Customers/service-users will remain loyal to a business  if the service that they are provided with is personalized. This approach is important to a business and can make them stand out from other similar businesses.

Amazon

1. Amazon fulfilment centres use robots to assist there employees in fulfilling orders. They are planning on using drones to send shipments to customers.

2. The manufacturing industry could learn how to automate there production to increase productivity 

Accounts Payable: Money that is paid out by the organisation 

Accounts Receivable: Money that is coming into the organisation 


Hyper-V as shown above is used to create virtual machines or VMs.






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