Read the attached PDF article entitled, "How Blockchain Technology Can Benefit Marketing: Six Pending Areas Research Areas". The six pending research areas mentioned in the article are:

Computer Science

global marketing and blockchain

University of the Cumberlands

Question Description

Read the attached PDF article entitled, "How Blockchain Technology Can Benefit Marketing: Six Pending Areas Research Areas".

The six pending research areas mentioned in the article are:

1) Fosters disintermediation

2) Aids in combatting click fraud,

3) Reinforces trust and transparency,

4) Enables enhanced privacy protection,

4) empowers security, and

6) Enables creative loyalty programs.

After reading the article in full, select on of the mentioned six areas of research and write an article reflection minimum 8-9 maximum page paper identifying the following;

1) Describe and provide the overall research area mentioned in the article in a synopsis

2) What did the article state in how Blockchain can benefit that marketing area overall?

3) What further research did the article recommend?

4) What do you think can be the approach to further research the topic? What approach would you recommend to take and what type of research method would make sense?

5) What is an example of a company that you believe would benefit from this type of research and why?

6) Outside of Blockchain, what other piece of marketing technology can help this area?

7) What do you recommend is the best way to approach for a company to implement this area of research into their company?

Paper must be 12Pt. Font, Times New Roman, Double Spaced, with title page and reference page. Minimum of 3 references, to include the article required. The title page and references page do NOT count towards the minimum.

