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Arab Oil Embargo Case Study

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INTRODUCTION In the winters of 1973, the Arab Oil Embargo changed the shape of humanity and the world around us. The epicenter of power slowly shifted from the US to the Oil Producing Economic Countries popularly known as the OPEC. Oil became the new gold standard. 41 springs later, again the world seems to be on the verge of a major turbulence: an innovation which is threatening to disrupt the entire gamut of human civilization. Only this time it’s not the oil rich Arab countries who are the stakeholders. Today it is the common consumers like us who are going to be the likely witnesses to a major paradigm shift in technology. Oil of 1973 has been replaced by “data”- the new gold standard of the digital era. Data about consumers is now shaping up the way marketers and organizations used to position their products. So it is of no surprise that data mining and data analysis have turned out to be the key components in order to judge the tastes and choice of preferences among the consumers. Today companies are ready to shell out millions in order to possess the data which will probably give …show more content…

The use of digital signage has allowed organizations mainly restaurants and other businesses that need to respond to changes in inventory or introduce new items on a regular basis to capture the attention of consumers and market specific products to them. Three areas of marketing that have become the main focus points of digital technology are speed, personalization and reach and impact of campaigns. Tools like Lytics help in building in maintaining a customer profile with a strong focus on consumer preferences. Two tools which can be found today in marketing are: I) Customer Relationship Management Systems (CRMs) which use technology to organize and automate business and also help the firm to identify potential clients and generate leads through clicks, responses, and deals

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