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The possibilities and challenges of the application and integration of the Internet of Things for future marketing practice

Klopper, D.E.H. s (2016) The possibilities and challenges of the application and integration of the Internet of Things for future marketing practice.

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Abstract:As the Internet of Things (IoT) is emerging as a major trend and is expected to have a huge impact on economy, marketers are challenged to act upon the possibilities and challenges that come along with this phenomenon. This research will provide an understanding of the possibilities and challenges of using Internet-of-Things-generated data for the marketing practice. A critical literature review identifies these possibilities and challenges along the elements of the 4P marketing model. The Internet of Things creates possibilities for marketing from the creation of smart, connected products and user development to new pricing models, more accurate customer segmentation and personalized marketing campaigns. However, identified challenges are perceived privacy and security issues and the need for the attraction of new skills and capabilities to deal with the complexity of IoT. In addition to the literature review, a field experience study showed that a lot of possibilities and challenges as identified in the literature were considered as such in practice. Still, the extensive application and integration of IoT is only found in a few cases as most companies are still in research and planning phases before applying this technology into their business for marketing purposes.
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/70815
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