Unformatted Attachment Preview

REVIEW published: 19 February 2020 doi: 10.3389/fbloc.2020.00003 How Blockchain Technology Can Benefit Marketing: Six Pending Research Areas Abderahman Rejeb 1† , John G. Keogh 2† and Horst Treiblmaier 3*† 1 Doctoral School of Regional Sciences and Business Administration, Széchenyi István University, Győr, Hungary, 2 Henley Business School, University of Reading Greenlands, Henley-on-Thames, United Kingdom, 3 Department of International Management, Modul University Vienna, Vienna, Austria Edited by: Victoria L. Lemieux, University of British Columbia, Canada Reviewed by: Beth Kewell, Business School, University of Exeter, United Kingdom Remo Pareschi, University of Molise, Italy *Correspondence: Horst Treiblmaier horst.treiblmaier@modul.ac.at † These authors have contributed equally to this work Specialty section: This article was submitted to Non-Financial Blockchain, a section of the journal Frontiers in Blockchain Received: 26 September 2019 Accepted: 20 January 2020 Published: 19 February 2020 Citation: Rejeb A, Keogh JG and Treiblmaier H (2020) How Blockchain Technology Can Benefit Marketing: Six Pending Research Areas. Front. Blockchain 3:3. doi: 10.3389/fbloc.2020.00003 Frontiers in Blockchain | www.frontiersin.org The proliferation of sophisticated e-commerce platforms coupled with mobile applications has ignited growth in business-to-consumer (B2C) commerce, reshaped organizational structures, and revamped value creation processes. Simultaneously, new technologies have altered the dynamics of brand marketing, enabling a broader reach and more personalized targeting aimed at increasing brand trust and enhancing customer loyalty. Today, the Internet allows marketers to penetrate deeper into their existing markets, create new online marketplaces and to generate new demand. This dynamic market engagement uses new technologies to target consumers more effectively. In this conceptual paper, we discuss how blockchain technology can potentially impact a firm’s marketing activities. More specifically, we illustrate how blockchain technology acts as incremental innovation, empowering the consumer-centric paradigm. Moreover, blockchain technology fosters disintermediation, aids in combatting click fraud, reinforces trust and transparency, enables enhanced privacy protection, empowers security, and enables creative loyalty programs. We present six propositions that will guide future blockchain-related research in the area of marketing. Keywords: blockchain, marketing, brand, customer-centric paradigm, trust, loyalty, e-commerce INTRODUCTION Customer-centric marketing is crucial for firms who want to survive in fiercely contested B2C environments (Sheth et al., 2000). Marketing helps companies to understand and explain the value a consumer perceives and derives from a product or service (Larivière et al., 2013). The communication methods a firm selects might differ from one industry to another. However, the fundamental objectives and challenges related to consumer engagement remain the same. The proliferation of new technologies often has a democratizing effect for companies and consumers alike, transcending the reach and size of the firm and making new technologies more affordable to smaller firms. Despite uncertain financial returns, small firms are now investing in fee-based technologies and platforms that they perceive as essential for sustaining a competitive position in their markets (Rishel and Burns, 1997). Given this trend, the emergence of “Mar-tech” as a mix of marketing automation and technology solutions has positively impacted the way firms reach and engage with their customers (Cvitanović, 2018). Not only do they reshape the modus operandi for a firm’s outreach, but they alter and raise customers’ expectations, thus changing the dynamics of customer-brand relationships (Treiblmaier and Strebinger, 2008). 1 February 2020 | Volume 3 | Article 3 Rejeb et al. Blockchain and Marketing The recent hype around blockchain technology has led to promising use cases in areas such as finance, supply chain management, healthcare, tourism, real estate, and the marketing field is no exception. Initially launched for underpinning the cryptocurrency Bitcoin, the primary feature of blockchain technology is peer-to-peer communication, eliminating the need for centralized third parties to control the flow of transactions (Yli-Huumo et al., 2016). Treiblmaier (2018, p. 547) defines blockchain as a “digital, decentralized and distributed ledger in which transactions are logged and added in chronological order with the goal of creating permanent and tamperproof records.” A specific blockchain configuration is usually a combination of multiple technologies, tools and methods that address a particular problem or business use case (Rejeb et al., 2018). Thus, marketing managers need to understand the possibilities of blockchain technology as a protocol of communication that marks the transition from the Internet of information to the Internet of value and trust (Twesige, 2015; Zamani and Giaglis, 2018). In this paper, we discuss the possibilities of blockchain technology from a marketing perspective. Despite the growing literature on the potentials of blockchain applications, more rigorous academic research is needed to illustrate how this emerging technology can potentially provide a foundational layer for enhanced transparency and trust in marketing activities. The structure of this paper is as follows: In Features of Blockchain Technology, we briefly review the concept of blockchain technology and some of its key features. In Disrupting Marketing with Blockchain Technology, we discuss various areas in which the technology can impact marketing activities and benefit brands and consumers alike. In the final part, we summarize the paper and highlight future research directions. In this paper, we refer to personally identifiable information as PII and the terms “consumers” and “customers” may be used interchangeably unless otherwise specified. In the new economy, brands are no longer focusing solely on running one campaign after the other. Instead, they are capitalizing on new forms of consumer engagement and dialogue to extend their market coverage and enforce a more synergistic and attuned marketing communication strategy (Santomier, 2008). Firms today are building a portfolio of technologies and exploiting various media channels and publicity methods to position their brands, as well as sell their products, services, and ideas (McAllister and Turow, 2002). Digital marketing is leveraging new channels across social media that provide firms with new, innovative, cost-effective