EXAM 2: MGSC 300
What is the purpose of an index in a search engine?
An index helps search engines efficiently locate relevant pages containing keywords used in a search
Travelers and mobile technology
- Airlines (boarding passes) - Google Maps - Hotel check in, wifi
Web directory vs. Crawler based search engine
Crawler Search Engine= rely on sophisticated computer programs called "spiders," "crawlers," or "bots" that surf the Internet, locating webpages, links, and other content that are then stored in the SE's page repository. Web Directory= categorized listings of webpages created and maintained by humans - less irrelevant websites
How do metadata tags facilitate more accurate search results
Data is tagged describing the nature of the information, where it came from, and how it is arranged - makes the web a giant database that can be read and used by a variety of applications - makes it possible to access all the information we can on the internet
What is a supply chain?
Supply chains involve the flow of materials, data, and money. The journey that a product travels, starting with raw material suppliers, to manufacturers or assemblers, then distributors and retail sales shelves, and ultimately to customers is its supply chain. raw materials --> manufacturer --> transport --> delivery --> disposal
Why are mashups considered a part of social media?
That means the data involved in the mashup are likely to be user-generated social information. The other reason mashups are considered social media is that they represent the power to separate content from form—allowing Web developers (and sometimes users) greater control over how information is displayed and used on the Web. Ex: Google maps or Map Quest (input information about store names, locations, and phone numbers)
What are the basic functions of an enterprise social platform?
The basic functions are to enable employees to connect and collaborate with others, stay informed, build relationships, and share documents and data.
How is tumblr different than other blogging platforms
Tumblr is often described as a microblogging service because it makes the posting of multimedia content easy for users, and allows them to update their blogs frequently. However, Tumblr blogs can include just as much text as a regular blog, although most who use the service emphasize photographs and video as the primary content.
What are the benefits of moving HRISs to intranets or the cloud?
Using intranets, HR apps have shifted many routine tasks to employees who log in to manage their benefits, deductions, direct deposits, health care, and the like. When employees manage their own HR services, HR professionals can focus on legal and compliance responsibilities, employee development, talent management, hiring, and succession planning.
What are the basic tools or applications that characterize Web 2.0?
Web 2.0 is a term used to describe a phase of World Wide Web evolution characterized by dynamic webpages; use of XML and Java; social media; data from multiple sources, as in mashup applications; broadband connectivity; user communities; and user-generated and user-controlled content.
Why is it important to have high quality SEO practices
When SEO practices are combined with valuable content, websites become easier to find in search engines but, more importantly, contribute to building brand awareness, positive attitudes toward the brand, and brand loyalty.
What makes twitter an attractive communication channel?
With social media, users are frequently attracted or "pulled" to content that is interesting to them and they have greater freedom to decide if, when, and how they want to interact with such content.
XBRL: eXtensible Business Reporting Language
XBRL is a language for the electronic communication of business data XBRLtagged data can be read by any software that includes an XBRL processor, which makes them easy to transfer among computers (Stuff like the calendar year and currency is standard amongst all computers)
Most common types of mobile banking activities
account alerts, security alerts, and reminders; account balances, updates, and history; customer service via mobile; branch or ATM location information; bill-pay (e.g., utility bills), and delivery of online payments by secure agents and mobile phone client apps; funds transfers; transaction verification.
The function of POM production operation management (Ch. 9 start)
function is responsible for the processes that transform inputs into value-added outputs Turning HR, facilities, and processes into something productive that will add value to the outputs of the company
Customer lifetime value (CLV)
is a formula for estimating the dollar value, or worth, of a long-term relationship with a customer
A value-added reseller (VAR)
is company that customizes or adds features to a vendor's software or equipment and resells the enhanced product.
Supply chain management
is the efficient management of the flows of material, data, and payments along the companies in the supply chain, from suppliers to consumers
According to Peter Drucker, what does marketing effectiveness depend on?
marketing effectiveness depends on how well they know their customers; specifically, knowing what their customers want, how best to contact them, and what types of offers they are likely to respond to positively.
How do webpage factors influence the effectiveness of PPC ads?
product ads link --> main page of website, or put item directly in cart Keyword Conversions --> What words on a site will lead to a sale not just a site visit
What are 3 ways ERP can be deployed
slide 22?
