Impacts of Emerging Technologies on Customer Value Creation Assessment Answer

Task 1: Impacts of Emerging Technologies such as AI/VR/AR on How the Creation of Customer Value

Relationship Management

Notably, organizations all across the globe conceptualize CRM (customer relationship management) as targeting and handling the right clients (Woodruff, 1997). It can be said that the collaborations between organizations and clients do not appear as a source of value creation. AI (artificial intelligence) is deemed the subsequent step to a new and more skilled management of client relations (Leclercq et al., 2016). This emerging technology has been playing an essential role since such solutions implemented to CRM facilitate businesses to superiorly collect and evaluate client data, making them progressively capable to predict, scheduling, and taking benefit of upcoming prospects (Ledro et al., 2022). It has been found further that AR (augmented reality) and VR (virtual reality) are changing how organizations collaborate with clients. It is stipulated that AR technology has the potential to engage clients and influence their purchase intentions. The exclusive abilities of this emerging technology offer marketing professionals novel means to engage clients and transform brand experiences (Prahalad & Ramaswamy, 2004). This offers organizations all around the world innovative means to collaborate with clients and endorse their products which might be integrated with numerous marketing channels. It can be said that AR has the ability to increase sales, and customer loyalty as a consequence of refining client experience which ultimately surges profitability (Diaa, 2022).

Service-dominant Logic

Service-dominant is a concept that is based on the suppositions that ‘entire economies are service economies' and ‘service means the essential basis of exchange’. It is associated with the cocreation view of value (Vargo & Lusch, 2008). The S-D logic considers service as a procedure of doing something for another party. This logic holds that value is co-created with clients and realized in use. It has been found that the refinements to the information processing in information and communication technology (ICT) lead momentously to making actors, practices, things, and their collaboration in service processes more intelligent, henceforth improving the value co-creation potential (Sadjadi, 2020). Also, ICT might take the operant role as a value-creation agent in such human-material networks. Virtualization can make procedures of value creation more autonomous of time and place, subtly enlarging intelligence to place purposeful judgments to improve alertness and preciseness in value creation (El Zoghbi & Chedrawi, 2020).

It is further asserted by Al-Imamy (2018) that while co-creating through exposure to AR (Augmented Reality), perceived trust is likely to surge because of relationship building and higher transparency. It is also found that when a client is exposed to AR, the client will possess the capability to read client reviews, send and receive messages on social platforms and will have the independent competency to look at any information without barriers. Moreover, AR technology enables the client to look at objective information such as social media discussions, client reviews, and more, without being limited by what the company desires to demonstrate to the client, like what occurs in conventional retail outlets.

Customer Value Creation through Partnerships, Alliances, and Networks

It is asserted by Castañer & Oliveira (2020) that strategic alliances indicate the partnerships between two or more companies that share assets, competencies, and objectives to attain a competitive edge. Nevertheless, forming and managing alliances also includes risks like misalignment of goals, loss of control, and opportunism. It has been found that AI (artificial intelligence) and data analytics can be employed to refine alliance outcomes in numerous manners. It is stated that the data-driven views and compatibility scores might be utilized to recognize and choose the of superior partners. Also, resources and accountability might be assigned based on the strengths and weaknesses of each partner. Further, tools of platforms of AI might be utilized to improve communication and cooperation among partners. Besides, data dashboards, indicators, and metrics might be utilized to monitor and assess alliance performance and values. They can be employed to recognize novel prospects, trends, and client needs, enabling the creation of new value propositions. In terms of business partnerships, AI can assist organizations in Newzealand and other nations to predict which leads are most probable to change to final deals, or which partnerships are most probable to increase the entire profitability (Dubey et al., 2021).

Customer Equity

Customer equity indicates the concept which inspires the company to consider its clients as a main part of its cash flow in current times and in the future. It can be said that to preserve client loyalty, the company requires to come up with imaginative notions and also function consistently to refine the client experience. In the setting of the workforce and AR-based services, clients depict positive gratification that impacts customer equity and loyalty. However, the usage of such AR-based services in the retail setting refines the client journey. It has been shown that the entire client experience with AR-based and workforces drives is client gratification, equity, and trustworthiness (Butt et al., 2023). The usage of AI technology might lead to developing a relationship with the clients since it can profile every client based on data and customize the strategy to each of such based on the individual. Such personalization capabilities might surge the customer equity and lead to the development of brand loyalty (Wang et al., 2022)