and influential capabilities to engage with customers (Melewar et al., 2017). In turn, customers are becoming an integral part of the evolving engagement dialogue and are strengthening their influence on the marketing process (Berman and McClellan, 2002). The growth of the Internet, along with emerging technologies, has made a substantial impact on the traditional marketing mix (i.e., product, price, place, and promotion). For example, advanced technologies often termed as big data analytics have allowed firms to aggregate large and complex data sets and use sophisticated analytics to gain additional consumer insights (Stone and Woodcock, 2014). Likewise, retailers and online businesses are increasingly investing in social media as part of their marketing communications practices and attempts to outperform their competitors (Vend, 2018). In this regard, DeMers (2016) forecasted that the trend toward cyber shopping is likely to intensify with an increased future consumer propensity to engage in online shopping experiences. As a consequence, more people in the United States prefer to do their shopping online than to purchase from brick and mortar stores (Marketo, 2017). Modern technologies put consumers at the forefront of security, privacy, trust, and transparency challenges. Prabhaker (2000) argues that each time individuals engage in an online transaction, they leave behind a digital trail of detailed information about their identity, their buying preferences, spending habits, credit card details, and other personally identifiable information (PII) (i.e., data that can be used to identify a particular person). From a privacy perspective, this situation has worsened over the years as data collection practices have become more versatile and ubiquitous. Online businesses regularly fail to meet regulatory requirements, and privacy leaks are frequent and have a lasting impact on consumers’ trust (Ingram et al., 2018; Martin, 2018; Bodoni, 2019). As a result, consumer awareness heightens, their suspicions raise, and they are more prudent about online transactions as their PII can be used or sold for monetary gain without their permission (Norman et al., 2016). Avoiding online purchases is not a solution since brick and mortar retailers also encourage the use of loyalty cards and maintain a centralized database which may be vulnerable to hacking or misuse. Moreover, many developing countries do not have privacy regulations in place to protect consumers PII. Therefore, brands must keep abreast of the latest privacy regulations, understand consumer expectations, and keep up-to-date with technology innovation and best practices. Advocates for enhanced consumer privacy suggest that systems should be built with a “privacy-by-design” framework (Cavoukian, 2011). Frontiers in Blockchain | www.frontiersin.org FEATURES OF BLOCKCHAIN TECHNOLOGY Following the 2007–08 global financial crisis, a marked fall in public trust in the conventional banking system prevailed (Ehrmann et al., 2010). Technology enthusiasts and software developers envisioned and created an alternative financial system that falls outside the sphere of influence of conventional trusted third parties. The pseudonymous Satoshi Nakamoto proposed the digital currency Bitcoin as a peer-to-peer electronic cash system (Nakamoto, 2008). This new technology relies on a protocol of cryptographic rules and techniques for processing transactions (Papadopoulos, 2015). These include the use of hashing, time-stamping, consensus mechanisms (a collection of rules that allow network nodes to reach mutual agreement), and asymmetric encryption using public and private keys. Not only has the proposed cryptocurrency model ingeniously solved the double-spending problem (Treiblmaier, 2019a), but it sets out a new paradigm for performing transactions and exchanging value in an online environment (Clohessy et al., 2019). More 2 February 2020 | Volume 3 | Article 3 Rejeb et al. Blockchain and Marketing precisely, any transaction triggered on the blockchain follows a set of predefined rules that are based on security, verifiability and peer consensus to ensure the validity of transactions (Münsing et al., 2017). All transactions are time-stamped, captured in datasets called blocks, and sequentially chained (i.e., each block header contains the hash of the previous block header) to form the ledger (see Figure 1). Tampering with a public transaction record is technically tricky and viewed as infeasible because it requires substantial computing power to attempt to alter the cryptographic hash of previous blocks on the chain (Hackius and Petersen, 2017). Beyond the cryptocurrency jargon, a blockchain is not only a combination of technologies but also the integration of multiple technologies (Lu, 2019). Most scholars and practitioners commonly understand blockchain as one method within the distributed ledger technology family (Fosso Wamba et al., 2020). Moreover, the ledger is a virtual book or a unique collection of all transactions carried out by the blockchain’s exchange parties. The technology can be viewed as a new way of authenticating assets used in a transaction and can be applied to many business activities and functions (Ertemel, 2018; Rejeb et al., 2019). In the following sections, we will elaborate on how the core characteristics of blockchain technology enable functions and applications that can fundamentally change marketing strategies. data and information transparency and improving privacy and security. It also allows for innovative forms of consumer loyalty programs which might help to create additional value. All these features will be discussed in more detail in the sections below. Fostering Disintermediation The advent of the Internet has enabled disintermediation and drastically changed the way companies distribute their products and services (Buhalis and Licata, 2002). New technologies have displaced traditional trading mechanisms, reduced the reliance on traditional intermediaries, and introduced new forms of electronic intermediaries (Cort, 1999). Simultaneously, the Internet has led to the emergence of new online intermediaries which offer a new range of products and services (McCole, 2004). The process of realigning the value-adding role through information and shifting the control in the value chain to different players is called re-intermediation (Pineda and Paraskevas, 2004). Examples of services offered by new ecommerce intermediaries are information brokering, online search capabilities, advertising, communication, and trust provision. Moreover, the prevalence of social media has emphasized the growing need for