Artificial Intelligence in Marketing DecisionsComments Off on Artificial Intelligence in Marketing Decisions 687
By: Dr. Gehan S. Dhameeth
DBA, M.Sc., MBA, BBA, CIW Certified Data Analyst
Associate Professor of Business, Business and Economics Department, Wells College, Aurora, New York, USA.
The core of marketing is to find opportunities and challenges to meet them with the right solution in satisfying the expectations of stakeholders.
Efficient marketers use concepts and tools to handle said opportunities and challenges. A decade or so, few marketers would have imagined that online advertising would pose such a serious threat to conventional advertising while some assume marketing investments to be held to the same standards of financial accountability as investments in more tangible aspects of the firm, like operations.
Only a few visionary organizations prepared themselves to exploit the availability of data and information that often overwhelm today’s marketing decision makers. In today’s marketing context, marketing decision makers are demanded to use data-driven (analytics) marketing decisions, going beyond the conceptual contents that have been honed by experience.
This needs more systematic analyses and processes. Hence, today, marketing decision making resembles design engineering: putting together concepts, data, analyses, and simulations to learn about the market place and design effective marketing plans. One of the famous schools of thought is to view traditional marketing as an art while others regard it as a science. However, modern marketing can be introduced as engineering, as it combines both arts and science to make marketing decisions.
Marketers today are bombarded with a plethora of all types of content, user and socially generated data, and expert opinions, and they can combine and process that information in new ways to enhance decision making. Hence, basing decisions on such information has become a minimum requirement to be a successful player in their industries. The most important factor when doing business is to be prompt in providing solutions to consumers. In managing a profitable business model, business leaders will have to thrive hard to meet the said expectations of consumers. The above task needs a lot of consideration given to the type of data, sources of data, storing, processing, and types of business decisions to make. As such, designing of an “effective and sustainable data warehouse” is of paramount importance of business leaders. Hence, this is where the big data comes to play with an emphasis on the three Vs; Variety, Velocity, and Variability.
With the growth of organizations facing well-informed customers who seek greater value, organizations must scrutinize the productivity of all their management processes. Therefore, re-engineering marketing functions, processes, and activities in line with the digital age is paramount for organizational survival. Despite the challenges marketing managers face today, such as reduced cost to improve productivity, mass marketing gave way to micromarketing, fine-tuning to meet individual customer needs in their respective market segments, global competition, and demand to use lean management techniques. Marketing managers have access to hardware (computers, hand-held devices, and mobile phones), software, and data and must use these tools to find and deliver value to micro markets through fragmented media and channels. As a result of these trends, marketers need much more than just concepts to exploit their available resources; they must move from conceptual marketing to Marketing Engineering.
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We at BizNomics Magazine naturally chose this distinguished brand known as the Ministry of Crab to grace the cover story of our first issue and I am deeply honoured to be the one telling it:
When two cricketers and a chef came together to bring a culinary homecoming of Sri Lanka’s legendary lagoon crab to the local populace, they didn’t quite expect such magic to happen. Dharshan Munidasa, with his Sri Lankan-Japanese heritage and eternal drive to serve his guests with dishes made from the freshest and finest ingredients, began a journey that would have patrons clamouring to taste his iconic menu, overseas destinations welcoming MoC on their shores, and the brand even being one of his two restaurants to consistently make the prestigious list of Asia’s 50 Best Restaurants.
When the Ministry of Crab was born, the year was 2011 and it was a time that development was moving at a very accelerated pace in Sri Lanka. The rejuvenation of the 400 year old Dutch Hospital also played a very favourable role in the plan, the site being symbolic of Sri Lanka’s progress at the time, so the pieces knitted together perfectly to form an ideal location that guests could enjoy. Kumar Sangakkara and Mahela Jayawardene came on board to co-own and become ‘Ministers’ in this celebrated venture and the phone began to ring off the hook for reservations as word of the mouth-watering dishes spread around Colombo.
Dharshan, a self-taught culinary expert who prides himself on the fact that he never studied culinary arts, is no stranger to the culinary field. His restaurants, Nihonbashi, Kaema Sutra, and The Tuna & The Crab are already sought after eateries by many. For a chef who works so much with crabs, his personality is anything but crabby and he does a fantastic job of expertly balancing his schedule between all three restaurants. In his well-modulated and mellifluous voice, he credits his staff at all his restaurants who work tirelessly to bring about the success of all the restaurant brands. He is one of the rare few who truly gives credit where its due, thanking his staff by name at the grand celebration held last year to mark the Ministry of Crab and Nihonbashi being ranked in the Asia’ 50 Best Restaurants.
Kumar Sangakkara, a veteran cricketer and former Sri Lankan national captain and Mahela Jayawardene, a batting wizard and former Sri Lankan national captain, need absolutely no introduction to our readers. The two of them remain just as focused in their work ethics as they did in their cricketing careers which elevated them to the heights of fame. They have always concentrated on working with like-minded people with similar ambitions and goals, and it was no surprise that they were more than happy to be a part of the ‘Ministry’, which is an excellent blend of partnership and friendship.