Customer Life Time Value

The Artificial intelligence can help retail companies and others to understand customer lifetime value by evaluating client data and foreseeing future purchases, and refining marketing approaches. It can contribute to enhanced revenue and reffing client satisfaction. The AI can evaluate each and every arena of client data such as buying history; search history; and more to learn about their behavior. It might contribute to client segmentation and the marketing campaign might be emphasized by providing greatly targeted marketing for every section of clients with which they can proximity associate (Kumar et al., 2019). These highly personalized campaigns might make the clients feel more remarkable and might contribute to client retention. With respect to Retail Industry, AI technologies might be employed to refine customer lifetime value in retail via customized marketing. By assessing client data, AI software can recognize trends and patterns which can be utilized to develop targeted marketing campaigns (Libai et al., 2020).

Task 2

Product Portfolio

Green Gorilla is the largest waste management company in Auckland that does not possess its own dumping facility. Not only does the company Green Gorilla, which is in the business of garbage collection, collect, sift, and recycle plasterboard, but it also looks for new markets for the recycled gypsum. The only company that recycles plasterboard in addition to collecting waste, sorting rubbish, and recycling plasterboard is Green Gorilla. The majority of them would prefer just toss it out, despite the fact that they are willing to take money from the major landfill firms. During the course of the past three years, Green Gorilla has exerted significant effort not only to assist in the collecting of gypsum but also in the marketing of it in new markets. The company had reached a stage where it required its very own building due to its rapid expansion. In 2018, a brand new recycling facility for building materials and plasterboard was opened. They will be able to showcase the recycling initiative for plasterboard, together with its other recycling and processing activities, more effectively after they have moved into this new building (Green Gorilla, 2023).

Green Gorilla is specializing in waste recycling and reduction, is actively contributing to the battle against the Covid-19 pandemic by promoting and advocating for employee vaccination.The company, which takes pride in its progressive initiatives, including its carbon-free certification and commitment to paying all employees a minimum living wage, viewed this decision as a logical progression.

The company has strategically placed signage in the vicinity of the recycling facility, displaying statistical information regarding the number of individuals who have received the vaccine as well as the total count of scheduled appointments. In this manner, it becomes evident to all observers that the numerical values are increasing (Green Gorilla, 2023).

The group just opened its second factory in Sydney, and plans are already in the works to open more factories in other places across the Tasman Sea.

The growth in Australia can be traced to the fact that the company was able to get grant money there, which had been hard to do in its home country. The Strategy makes a policy framework that can be put into action and can be changed to fit the needs of different countries at different stages of growth.

A significant amount of capital has been invested in fixed plant and structures, and a significant amount of capital has also been invested in marketing and sales in order to bring in and maintain the supply of fuel that is necessary for the system to generate revenue. Because of this, Green Gorilla has been able to progressively establish a market for more environmentally friendly ways to handle this product and prevent it from ending up in landfills. Additionally, it has assisted construction enterprises in achieving Green Star and Homestar status (Green Gorilla, 2023).

Current Marketing Strategy

The organization implements effective marketing strategies to meet the requirements of its customers. Whether or whether writing is effective as a marketing strategy can be determined by a number of Green Gorilla-related elements, both inside and external to the company. Blogging is more likely to be successful for younger, better educated, and tech-savvy owners and managers of small businesses who also enjoy using the internet. Other factors that make success in the realm of blogging simpler to anticipate include owners and managers that have a greater level of entrepreneurial tendencies and who prioritize their work above their personal lives. The degree to which an organization's employees participate in its blogging initiatives is another factor that determines how successful those efforts are. Employees have a significant impact on the success of an organization if they are adept with technology, have a strong understanding of marketing, and operate in an atmosphere that promotes the utilization of various social media platforms.

According to the company, blogging can be an effective method of self-promotion for certain types of small businesses. These types of self-promotion include but are not limited to the following: branding; developing a trustworthy reputation; targeting specific market groups; learning about the market; and making a digital presence. Predicting how well blogging as a marketing strategy might work for a small business requires taking into account a number of the company's internal and external characteristics (Varadarajan, 2020).

