Crowdsourcing: Concepts and Models
ESSAY TOPIC 1 (Chose either (a) or (b)
1. Within the theoretical framework explaining that creativity and innovation are a product of person-environment interactions (Kwan et al., 2018, p. 167), some empirical studies arguably concluded that certain Hofstede (2011)’s dimensions of national culture influence an individual’s creativity and innovation.
(a) Using two big names in the world of innovation, Jack Ma and Jeff Beszos as reference to the Eastern and Western cultures, explain how dimensions of national cultures can affect a person’s creativity/innovation. OR
(b) Using Aliko Dangote or any other Forbe-listed African entrepreneur as reference to national cultures in Africa, explain how the convergence of Western and Eastern cultures can shape a person’s creativity/innovation.
Hofstede, G. (2011). Dimensionalizing cultures: The Hofstede Model in context. Online Readings in Psychology and Culture, 2(1), 2307–0919. http://scholarworks(dot)gvsu(dot)edu/orpc/vol2/iss1/8
Kwan, L. Y. Y., Leung, A. K. -y., & Liou, S. (2018). Culture, creativity, and innovation. Journal of Cross-Cultural Psychology, 49(2), 165–170. https://doi(dot)org/10.1177/0022022117753306
ESSAY TOPIC 2
Define the concept of crowd Sourcing. Choose and define one or more crowd sourcing models and apply them to a business case study of your choice - analyse the successes and failures of its incorporation. Advise on future crowdsourcing method opportunities for your chosen case study and justify why these methods should be incorporated.
Additional Optional Essay Choice for Business and Finance (BAF) Students:
2. Crowd funding platforms are an effective alternative to banks for raising money. Using a case study of your choice, analyse to what extent this statement is accurate.
Assessment Information – What you need to do
The above essay titles are designed to be broad in scope. Therefore, your answer should be narrowed down to an aim that should be clarified in your introduction.
· Define concepts and provide sources for them before applying them
· Critique theories by comparing and contrasting them
· Enrich your synthesis with illustrations to underpin theories and your arguments
· A maximum of three Appendices is permitted, but not required
· Any diagrams, Models Tables and Graphs should be placed in the appendix
Structure
· Provide a front sheet with your p number, title of Essay, tutor name, and a word count
· There should be a minimum of 15 different, academically credible references in your text
· The word count is 1500 words, 10% +/- is acceptable. Above or below this will impact your overall grades
CREATIVE MANAGEMENT AND MARKETING
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Creative Management and Marketing
Crowdsourcing has gained a massive reputation in the current years. In 2005, Mark Robinson and Jeff Howe established the term in a magazine. The model aims to bring together people from similar or different environments for a common objective. Many businesses have applied the technique to satisfy customers and top the competition (Landy et al., 2020). This paper aims to describe the concept and models of crowdsourcing, how the scheme applies in a company, and analyze the failures and successes of the model on Amazone. Lastly, The essay will advise on future crowdsourcing method opportunities Amazon can adopt and justify why the approaches should be assimilated.
Crowdsourcing is a method of uniting a decentralized and large number of people to gather information, address a problem, or solve an issue. This technique occurs through digital platforms like social media, smartphone apps, websites, and commercial software. Participants usually include volunteers, users, and customers (Nevo and Kotlarsky, 2020). Individuals may receive praise, prizes or get paid for their opinions and services depending on the company. Crowdsourcing is centered on the notion that a varied group of partakers can achieve superior results competently than a small, more standardized group of contributors.
The term crowdsourcing partly arises from the word outsourcing. However, the two concepts have different meanings, even if occasionally they overlay. Outsourcing mainly involves employing a specific group or individual to complete a job outside the organization's or business's usual surroundings (Karachiwalla and Pinkow, 2021). On the other hand, crowdsourcing is more nonspecific or anonymous, and it involves breaking down a large job into smaller tasks that a crowd of individuals can work on discretely. Equally important, crowdsourcing can be direct or indirect (Ren et al., 2022). For example, a company can ask consumers to rate or review their products. Similarly, the corporation can use third-party websites to gather data about customers. In brief, crowdsourcing aid business in gathering data and using it to their advantage.
The four main crowdsourcing models are crowd wisdom, creation, voting, and funding. Wisdom entails the combined views of people collected in a group. This pattern is significant in decision-making because it enables businesses to find the finest solutions for problems (Draws et al., 2021). In addition, many companies are attentive to their clients' communal attitudes since it promotes new ideas, strategies, and thinking. Secondly, crowd creation involves corporations asking consumers to help with new merchandise. Businesses get new thoughts and ideas that aid their performance and existence. Third, crowd voting is a form of crowdsourcing where customers choose ideas or products that work best for them. The products are either created by experts or by other consumers. For example, a brand may ask its clients to design a product, new taste, or package then other buyers vote to ascertain the top one. Lastly, there is crowdfunding which entails individuals collecting money to help or invest in projects, charities, or startups without planning to refund or return the money to its owners (Bhatti, Gao, and Chen, 2020). In such cases, people contribute voluntarily. Many companies that carry out crowdfunding help people suffering from poverty, natural disasters, and social problems.
The growth of Amazon is linked to its use of crowd wisdom techniques. The e-commerce platform has a feature that enables customers to provide reviews and ratings that include the least to most helpful. Through the above actions, the platform can analyze what consumers like. In addition, it helps the client to continue browsing from the areas they had last left or paused (Füller, Hutter, and Kröger, 2021). Moreover, through the customers' knowledge, the company found it appropriate to include all its product under one interface. Additionally, the company values consumers' feedback, allowing them to turn some factors on or off. For instance, amazon places comment on the products' front page and permit readers to parse and sort the data to their liking. The business even allows shoppers to rate fellow customers (Kankanamge et al., 2019). The information provided benefits future customers and Amazon since it can improve services and products. Buyers also can skip to significant products that will be useful to them based on their peers' reviews.
Amazon uses crowd creation and voting to promote effective products. For example, the built-in program was a crowdsourcing system that enabled clients to vote on the type of Alexa-enabled product the company could develop. The scheme was an invitation to a specific group of customers who bought an in-development good at a discount. In exchange for the special price, the buyers provided Amazon with feedback so the company could review mistakes while gauging possible demand to sell out. Through the above technique, the corporation launched digital rings and eyeglasses (Amazon.inc., 2023). The scheme is still functional, and it is open to any consumer. Furthermore, it enables the company to understand its customers and access potential demand for a product before its launch. Additionally, the built-in technique is a form of crowdfunding. The money collected through the testing stages of the product funds the other production stages. Moreover, the consumers who purchase the goods voluntarily cannot return the product or request refunds. Therefore, the company has lower risks with higher reward ratios. In addition, when the product is fully completed, Amazon sells it at a profit. This process helps the company to invest in its concept and only produce when crowdfunding objectives are achieved (Harrison and Johnson, 2019). Generally, crowdsourcing has aided Amazon in becoming the successful e-commerce company it is today.
Crowdsourcing has benefited Amazon in various ways. First, the process of producing goods has accelerated. The built-in product takes about 30 days to complete and launch. This development is possible because production tasks are broken into broken to smaller tasks and divided among people. Therefore a job that could take the company several months or years is made more accessible since several consumers can identify issues in a product much faster than if the product was left to internal staff alone (Amazon.inc., 2023). Secondly, the technique has increased consumer engagement by providing data that solves problems. According to Karachiwalla and Pinkow (2021), customers will likely remain loyal to...