How does Facebook make money?
* Personal and social detail of Facebook’s data could give marketers unprecedented power to find new customers.
* “Social Marketing” is a much more fine-grained and effective way of targeting potential customers than relying on the traditional demographics approach.
Facebook collects detailed and personal data from its users, transform these data into valuable information to marketers, to help them make better decisions in identifying potential customers.
Strategic importance of information
Wal-Mart was one of the first retailers to use computers and bar codes to track sales and inventory data and then share those data with suppliers.
The Keg uses Squirrel Systems Software to track the information on the sale of each dish in each location, and the costs of all its food products.
Study Question 1: What is the role of information in the management process?
* Information and knowledge
* Knowledge worker
* Intellectual capital
* The productivity of knowledge and knowledge workers depends on computer and information competency
* What is useful information?
* Characteristics of useful information:
* High quality
Study Question 2: How do managers use information to make decisions?
* Managerial advantages of IT utilization:
* Planning advantages
* Better and more time to access to useful information.
* Eg: State Farm Insurance uses data mining software.
* Organizing advantages
* More ongoing and informed communication among all parts of the organization.
* Eg: Con-way, a freight transportation, use computerized truck rout optimization system (2100 trucks, available drivers, 200 locations, 50000 shipments per day)
* Leading advantages
* Improved communication with staff and stakeholders.
* Keeping... [continues]
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