Enterprise Resource Planning (ERP)
the software infrastructure that integrates an enterprise's internal applications, supports its external business processes, and links to its external business partners -Burger King bun example
Four metrics used to evaluate the effectiveness of PPC advertising campaign
- Click through Rates (CTR)= useful for evaluating keyword selection, but not financial stats for a company, used to see how many people actually visit the sites -they are useful for evaluating many of the decisions that go into a campaign, such as keyword selection and ad copy. -Keyword Conversion= what keywords lead to a sale -Cost of Customer Aquisition (CoCa)= total budget of campaign/ number of customers who purchased - Return on Advertising Spending (ROAS)= Revenue/Cost
4 methods used by recommendation systems
- Content filtering - Collaborative filtering - Knowledge based system - Demographic System Hybrid recommendation systems collaborate all 4
Why does channel conflict occur? (between traditional and online)
- Pricing of products and services - allocation of resources - logistics services provided by offline activities to online activities (handling returned items bought online)
Describe how digital content and services can lead to significantly lower costs
- eliminates the cost of physical products - no additional storage space for the content - order fulfillment is entirely online - logistics are minimal - personnel can be limited
5 ways semantic technology is enhancing the search experience of users
-1. Related searches: (ex: "Did you mean...") -2. Reference results: dictionary, wikipedia, maps, reviews, stock quotes -3. Annotated: returns pages containing highlighting of search terms -4. Full text similarity search: users can submit a full document to find similar content -5. Sematic/sentatic annotations: This approach would allow a user to indicate the "syntactic role the term plays—for instance, the part-of-speech (noun, verb, etc.)—or its semantic meaning—whether it's a company name, location, or event." For instance, a keyword search on the word "center" would produce too many results Concept search. Search engines could return results with related concepts. For instance, if the original query was "Tarantino films," documents would be returned that contain the word "movies" even if not the word "films." (more listed on slides)
Discuss how CRM impacts customer acquisition and retention.
-Attracting and acquiring new customers are expensive activities, for example, it costs banks roughly $100 to acquire a new customer. -Newly acquired customers are unprofitable until they have purchased enough products or services to exceed the cost to acquire and service them. -Therefore, retaining customers that generate revenues in excess of the costs (e.g., customer service, returns, promotional items, and the like) is critical. -Build customer loyalty through loyalty programs
What is a recommendation engine called that combines different methodologies to create recommendations? What are three ways these systems combine methodologies? Mixed, Cascade, and Compound Hybrids
-Mixed hybrid: Results from different recommenders are presented alongside of each other. -Cascade hybrid: Recommenders are assigned a rank or priority. If a tie occurs (with two products assigned the same recommendation value), results from the lower-ranked systems are used to break ties from the higher-ranked systems. -Compound hybrid: This approach combines results from two recommender systems from the same technique category (e.g., two collaborative filters), but uses different algorithms or calculation procedures. -Weighted hybrid: Results from different recommenders are assigned a weight and combined numerically to determine a final set of recommendations
Describe some of the ways that people are using mobile devices to shop for products and services.
-Ordering from online vendors - In store tracking - Loyalty programs - Comparing prices in-store to online - QR codes
How can brick and mortar stores use mobile technology?
-Retailers can offer coupons or other special deals when the customer "checks in" or "checks out" at a store. -QR Codes
3 evolutionary stages of the internet
1. Web 1.0= The Initial Web - pages or documents are hyperlinked making it easy to access information 2. Web 2.0= The Social Web - a web of applications - socialization - people can create, share, and organize information 3. Web 3.0= A Semantic Web - documents with metadata tags allowing more information to be shared regardless of the original structure of the file - across all platforms
What 4 factors increase the risk of fraud?
1. A high level of trust in employees without sufficient oversight to verify that they are not stealing from the company 2. Relying on informal processes of control 3. A mindset (belief) that internal controls and fraud prevention systems are too expensive to implement 4. Assigning a wide range of duties for each employee, giving them opportunities to commit fraud
3 online marketing planning recommendations
1. Build the marketing plan around the customer, rather than on products. 2. One year vision - Monitor progress toward the one-year vision for the business in order to identify when adjustments are needed, and then be agile enough to respond. 3. Identify all key assumptions in the marketing plan. When there is evidence that those assumptions are wrong, identify the new assumptions and adjust the plan. 4. Make data-driven, fact-based plans.
