Question

1. Identify three the strategic and economic drivers of the internet.
2. Identify the importance of business models.
3. Describe a data warehouse and how it is used by marketers, provide three examples of data warehouses.

Answer 1

answer-

Identify three the strategic and economic drivers of the internet.

Cost driver-

With the help of business companies can get cost advantage via use of internet. for example- Use of social media in promotion and advertisement involves less budget which saves the cost to company.

High profitability-

Use of internet increases profitability with internet marketing comes online sales. Any business that isn't making its products available for sale online is missing an increasingly large portion of the pie chart. Businesses can sell directly from their own websites or use other services, like eBay, Etsy or Amazon, which is currently the largest online marketplace.

Increase brand awareness or brand presence-

Today, if you're not visible online, you simply don't exist for many potential customers. Even brick and mortar shops are invisible to people who are more likely to look down at their phone than to look up and down a street to find what they need. If you don't have your business showing on Google Maps, you may find people driving past you to get to a competitor they mistakenly believe is closer.

Identify the importance of business models.

business models play a vital role in the success of any company, as it explains how that business will earn revenue. For entrepreneurs, a business model aids in acquiring investors and establishing partnerships . A business model describes how the engine of the business actually works.A business model describes the way in which a company makes money

A proper business model helps you to figure out elements such as: Your business concept – what problem are you solving for whom; how you will create customer value; how your product or service will get to customers; how your business will stay competitive; and all revenue and costs you can anticipate.

Describe a data warehouse and how it is used by marketers, provide three examples of data warehouses.

In computing, a data warehouse, also known as an enterprise data warehouse, is a system used for reporting and data analysis, and is considered a core component of business intelligence.

A data warehousing is a technique for collecting and managing data from varied sources to provide meaningful business insights. It is a blend of technologies and components which allows the strategic use of data.

It is electronic storage of a large amount of information by a business which is designed for query and analysis instead of transaction processing. It is a process of transforming data into information and making it available to users in a timely manner to make a difference.

Marketers uses the data warehouses to gather the information of their customers and make sales forecasting, marketing decisions like promotion, pricing, new product launch.

three examples of data warehouses are-

Enterprise Data Warehouse is a centralized warehouse. It provides decision support service across the enterprise. It offers a unified approach for organizing and representing data. It also provide the ability to classify data according to the subject and give access according to those divisions.

A decision support system (DSS) is a computerized information system used to support decision-making in an organization or a business. A DSS lets users sift through and analyze massive amounts of data, and compile information that can be used to solve problems and make better decisions.

A management information system (MIS) is a computer system consisting of hardware and software that serves as the backbone of an organization's operations. An MIS gathers data from multiple online systems, analyzes the information, and reports data to aid in management decision-making.

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