Article Assignment No._1_
Review of Marketing Article (Strategic Management)
Creative technological innovations have enhanced and promoted the way business is done. The advent of computers and the internet have greatly improved efficiency in business transactions and transformed business marketing, making a crucial functional nerve as a component of marketing strategy. The social media have also massively impacted marketing strategies providing an online platform for advertising and brand promotion thus facilitating transactions through various company websites. The internet, therefore, remains a significant tool for conducting market research to improve customer experience.
Online advertising continuously provides an opportunity for various business establishments to thrive by reaching out to a wider audience in the global market thereby facilitating e-commerce in a highly competitive commercial arena. Websites conveniently help consumers to find what they are looking for by providing the requisite details about products. Facial recognition has gradually emerged as a formidable form of advertising, technologically incorporated on electronic billboards and even websites that detect or sense human movement and facial features. Therefore, details about a product can be auto-generated to reach consumers in a real-time personalized way, based on gender and other customer preferences.
It is estimated that global market for facial recognition could reach $ 2.7 billion in the next decade based on their great efficiency to reach a wider target group, eliminating the apprehension associated with privacy invasion by other forms of advertising such as spam mailing. However, facial recognition faces the challenge associated with lack of awareness. In a recent survey by First Insight, it was found that consumers would not shop in a convenient store using face recognition for marketing purposes. However, 55% suggested they would take up technology if they were made aware of the benefits accrued by using such kind of technology, for instance, by getting incentives such as discounts on products purchased. Complacency by customers to embrace face technology and ambiguity in machine manufactured texts has consequently hurt businesses such as Bahio Coffee and M&C Saatchi London.
Facial recognition could revolutionize digital advertising with a key emphasis on understanding the customers and the channels that are most appropriate for them to offer interactive and engaging content. Consumers are constantly interacting with various business establishments hence it is imperative that proper adjustments are made to retain them and attract new ones through easily understandable messaging at any given point in time. Marketers are therefore able to keep up with the competition with regards to their target market.