Discussion Topic Some wild predictions (and may not so wild) predictions have be
ID: 372643 • Letter: D
Question
Discussion Topic
Some wild predictions (and may not so wild) predictions have been made that there will be 15 million new jobs created by the IoT in the next few years...... let's think about how this impacts consumer (you!) and buyer (B2B) behavior and maybe more importantly --- you and marketing jobs you may have had your eyes on.
In the "Current Topics" section of class this week I talk briefly about The Internet of Things (IoT)-- below is some brief info on the topic. Please watch the short videos from IBM and Cisco;
https://youtu.be/ALL6MuFWs1A
https://youtu.be/QSIPNhOiMoE
One final general video that has excellent info on IoT;
https://youtu.be/uEsKZGOxNKw
Now share how you think "IoT" might change how consumers buy in years to come. Do you think this might be a new marketing (and even economic) revolution? Why? Thanks in advance!
Explanation / Answer
Consumers make research before buying a product, though the nature of research is going to be more of the online and less of the offline mode. The process of online research is facilitated by the devices and applications that are connected to the online world using the internet. Here, the internet of things comes into the picture where people are increasingly connected to the online world and takes every help online to solve their problems. Even, the shopping or buying decisions and actual buying are also online. This change in approach of consumers has created new opportunities for the marketers.
For example, Google records every search in the database and improve the search experience of the people, a marketer can also analyze the every bit of the data to understand the needs, wants and demand of the consumers. A well crafted and target market based data analytics can provide the information that can accelerate the sales. The advances in eCommerce, mobile commerce as well as intercontinental supply chain system have enabled the companies to deliver goods at the door steps of the consumers. Hence, a marketing landscape is completely changed and it is only made possible by internet of things.
It has economic impact also as growth in demand is not enough. It should be catered by the capacity building and new supply facilities to meet such demands. It is the reason that huge number of new jobs are projected as new capacities and supply capabilities of the firms will demand more input factors of the production. And, human resource are the most important factors, These changes will transpire the whole economy as new and expanded infrastructure, a superior human capital and new innovations are required to create a balance between demand and supply in the economy. It is a revolution in many aspects that have been initiated by the internet of things at its core.