Adopted Technologies in Reducing Marketing Costs and Maximizing Returns on Investment
The purpose of this assignment is to identify and research a potential problem that technology could help to solve. The ultimate goal is to imagine where technology will be in 18-36 months and how it will solve problems. Technology is constantly growing exponentially. As entrepreneurs, you have opportunities to use this technology to solve grand problems within the world that would better the human condition.
Part 1
Identify at least three innovations that are currently disrupting an existing market. Write a 250-word summary (750 words total) describing each innovation, how it is changing the market, and the benefit it will provide. Include the following items:
Describe the innovation and how it is disrupting the market.
Explain what benefit the innovation provides.
Describe what barriers limit the adoption of this new technology.
Explain how many people are affected by the problem.
Part 2
Write about three future potential disruptions. Identify at least three new technologies, such as artificial intelligence (AI), robotics, social media aggregation, self-driving cars, or improved battery technology, that could disrupt a market in the future and improve the human condition. Examples of how a technology change could impact existing markets include:
Significant reduction in cost.
New way of delivering a product or service.
Improved service.
Product performance improvements.
Write three descriptions, one for each of the new technologies. Each of the three descriptions should be 250 words (750 words total) addressing the following three items:
Describe the innovation.
Describe the market and explain how it is changing.
Explain how the innovation will disrupt the market.
Explain the benefit it will be providing to customers.
General Requirements
During the construction of this assignment, consider the personas of the specific population. Contemplate demographics, such as marriage status, age, socioeconomic status, etc.
Adopted Technologies in Reducing Marketing Costs and Maximizing Returns on Investment
Student’s Name
College Name
Course Number: Course Title
Instructor’s Name
Assignment Due Date
Disruptive Technologies
The advertising industry exhibits a highly dynamic trend of preferences for market reach. Rapid change is a derivative of emerging technologies that improve the speed and efficiency of reaching the targeted market, collecting consumers’ and market data, and increasing advertisements’ attractiveness among the audience. Accordingly, the present study focuses on disruptive technologies in the advertising industry. The significant changes are in online marketing, rendering popularity and use of traditional advertising methods to reduce.
Part 1
OTT Advertising
The Over-the-Top (OTT) involves the direct delivery of advertising content to customers via video streaming platforms. Video streaming platforms are either devices such as smart televisions or software applications like Hulu and Netflix. The technology is lucrative because there is significant migration from traditional television use to online video streaming. The migration is mainly due to the high availability and decreased cost of the internet. Case in point, Statista (2021) informs that about one hundred and fifty million Americans are video streaming channel subscribers. The ease of accessing preferred entertainment through devices like Amazon Fire TV and Apple TV is continuously disrupting television advertising. Moreover, increased access to and reduced price of personal devices with internet access such as laptops, smartphones, and tablets encourage people to prefer audio-visual entertainment and information content from Roku, YouTube, and Netflix. Coherently, there are more online viewers than those who watch traditional television programs. In support of the supposition, Statista (2021) reports that Netflix is the most viewed platform in the United States, with more than one hundred and eighty-two million subscribers. Therefore, the benefit of OTT advertising is that it avails advertisements directly to clients on platforms that are considered relevant and most viewed in today’s world. However, persons with limited access to the internet and low tech know-how, such as the elderly, limit the effectiveness of the OTT advertising technology to become the preferred marketing approach for all population segments. The disruption affects the elderly the most since there is an increasing trend among companies to inform about their products through OTT advertising rather than the traditional methods.
Online Gaming
Online gaming technology refers to innovations that provide live gaming streams. Examples of online gaming technologies include Amazon Twitch, Fortnite, Roblox, and Discord. The platforms enable people to form online communities, engage in video game competitions, and improve their gaming skills. As a result, technology is a lucrative venture for advertising to younger generations. Notably, preferences for entertainment change from one generation to another. As a result, Generation Z’s increasing presence and purchasing power in the marketplace call for the use of platforms that attract the most of their attention. Undoubtedly, gaming is more preferred than other online activities in which Gen Z participates (Wilson, 2021). Therefore, Amazon Twitch and other emerging gaming technologies provide an opportunity for advertising companies to reach Gen Z as the targeted market for various goods and services. According to Wilson (2021), Amazon Twitch’s total views increased from about three hundred and fifty-five billion to more than six hundred and sixty billion minutes between 2017 and 2019. As such, the increased popularity of gaming is expanding the suitability and intention of the advertising agency to use Amazon Twitch technology to improve its market reach. In addition, the number of live streamers per given time is on an influx. Hence, the technology mitigates the problem of Gen Z’s reluctance to consume other platforms of entertainment and infotainment such as social media and traditional methods. However, the technique limits the number of market segments that it would target effectively. Gaming is most preferred among children and young adults, rendering it unsuitable for the working population and the elderly.
Chatbots
Chatbot refers to website tools that enable real-time communications. The use of chatbots is increasing in the United States to the extent that many Americans prefer the method while shopping online. According to Conlin (2020), about sixty-nine percent of Americans prefer to use chatbots while interacting with brands. Through the technology, customers have opportunities for getting clarification about products and communicate unique details. For example, chatbots enable customers to customize the size of clothes ordered from an online shopping platform. Moreover, it helps to mitigate the issue of delay and associated anxiety in e-shopping and home delivery. A chatbot paves the way for fast response because it creates a sense of the relationship between customers and company representatives to the extent that the latter does not disappoint the former. It is different from purchasing products online without communicating with any representatives from the company/brand. Therefore, chatbots are beneficial in developing and maintain customer relations. The relations stem from reliable customer care services at reduced costs of communication. Nonetheless, the reliability becomes limited when the chatbots use artificial intelligence rather than delegating human customer care respondents. Artificial intelligence cannot interact with humans as people would do naturally. It informs that it is challenging to develop rela...