What are the two basic goals of e-procurement? How can those goals be met?
1. Control Costs - Control corporate spending -design e-procurement systems to facilitate and control overall procurement spending 2. Simplify processes= become more efficient Streamline the e-procurement process within an organization's value chain Align the organization's procurement process with those of other trading partners Use appropriate e-procurement strategies and solutions
Factors that influence consumer shopping behavior (Ch. 8 start)
1. Empowered Price Sensitivity -consumers are more willing and able to search and fine the lowest price on the market 2. Nonlinear Search and Influence Patterns -there is a range of new communication methods (no longer you just see an ad and go to a brick and mortar store), lots of new marketing strategies through technological advancements 3. Channel Hopping= purchasing products from a greater number of channels (best buy example) (social commerce) 4. Digital Immigrants Digital Natives Digital Dependents
3 ERP implementation success factors
1. Focus on business processes and requirements 2. Obtain strong and continuing commitment from senior executives. Any project without support from top management will fail 3. Take sufficient time to plan and prepare up-front. An ERP vendor's motive is to close the deal as fast as possible
Give three reasons why CRM fails.
1. Putting IT department in charge of the CRM project instead of the business users 2. Making mobile CRM strategy an afterthought 3. Taking wrong approach to CRM training
3 types of changes needed when an enterprise system is implemented
1. Redesign of business processes 2. Changes in how people perform their job 3. Integration of many types of information system
4 Steps to creating a PPC
1. Set an overall budget for the campaign. 2. Create ads—most search engine ads are text only. 3. Select keywords associated with the campaign. 4. Set up billing account information.
What are the two basic types of mobile payment transactions?
1. using a mobile device for online purchases (amazon) 2. Payment for goods and services in traditional brick and mortar store
4 functions carried out by companies in a supply chain
1.Purchase (procurement) raw materials or products 2. Transform materials (i.e., manufacture, service) into intermediate or finished products 3. Transport and deliver finished products to retailers or customers 4.Dispose or recycle product
What is a blogging platform?
A blogging Platform is a software application used to create, edit, and add features to a blog. WordPress and Blogger are two of the most popular blogging platforms
How can CRM be justified?
A formal business plan must be in place before the CRM project begins—one that quantifies the expected costs, tangible financial benefits, and intangible strategic benefits, as well as the risks
What is the difference between a blog and a microblog?
Blog= In their simplest form, blogs are websites where people regularly post content. Some personal blogs are simply online diaries or journals where people share their thoughts, reflections, or an account of their life Microblog= a blog that consists of frequent, but very brief posts containing text, pictures, or videos. Twitter is perhaps the most well-known example of a microblog.
Why does customer relationship management (CRM) matter?
CRM systems play the major role in customer experience (CX), and good CX helps to retain customers. However, not all customers are worth retaining. Customers can be unprofitable. Intelligently managing relationships with customers can increase revenues and net profits significantly.
Page-ranking method most commonly associated with Google's success
Certain algorithms In some cases, a search engine may use hundreds of different criteria to determine which pages appear at the top of a SERP. Google, for instance, claims to use over 200 "clues" to determine how it ranks pages
Common security risks associated with mobile banking
Cloning= duplicating the electronic serial number and using it on the 2nd phone Phising= using fraud communication (email) to trick receiver into sending their account numbers Smishing= phishing in the form of an SMS message Vishing= phishing in the form of voice or voicemail Lost or Stolen Phone= can conduct financial transactions
Why do companies migrate to enterprise systems
Companies tend to migrate to an enterprise solution when they need to consolidate their disparate systems, such as when limitations caused by their existing legacy systems interfere with performance or the ability to compete.
How do marketers use blogs and microblogs?
Corporate bloggers use the medium to tell stories about their brands and connect with customers. Blogs can also be an effective tool for interactive dialogue.
How can companies reduce the cost of recruiting qualified employees?
