Disruptive Technologies and Business Innovation: IoT in Perspective

The Internet of Things (IoT) has evolved into a worldwide infrastructure that facilitates advanced services through the interconnection of diverse entities, both tangible and intangible, utilizing information system technology. This study is an analysis of the impact of Internet of Things (IoT) technology on business and marketing. The study provides a comprehensive examination of IoT technology, encompassing important aspects, operational domains, and many applications within the realms of business and marketing. Companies globally are increasingly directing their attention towards the Internet of Things (IoT) due to its capacity to provide remarkable growth prospects rather than being influenced just by the prevailing buzz surrounding it. This chapter presents an introductory overview of the impact of the Internet of Things (IoT) on marketing and business domains.

The implementation of a marketing mix is vital in order to enhance partner satisfaction and ensure the consistent delivery of high-quality products in sufficient quantities. The tool in question is utilized to assess the degree of achievement in marketing endeavors, encompassing elements such as product. Yet less is done conceptually on how IoTs affect product management. Hence, this chapter reviews the extant literature on the aspects of the product that IoT impacts. The primary objective of IoT technologies for enterprises is to address market needs and demands while also generating demand through the provision of a distinctive and satisfactory customer experience. The benefits include customer engagement, product innovation, exposing the utilization of the product, quality control, quality of products and services, product style, the provision of after-sales service, the product line length within the realm of IoTs commerce, various stock-keeping units (SKUS), the fulfillment of customer demand, and the breadth of firms’ portfolio. Consequently, it is anticipated that this technological advancement will contribute to a prosperous period for brands.

The Internet of Things (IoT) is a rapidly expanding network of interconnected computing devices that have recently attracted the attention of governments and businesses. There is no need for human interaction when using the IoT. The medical, transportation, and automotive industries have been among the first to take advantage of some of the most innovative uses of the Internet of Things. Although it is the only part of the marketing mix that actually generates revenue, price is also crucial. Therefore, this chapter explores how IoT can be used to determine the best pricing strategy for a company's goods and services. 

This chapter seeks to examine the potential effects of the Internet of Things (IoT) on the marketing and advertising strategies employed by firms to promote their products and services. The Internet of Things (IoT) has evolved as a novel paradigm for the future iteration of the Internet. The Internet of Things (IoT) involves the connection of a vast number of devices to the Internet, resulting in a significant data repository that can be utilized by a variety of applications. The future trajectory of the Internet is anticipated to involve the integration of diverse gadgets, establishing connections between physical items and digital elements, thereby expanding the boundaries of the global network. The Internet of Things (IoT) is a contemporary concept that pertains to items endowed with digital capabilities, enabling them to establish communication through the Internet. It is widely regarded as an integral component of the future Internet landscape.

A genuine innovation for companies is the Internet of Things. Contemporary business sectors can be totally transformed by tiny gadgets with strong algorithms at their core, which can lower costs, boost productivity, and eliminate dangers. This chapter's goal is to review the body of research on the connection between the Internet of Things and the marketing mix. Today's businesses have access to a multitude of instruments and platforms that have improved our ability to communicate with clients (promotion) and link them with the goods and services (place), price, products, people, and physicals that will improve their lives. The success of our campaigns is still, nonetheless, firmly rooted in the four fundamental marketing tenets of product, pricing, place, and promotion. Effective marketers have the ability to combine these concepts with strategies like the ones listed above to get the consistent, lucrative results that their companies require.

The Internet of Things (IoT) is a remarkable technological advancement that facilitates the seamless integration of computing devices for the purpose of transmitting data across a network, eliminating the need for direct human-to-human or human-t- -computer engagements. This chapter intends to look at how IoT impacts the distribution of firms’ products. The implementation of IoT-based advanced distribution, materials handling equipment, and sensors in warehouses has the potential to significantly transform operations, resulting in increased efficiency, costeffectiveness, and productivity. The integration of the Internet of Things (IoT) into warehouse operations encompasses the real-time monitoring of equipment, goods, pallets, and personnel, as well as the measurement of their performance. 