Behind Dharshan’s pleasant and quiet demeanour, there lies a steely determination which has brought him thus far and made him the iconic figure he is today. This, when united with the perseverance and drive of Kumar and Mahela, made no better combination to embark on a journey that would take them to heights few can achieve. The Ministry of Crab is a celebration of Sri Lanka’s finest seafood, from the succulent King Prawns found in the rivers running across the island to fresh Clams and Oysters from the lagoons. The restaurant has been an been an essential part of Dharshan’s journey and this venture alone has gone further and is so unique that many dining cultures worldwide find it interesting and financially viable to invest in.
Dharshan is one of the rare souls who value the rich supply of natural resources that Sri Lanka possesses. Coming from a country like Japan that uses every available inch of space, he was fascinated with the large garden at his home and visiting the parks in Colombo, those of which were rare back in Tokyo. Outdoors, animals, fishing and other activities suddenly became more accessible and a part of him. The strong, individualistic Scorpio grew up respecting two food cultures and believing that fusion cuisine was not the best representation of what food really is. Never expecting to come this far in his chosen field, Dharshan’s journey began as a university student when he started cooking for himself as he didn’t like the cafeteria food served on campus.
After the success of Nihonbashi, it became quite clear that Dharshan had given tuna an exciting place on the plates of Colombo’s diners and it was not long before he decided that crab should follow. Mahela and Kumar, fondly known as ‘Sanga’ to all, told us that the idea for the restaurant was initially spoken about over a glass of wine at a meal and the journey since then has been incredible. Not without its challenges, as can be expected of anything new, the three ‘Ministers’ lived up to their characters, all three of them having learned much and come a long way in their individual journeys, and overcame all odds to create a must-visit restaurant in Sri Lanka and reap the sweet harvest of success.
“I believe in good ingredients making good food. The best representation of food is respect for ingredients, respect for handling them and putting the least amount of work into them to produce an amazing dish. We make food not as a meal, but as joy, as a passion. The secret of making delicious cuisine is simple: amazing ingredients, nothing else. Finding the best ingredients are not always easy, but the meal that they make is always worth it. Stating our individuality and delivering the best product can be challenging, but the end result is what puts Sri Lanka on the map as a culinary destination and keeps the world knocking at our doors,” revealed Dharshan.
Kumar noted that the journey of MoC has been a very exciting one “Sri Lanka is a beautiful island nation, which is reflected in the seafood available to us. Our oceans, unlike those in many Southeast Asian countries, are clean and this is why our seafood is simply amazing. For all of us, it’s been a very interesting journey and for me, this is the realisation of my dream to be part of a culinary experience and I couldn’t have chosen two more excellent partners to travel this road with,” he said.
“Sanga and I love our food and have always been regulars at Dharshan’s restaurants, so when this concept came about, it seemed like an interesting venture and a no-brainer for us to come on board. We are truly proud of MoC’s success and growth. You need to enjoy what you do and that’s exactly what we’re doing. We are in the process of expansion and we are excited to see where it will take us. It’s a journey that we’re relishing and the finish line is nowhere in sight,” said Mahela.
It has been a busy year for Dharshan with popup restaurants and meetings in various countries and brain storming with his staff and teams. There are seven restaurants to open in the next few months so there are even busier times ahead. Despite all that, he has found time to tuck a new venture under his belt, which has helped him realise how much he enjoys planning and designing.
The ‘Next Innings’ for these three gentlemen are not far behind. We look forward to the opening of this venture and will bring you details as events unfold.
By: Vison Care
Purchasing a pair of sun glasses or shades is not matter to be taken lightly and is not similar to buying clothes and shoes as the right choice matters for our eyes! Most often, folks opt to buy low quality shades, which cause excessive damage to the eyes; hence prevention is definitely better than cure.
Let us first look at the benefits of using a pair of sunglasses;
01] Its fashionable
02] Reduces the sun’s glare
03] Protects the eyes from ultra violet radiations from the sun
04] Protects eyes from external hazards
According to the above, any pair of shades/ sunglasses sold in the market can be used for fashion, can reduce inconvenience caused by the sun’s glare and protect those peeps from external hazards, but to protect the eye from UV rays, it is compulsory to use a sun glass with UV blocking lenses.
In addition, the sun glass- lense- production method contributes to its quality. One way of producing lenses is by excessively heating and fitting the colorful flat glasses with a curved effect. Due to minor changes in the curvature of such lenses, the images visible to the eye can be somewhat blurred. Also, these lenses are not capable of blocking UV light.
The second method of producing sun glass lenses is the direct production of sun glass lenses. These lenses do not have above mentioned defects.
With these lenses, the UV blocking lens is also best suited for use as sunglasses.
Some folks choose to ignore these minor concerns regarding quality and choose shades at random but this may have a debilitating effect to the eyes. Once the naked eye is exposed to the sun the pupil contracts and a small amount of the sun’s rays goes in to the eye. In view of this, the UV rays also decreases.