Cost savings and greater effectiveness. SaaS can be an efficient way to transform and improve HR and at lower cost.
Digital Immigrants, Digital Natives, Digital Dependents
Digital Immigrants= fundamentally view retail channels as separate and distinct. They are much less likely than natives to incorporate mobile technology into their shopping behavior Digital Natives=are comfortable using technology to move easily between various retail channels to optimize their purchasing on price, convenience, and desire for instant gratification Digital Dependents=will place even greater demands on retailers, expecting to use technology to accomplish all facets of the shopping experience. They will expect in-store shopping to be fully integrated with the technology they have come to depend on.
What advantages do sites like Dropbox and box.net have over e-mail as a way of sharing and collaborating on creating documents?
Dropbox and box.net advantages - just as easy as saving a file to your hard drive - collaborative writing -cloud -social tools and features that make it great for collaborating
Explain the purpose of an enterprise system. (start of chapter 10)
Enterprise systems integrate internal core business processes by their connection to central data repositories that enable them to synch and share the latest data and they link the enterprise with suppliers, business partners, and customers.
What is the role of exchanges in B2B?
Exchanges are sites where many buyers and sellers conduct business transactions. Vertical exchanges= serve one industry and all of its supplies (automotive industry) Horizontal exchanges= serve many industries using the same product/service (office supplies)
Fraud Risk Management
Fraud risk management is a system of policies and procedures to prevent and detect illegal acts committed by managers, employees, customers, or business partners against the company's interests
Why is technology good and bad
Good: Creates a competitive edge in the market, makes shopping more efficient Bad: Companies can't be too conservative and have to keep up with the times
How do organizations evaluate their efficiency and effectiveness of their search engine optimization (SEO)
Google Analytics -companies can determine how many people visit their site, what specific pages they visit -Keyword Conversion Rates - what keywords optimize results
3 Different Real time search tools
Google Trends= will help you identify current and historical interest in the topic by reporting the volume of search activity over time. Google Alerts= ) is an automated search tool for monitoring new Web content, news stories, videos, and blog posts about some topic Twitter Search= You can leverage the crowd of over 650 million Twitter users to find information as well as gauge sentiment on a wide range of topics and issues in real time.
Describe IT support for HR planning and control.
IT provides the ability to access more potential recruits, collect their information, search the data, and select a pool of applicants based upon specific criteria. This allows a company to evaluate more people with less human intervention.
Challenges of enterprise system implementation
Implementing an enterprise system is complex, time-consuming, and typically requires the help of a consulting firm, vendor, or value-added reseller (VAR).
What determines if an ad will appear on search page results (besides bid price)?
In addition to keywords and bid pricing for ads, search engines consider... - Geographic location - Time of Day - Quality Score (related to users experience, ads that are more relevant cost less and run at the top)
Briefly differentiate between the sell-side marketplace and e-sourcing.
In the sell-side marketplace model, organizations sell their products or services to other organizations from their own private website or from a third-party site - Online catalog from business to business E-sourcing refers to many different procurement methods that make use of an electronic venue for identifying, evaluating, selecting, negotiating, and collaborating with suppliers
Insider Fraud
Insider fraud refers to a variety of criminal behaviors perpetrated by an organization's employees or contractors. Other terms for this crime are internal, employment, or occupational fraud.
What are two challenges of legacy systems
Legacy systems (older business systems that may be still in use) are difficult and expensive to maintain, update, and interface securely with leading-edge business apps. - high maintenance costs -Inflexibility (not designed for flexibility)
What are the top innovative digital technologies impacting SCM?
Mobility and M2M technologies can improve responsiveness and customer service by providing supply chain workers with the information they need—whenever and wherever they need it.
Describe the ways in which businesses can benefit from using social media monitoring tools?
Monitoring applications allow users to track conversations taking place on social media sites. The initial impetus for the growth of monitoring tools was the need for business organizations to better understand what people were saying about their brands, products, and executives
Examples of ways recommendation engines are being used (besides e-commerce)
Netflix does recommendations of movies for customers similar to movies they already have watched. Pandora creates recommendations or playlists based on song attributes.