Undoubtedly, the Internet of Things (IoT) possesses the capacity to enhance customer experiences. The exponential growth of technology has had a profound influence on various aspects of enterprises. In addition, the Internet of Things (IoT) facilitates the exchange of data, facilitates the control of inventory, enhances security measures, and contributes to heightened levels of efficiency and production. The purpose of the chapter is to review the literature to understand how IoT is used in marketing to affect customer experience. IoT has the capability to revolutionize current business models by facilitating novel interactions and establishing new partnerships between organizations and their customers. Adopting the end-customer standpoint offers guidance and illuminates potential avenues for the creation of services that are embraced and financially supported by both enterprises and customers. This will facilitate the development of novel and inventive services, thereby fundamentally transforming operational practices across several sectors in the future. The contemporary customer base is undergoing a transformation, wherein they are increasingly accustomed to immediate accessibility. Consequently, they now anticipate that their consumption and purchasing encounters will be characterized by immediacy, distinctiveness, and emotional resonance. Therefore, it is imperative for organizations to gain a comprehensive understanding of the fundamental shifts in consumer habits in order to develop appropriate and pleasurable customer experiences across both online and offline channels. In the preceding study, the focus was on the emergence of a novel type of consumer, with particular attention given to the evolution of their social standing, requirements, and their involvement in the brand or company's interactions. 

Research is a systematic investigation of a specific subject, conducted with the aim of gathering empirical evidence and drawing logical inferences. Research is widely recognized as a key instrument due to its pivotal role as the initial phase in the marketing process. This chapter aims to investigate the utilization of Internet of Things (IoT) applications in the field of marketing and market research, with a specific focus on how firms employ IoT devices. No research is done today without technology tools such IoT and related technologies. Market research is employed as a means of gathering pertinent information regarding the market, encompassing customer demands, preferences, interests, market trends, and prevailing fashion, among other factors, via IoT. Marketing research is conducted with the objective of supplying managers with precise and reliable information to aid in making crucial marketing decisions. Therefore, market research is characterized by its specificity, as it provides insights and comprehension of a particular market that may not be applicable to other markets. On the other hand, marketing research is characterized by its generic nature, meaning that it has the potential to address a wide range of marketing issues.

Industries in many parts of the world today have evolved as a result of rapid advancement in information and manufacturing technologies. In Ghana, the product manufacturing subsector, of which the fashion industry is a part, has also continued to evolve just as the technological advancement progresses. As a result, companies (fashion houses) are consistently looking for innovative ways to adapt to the evergrowing demands of consumer’s trendy wear. In view of the fact that the world is experiencing low growth in the global economy, the fashion industry, realizing this, has adopted smart manufacturing to enable it to maintain its relevance in the global economy. Thus, smartening up factories is crucial in this era of industrial revolutions. The traditional methods of operation by the fashion industry continue to fade as ecommerce booms. There is a need for the fashion industry to evolve by adopting smart manufacturing, which may help the textile and garment industries become more environmentally responsible and efficient, as well as boost business output and efficiency by equipping “smart factories” with automated processes and technological advancements. The purpose of this chapter is to review the literature on key areas of smart manufacturing for fashion firms. It has been revealed in the chapter that the projected advantages of the fourth industrial revolution are being fulfilled by smart manufacturing projects. By integrating digital technologies with traditional automated manufacturing processes, the manufacturing industry is projected to see a new growth trajectory. More so, the smart factory can actively participate in the transition of industries by utilizing the internet, data analytics, and sensors. This will eventually lead to technological advancement at all stages of the manufacturing process. However, not every firm will be able to balance the benefits of upgrading technology, installing security systems, and retraining workers against the associated costs. Making a factory smart requires input from many departments within a firm, but ultimately, the decision must be taken on an accurate assessment of its financial viability for the facility or business model in question.