Blogging is more likely to be successful for younger, better educated, and tech-savvy owners and managers of small businesses who also enjoy using the internet. The existence of owners and managers who are more innovative and put the company's goals ahead of their own is another factor that can be used to predict the success of a blogging venture. The degree to which an organization's employees participate in its blogging endeavours is another factor that contributes to the success of those endeavours. This depends on how well-versed they are in technology, how well-versed they are in various areas of marketing, and whether or not they work in an atmosphere that encourages the use of social media platforms. If they do work in an environment that encourages the use of social media platforms, then this is likely to be the case. According to the findings of the study, blogging can provide some kinds of small businesses with promotional assistance by, among other things, establishing a brand name, constructing a trustworthy reputation, concentrating on niche markets, gaining knowledge about marketing, and establishing a digital presence. Because they don't have access to as many resources as larger organizations, small businesses may find that marketing themselves through social networking websites is an effective approach to reach customers. Advertisement, the development of a distinctive brand identity, and continued communication with consumers are all possible uses for the intranet by small businesses.

References

Al-Imamy, S. (2018). The effect of co-creation through exposure to augmented reality on customer perceived risk, perceived trust and purchase intent (Doctoral dissertation, University of Otago).

Butt, A., Ahmad, H., Ali, F., Muzaffar, A., & Shafique, M. N. (2023). Engaging the customer with augmented reality and employee services to enhance equity and loyalty. International Journal of Retail & Distribution Management, 51(5), 629-652.

Castañer, X., & Oliveira, N. (2020). Collaboration, coordination, and cooperation among organizations: Establishing the distinctive meanings of these terms through a systematic literature review. Journal of management, 46(6), 965-1001.

Diaa, N. M. (2022). Investigating the effect of augmented reality on customer brand engagement: The mediating role of technology attributes. The Business & Management Review, 13(2), 356-375.

Dubey, R., Bryde, D. J., Blome, C., Roubaud, D., & Giannakis, M. (2021). Facilitating artificial intelligence powered supply chain analytics through alliance management during the pandemic crises in the B2B context. Industrial Marketing Management, 96, 135-146.

El Zoghbi, B., & Chedrawi, C. (2020). Cloud Computing and the New Role of IT Service Providers in Lebanon: A Service Dominant Logic Approach. ICT for an Inclusive World: Industry 4.0–Towards the Smart Enterprise, 425-437.

Kumar, V., Rajan, B., Venkatesan, R., & Lecinski, J. (2019). Understanding the role of artificial intelligence in personalized engagement marketing. California Management Review, 61(4), 135-155.

Leclercq, T., Hammedi, W., & Poncin, I. (2016). Ten years of value cocreation: An integrative review. Recherche et Applications en Marketing (English Edition), 31(3), 26-60.

Ledro, C., Nosella, A., & Vinelli, A. (2022). Artificial intelligence in customer relationship management: literature review and future research directions. Journal of Business & Industrial Marketing, 37(13), 48-63.

Libai, B., Bart, Y., Gensler, S., Hofacker, C. F., Kaplan, A., Kötterheinrich, K., & Kroll, E. B. (2020). Brave new world? On AI and the management of customer relationships. Journal of Interactive Marketing, 51(1), 44-56.

Prahalad, C. K., & Ramaswamy, V. (2004). Co-creation experiences: The next practice in value creation. Journal of interactive marketing, 18(3), 5-14.

Sadjadi, E. N. (2020). Service-dominant logic as a foundation for business model innovation in smart grids. The Electricity Journal, 33(5), 106737.

Vargo, S. L., & Lusch, R. F. (2008). Service-dominant logic: continuing the evolution. Journal of the Academy of marketing Science, 36, 1-10.

Wang, Z., Li, M., Lu, J., & Cheng, X. (2022). Business Innovation based on artificial intelligence and Blockchain technology. Information Processing & Management, 59(1), 102759.

Woodruff, R. B. (1997). Customer value: the next source for competitive advantage. Journal of the academy of marketing science, 25, 139-153.

Green Gorilla (2023) Retrieved from https://www.greengorilla.co.nz/

Morgan, N. A., Whitler, K. A., Feng, H., & Chari, S. (2019). Research in marketing strategy. Journal of the Academy of Marketing Science, 47, 4-29.

Varadarajan, R. (2020). Customer information resources advantage, marketing strategy and business performance: A market resources based view. Industrial Marketing Management, 89, 89-97.

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Green Gorilla (2023) Retrieved from https://www.greengorilla.co.nz/

Morgan, N. A., Whitler, K. A., Feng, H., & Chari, S. (2019). Research in marketing strategy. Journal of the Academy of Marketing Science, 47, 4-29.

Varadarajan, R. (2020). Customer information resources advantage, marketing strategy and business performance: A market resources based view. Industrial Marketing Management, 89, 89-97.

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