What are the major differences between social networking services and older online communities
Older online communities were often like public bulletin boards where all members of the community could read the messages that others posted. Websites were static, essentially online billboards for the businesses that created them. E-mail was the primary mechanism for social interaction. A Social Networking Service (SNS) is an online platform or website that allows subscribers to interact and form communities or networks based on real-life relationships, shared interests, activities and so on
Describe a typical consumer mashup
One of the most common examples of a consumer mashup that you are likely to encounter involves the integration of map data (from companies such as Google or Mapquest) with information like store names, locations, phone numbers, and consumer reviews from other websites.
The difference between PPC and Organic listings
Paid advertisements - receive preferential page placement - different shading, labels or placement Organic search results
Website content based on Reputation or Popularity, Relevancy, User Satisfaction
Popularity --> based on how many times people click and visit the website - Websites with good content will be more popular - # of backlinks (external links that point back to a site) Relevancy --> - algorithms used - Page titles and key words - relevant phrases in text - the proportion of relevant text to non relevant text -Backlinks from relevant sites - CTR= Searchers are more likely to click on listings that contain relevant content. - Onpage factor= Metadata (such as page titles, page descriptions) and descriptive URLs should reflect the page content. People use the information in search listings to determine if a link contains relevant information. User Satisfaction --> - Dwell time: Users that stay on a site longer are probably more satisfied. - Site speed: Slow page loading time on websites reduces satisfaction. - Reading level: Reading levels that are too high or too low frustrate users. - Hacked sites, malware, spam reduce user satisfaction significantly. - Web satisfaction surveys - Barriers to content (making people register for things, pop up ads)
Describe three types of enterprise systems.
Primary enterprise systems are: ERP: Enterprise Resource Planning SCM: Supply Chain Management CRM: Customer Relationship Management
Why would a business want to create a private SNS? What are some challenges associated with doing this?
Private SNSs allow a greater degree of control over the network. Companies can easily monitor activity on their own SNS platforms and track conversations taking place about their brands and products. Managing a private SNS requires considerably more time, attention, and resources than maintaining a presence on a general SNS. Organizations need to understand up-front that they are making a substantial commitment with this strategy.
Push through vs. Pull through Marketing
Push through= uses data about the person to determine if the ad should appear Pull through= adds appear based on the users keyword searches
What is an RSS reader
RSS technology allows users to subscribe to multiple sources (e.g., blogs, news headlines, video) and have the content displayed in a single application, called an RSS reader or RSS aggregator
How is a recommendation engine different from a search engine
Search engine- customers find products through an active search, assuming customers know what they want and how to describe it when forming their search query. Recommendation engines- proactively identify products that have a high probability of being something the consumer might want to buy.
How can working teams use social media as an alternative to face-to-face meetings?
Services like Skype and ooVoo now make it possible to conduct video calls among small groups, making it easier to hold meetings
The latest ERP features and add ons
Slide 22?
What are some ways you can use social media to solicit knowledge, information, and advice from experts on the Web?
Social bookmarking services provide tools which allow users to tag Web content with keywords of their choosing. Users can retrieve links by searching on these keywords. In addition to retrieving links tagged with keywords, users can search for Web content tagged by others. This is what makes the bookmarking system "social."
Explain the four critical success factors for CRM (Customer Relationship Management)
The four critical success factors and their relative importance for CRM are: Data (15%) CRM technology (20%) People (40%) Process change (25%)
What is the purpose of auditing
The major purpose of auditing is to protect and defend the accuracy and condition of the financial health of an organization. Auditing helps to meet compliance mandates, deter fraud, and facilitate capital budgeting and forecasting.
How has the web 2.0 changed the behavior of internet users
The new technologies dramatically increase the ability of people to interact with businesses and each other, sharing and finding information, and forming relationships.
Why is Web 2.0 referred to as the social web?
The new technologies dramatically increase the ability of people to interact with businesses and each other, sharing and finding information, and forming relationships.
What are ethical issues related to HRM apps?
Training activities that are part of HRM may involve ethical issues in recruiting and selecting employees and in evaluating performance. Likewise, TPS data processing and storage deal with private information about people, their performance, and so forth. Care should be taken to protect this information and the privacy of employees and customers
