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The Internet of Things (IoT): what is the potential of Internet of Things applications for consumer marketing?

Maier, M.V. (2016) The Internet of Things (IoT): what is the potential of Internet of Things applications for consumer marketing?

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Abstract:This paper illuminates the phenomenon Internet of Things (IoT) from a consumer marketing perspective. The goal of this paper is to discuss the marketing implications of the IoT and highlight the possibilities as well as the accompanying challenges and risks of it. A literature review revealed, that the Internet of Things is projected to generate a potential value of up to $11.1 Trillion in 2025. However, there are still privacy and security issues that need to be overcome in order to fully exploit the Internet of Things. The theoretical insights have been utilized to classify the Internet of Things into different application domains. These include the following, ranked based on popularity: Personal, Smart Environment, Home, Vehicle and Retail. For each domain, one real-life application was qualitatively analyzed with regard to the marketing value of the application. The selected cases for the respective domains are: LiveSkin, Placemeter, Amazon Dash, Tesla Model S, Smart Retail Solution. The analysis led to the conclusion, that the marketing value of the applications is not reflected in the respective rank based on popularity. The Retail domain does offer the highest potential marketing value, although having the lowest popularity. In contrast to that, the Personal Application provides the lowest marketing value, while having the highest popularity. The remaining categories achieved the same ranking on popularity as well as marketing value.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:International Business Administration BSc (50952)
Link to this item:http://purl.utwente.nl/essays/70001
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