Lecture 02. Online & Offline Customer Experiences with Five Forces Model Filled

Customer Experience (CX)

The overall perception a customer has of a brand based on all interactions and touchpoints with the company.

Touchpoints

The points of interaction between the customer and the company, whether online or offline, that contribute to the overall customer experience.

AI Factory

A system or process that standardizes data, models, and implementation of AI technologies to democratize the benefits of AI across an organization.

MLOps

The practice of taking the output of an AI factory and operationalizing it for business units through deployment and continuous improvement loops.

Model Governance

The process through which an organization controls access, implements policy, and tracks activity for AI models to ensure compliance and effectiveness.

Touchpoints

Verbal and non-verbal incidents a person perceives and consciously relates to a given firm or brand.

Print media

Traditional offline touchpoint using printed materials like newspapers, magazines, flyers, brochures, and posters.

Retailer advertising

Complements brand advertising, impacting consideration via frequency and positivity.

In-store communications

Reinforces brand or store story through effective communication within the store.

Direct Type-in

Customers accessing a retailer's website directly by entering the URL or using bookmarks/favorites.

Branded Search vs

Branded search involves paid listings at the top, while generic search is organic and ranked by algorithms.

Price comparison

Platforms allowing users to compare prices and product information, with firms paying for listings.

Display

Digital graphics embedded in web content pages for advertising, redirecting users to the advertiser's website.

Retargeting

Display advertising using consumer browsing history for personalized banners.

Affiliate

Firms place links on partners' websites, earning a commission for predefined transactions like purchases.

Five Forces Model

Analyzes competitive rivalry, threat of new entrants, substitutes, bargaining power of buyers, and supplier pressure in an industry.

Industry competitors and rivals

Degree of rivalry among industry competitors influencing operations and competition levels.

Five Forces Model

A framework that analyzes the competitive forces within an industry to assess its attractiveness and potential profitability.

Industry Competitors and Rivals

Companies operating in the same industry and competing for market share and customers.

Bargaining Power of Suppliers

The influence and control that suppliers have over the industry and its competitors.

Bargaining Power of Buyers

The influence and control that buyers have over the industry and its competitors.

Threat of New Entrants

The possibility of new companies entering the industry and increasing competition.