Business and Information Systems Engineering and Marketing
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Business and Information Systems Engineering and Marketing DOI 10.1007/s12599-013-0264-6
The Authors Prof. Dr. Martin Spann ()
Institute of Electronic Commerce and Digital Markets LMU Munich 80539 Munich Germany [email protected]
Prof. Dr. Oliver Hinz Professur für Wirtschaftsinformatik – Electronic Markets Technische Universität Darmstadt 64289 Darmstadt Germany [email protected]
Prof. Dr. Vandana Ramachandran Operations and Information Systems David Eccles School of Business University of Utah SLC 84112, Utah USA [email protected] Published online: 2013-04-20 This article is also available in German in print and via http://www. wirtschaftsinformatik.de: Spann M, Hinz O, Ramachandran V (2013) Wirtschaftsinformatik und Marketing. WIRTSCHAFTSINFORMATIK. doi:10. 1007/s11576-013-0363-5. © Springer Fachmedien Wiesbaden 2013
Electronic media have tremendously changed marketing’s opportunities and challenges. The interactive nature of the Internet has empowered consumers, for example by enabling them to actively engage in the pricing process via interactive and dynamic pricing mechanisms (Bichler et al. 2010; Hinz et al. 2011; Skiera et al. 2005). Furthermore, consumers can exchange information on products and prices within their social networks, which helps them take better consumer decisions but puts additional effort on the business models of online retailers to account for consumers’ social interaction (Hinz and Spann 2008). However, the Internet also provides new opportunities for marketers: recommender systems enable online retailers to cross-sell and up-sell, and they change the way products are sold (Hinz and Eckert 2010; Mertens 1997). Advertisers can much better evaluate the advertising effectiveness and efficiency in electronic media compared to traditional media such as print or television (Animesh et al. 2010; Ghose and Yang 2009). Rich data and user interaction enable personalized products, advertising and the individualized management of customer relationships (Ray et al. 2005; Tam and Ho 2006). Furthermore, new forms of marketing in search engines, social networks, and via mobile devices such as location-based services have emerged (e.g., Kumar and Benbasat 2006). Hence, consumers leave many digital footprints in the form of transactional data and user-generated content which provide multiple opportunities for enterprises to grow. However, this information incorporates the challenge that companies have to turn these data into actionable intelligence. These data can be used to create new products, reduce operating costs, and develop a better understanding of the consumers’ needs. As the data contain a lot of noise and are hard to handle because of sheer size (catchword: big data), marketers need the input of business information systems departments and researchers to create knowledge from these immense data volumes. But then, the big data opportunity also requires a critical reflection with respect to consumers’ privacy concerns. Therefore researchers in this area have to actively particip
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