businesses to reach out to customers through social networks and messaging platforms such as Facebook, Twitter, and YouTube. Instead of generating revenues through customers’ payments for content and services, these platforms rely on income through data and targeted advertisements. They have also developed a virtuous cycle in which further interaction with consumers results in the accumulation of knowledge and better integration of content (Nieves and Diaz-Meneses, 2016). While these electronic intermediaries support businesses and consumers by personalizing their brands and products, they also gain the power to lock them into their proprietary platforms. On the one hand, businesses exhibit a heavy reliance and dependency on intermediaries to recognize their DISRUPTING MARKETING WITH BLOCKCHAIN TECHNOLOGY Rigorous academic studies on blockchain applications in support of marketing activities are scarce. Despite this, in the practitionerbased literature, the benefits of blockchain are viewed as indisputable (Ghose, 2018). In this paper, we lay the foundation for future academic studies by identifying several important research areas, as shown in Figure 2. First and foremost, blockchain technology is based on peer-to-peer communication which alters market structures by fostering disintermediation, namely the removal of intermediaries who process and filter data streams and add cost. By creating immutable and shared data records, blockchain technology can also help to improve data quality and facilitate data access. From a consumercentric perspective, blockchain technology has the potential to substantially transform consumer relationships by enhancing FIGURE 1 | Blockchain structure. Frontiers in Blockchain | www.frontiersin.org FIGURE 2 | Impact of blockchain on marketing. 3 February 2020 | Volume 3 | Article 3 Rejeb et al. Blockchain and Marketing scandals, and deceptive campaigns (Hongwei and Peiji, 2011). As online sponsored search dominates the business model for a majority of search engines (Jain et al., 2010), click fraud considerably tarnishes the credibility of the online advertising landscape. This phenomenon is a result of the automated nature of online advertising and the increasing sophistication of target marketing. Click fraud is an intentional act in which a natural person or organization tries to obtain illegitimate interests or drain a competitor’s advertising budget using automated scripts, computer programs or employing natural persons to mimic legitimate web users to click on online advertising (Hongwei and Peiji, 2011). Click fraud has been identified as a severe threat to online advertising, with additional costs for advertisers amounting to $44 billion by 2022 (Juniper Research, 2017). Of prime importance is the economic incentive of fraud perpetrator and publishers who have been accused of committing click fraud to increase their revenues (Haddadi, 2010). Although some search engines try to compensate advertisers for click fraud, reports have shown that they have attempted to understate its magnitude (Click Quality Team, 2006). To combat click fraud, numerous solutions were suggested, such as selling a particular percentage of all impressions to advertisers or the application of pay-per-click advertising models (Goodman, 2005; Mungamuru et al., 2008). However, these preventive measures are not sufficient (Kshetri and Voas, 2019). The pervasiveness of click fraud is due to a lack of intermediaries who track online advertising and provide third party measurement approaches capable of increasing trust and reducing some of the concerns. That is to say, advertisers must engage with independent click fraud monitoring companies to resolve the ambiguity surrounding the divergence in the reported click fraud rates. Even though an external audit service might be beneficial, it can also be unaffordable for small and medium-sized companies. Besides, it is highly likely that search engines refuse to compensate an advertiser based on click fraud metrics generated by an independent audit firm, especially in cases reporting significant click fraud numbers. Also, the lack of transparency in search engine efforts to fight click fraud has created the impression that they have not done enough to track or prevent click fraud (Dinev et al., 2008). The advertisers are still unable to gain full, trusted knowledge and control over the state of their online ads. The consequences of click fraud for marketing and advertising are severe since it jeopardizes advertising’s effectiveness of targeting potential customers involved in content, service, or product-related information search (Schultz and Olbrich, 2007). Search engine marketing tactics may diminish trust and the reputation of network media. The impact of click fraud manifests itself in increasing advertising costs. Moreover, unsuccessful advertising campaigns are caused by the reliance on unreliable, inadequate, and untrusted analytical data. For example, Pearce et al. (2014) estimate that advertising losses caused by a botnet’s fraudulent activities will amount to USD $100,000 per day (a botnet is a term derived from “robot” and “network” to mean a collection of internet-enabled devices running code or “bots” usually with a malicious intent). The losses span from financial to brand reputational damage and can be significant in the case of peer-to-peer botnets, which use an overlay network potential customers’ needs and wants. On the other hand, businesses seek to attract consumers’ attention but often rely on communication channels served by many information intermediaries as they provide a wealth of information about the demand for goods and services (e.g., the quantity and type of those goods and services, prices as well as existing trade requirements; Tönnissen and Teuteberg, 2019). It may occur that these intermediaries do not allow brands to make their own dissemination decisions and therefore impede their innovativeness and their ability to generate new prospects and target offerings (Hübner and Elmhorst, 2008). Moreover, if the channels are not efficiently managed, the spin-off will lead to misunderstandings, loss of customers and foment ill will (Boyer and Hult, 2005). On the other hand, consumers may dislike the monetization of their data by e-intermediaries. This intermediated approach often precludes consumers from reaping the benefits of directly engaging with brands, such as co-creation, more customer-centered support, as wel ...
Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

This question has not been answered.

Create a free account to get help with this and any other question!

Similar Questions
Related Tags