BHMH2112 CRM – Assignment 2 Suggestions and Tips • General • Read the case in assignment guideline or here https://www2.deloitte.com/us/en/insights/industry/technology/cons umer-data-privacy-paradox.html • Find out quality references from the Internet, e.g., • https://www.pwc.com/ • https://www.ibm.com/blockchain/solutions/food-trust/food-industrytechnology • https://www.mckinsey.com/ • https://www.forbes.com/ 1 BHMH2112 CRM – Assignment 2 Suggestions and Tips • Submission • Due: 12 Nov 2021 (2:00pm) • Hard copy – Submission Folders outside Office N1301f (13/F, North Tower) • Write your tutorial number on the top right-hand corner of your assignment • Soft copy – Turnitin Folder on Moodle 2 BHMH2112 CRM – Assignment 2 Suggestions and Tips • Question 1. Do you think that “investing and taking time to understand the first-party data” is a good, worthy, and profitable CRM strategy? Why or why not? 1. Understand and define what is “first-party data” • Find out references from the internet; either direct quote “xxx” (xxx, 2021) or paraphrase (xxx, 2021) 2. Understand the meaning of Takeaway #1 “Investing more in first-party data”, i.e. owing to the demise of third-party cookies, company/brand needs to have an investment strategy to understand (i) what consumer/customers are willing to share with it, (ii) what could be offered to exchange consumer/customer data, and (iii) what data strategies could be done to improve consumer/customer trust. 3. State your standpoint “Yes” or “No” to the above issue (i.e. the wordings in red in Step 2). 4. List out the pros of the above issue to consumers/customers AND company/brand 5. List out the cons of the above issue to consumers/customers AND company/brand 6. Analyse your arguments by comparing the pros and cons in relation to CRM 7. Draw conclusion from your arguments and analyses done in Step 5 3 BHMH2112 CRM – Assignment 2 Suggestions and Tips • Question 2. Do you think that adopting a “privacy-first and future-proof approach” is a wise CRM strategy while there are regulatory updates on data privacy and management? Why or why not? 1. Understand the meaning of Takeaway #2 “adopt a privacy-first and future-proof approach”, i.e., start reviewing existing consumer/customer privacy policy and then revise it to meet forthcoming regulatory policies and ordinances. 2. State your standpoint “Yes” or “No” to the above issue (i.e. the wordings in red in Step 1). 3. List out the short-term impact of the above issue on consumers/customers AND company/brand 4. List out the long-term impact of the above issue on consumers/customers AND company/brand 5. Analyse your arguments by comparing the short-term and long-term impact in relation to CRM 6. Draw conclusion from your arguments and analyses done in Step 5 4 BHMH2112 CRM – Assignment 2 Suggestions and Tips • Question 3. Shrestha et al. (2020) had suggestions that blockchain could be adopted to protect data privacy, allow users to control the privacy settings, and provide rewards in exchange for user data. Do you think that blockchain would be a valuable investment to marketers and companies? Why or why not? 1. Read additional references about blockchain for this question (https://www.frontiersin.org/articles/10.3389/fbloc.2020.497985/full). 2. Understand the meaning of Takeaway #3 “Make privacy offerings value-driven services”, i.e. Treat privacy services as revenue generators by (i) offering customers more options to manage their data privacy and (ii) providing greater transparency on the privacy setting and policy • Teaching Materials References: the options listed in opt-in or opt-out statements / bundled or unbundled terms 3. Discuss the possible type(s) and applications/functions of blockchain for data privacy management. 4. State your standpoint “Yes” or “No” to the issue, i.e., investment in blockchain for data privacy management 5. List out the pros of the above issue to consumers/customers AND company/brand 6. List out the cons of the above issue to consumers/customers AND company/brand 7. Analyse your arguments by comparing the pros and cons in relation to CRM 8. Draw conclusion from your arguments and analyses done in Step 7 5 BHMH2112 CRM – Assignment 2 Suggestions and Tips • References (please find more for your assignment) 1. https://blog.hubspot.com/service/first-party-data 2. https://www.lotame.com/1st-party-2nd-party-3rd-party-data-what-does-it-all-mean/ 3. https://emarsys.com/learn/blog/what-is-first-party-data/ 4. https://www.forbes.com/sites/danielnewman/2019/05/08/could-blockchain-solve-ourgrowing-privacy-issue/?sh=6bca920c5eb4 5. https://www.intechopen.com/online-first/75936 6. http://www.hk-lawyer.org/content/blockchain-and-data-protection 7. https://www.researchcollection.ethz.ch/bitstream/handle/20.500.11850/204637/manuscript_v13_final.pdf?s equence=1&isAllowed=y 8. https://towardsdatascience.com/how-blockchains-will-enable-privacy-1522a846bf65 6