Question

In: Statistics and Probability

Using multiple, and only academically credible sites copyright 2017 , 2018, 2019, and 2020 ONLY ,...

Using multiple, and only academically credible sites copyright 2017 , 2018, 2019, and 2020 ONLY , research the new EU GDPR regulation. Delineate, substantively, three (3) different ways that marketing is DIRECTLY impacted by this new regulation.

Solutions

Expert Solution

Realistically though, there are only 3 key areas that marketers need to worry about – data permission, data access and data focus.

1. Data Permission

Data permission is about how you manage email opt-ins –people who request to receive promotional material from you. You can’t assume that they want to be contacted. In the future, they need to express consent in a ‘freely given, specific, informed, and unambiguous’ way, which is reinforced by a ‘clear affirmative action’.

Well, in practice, it means that leads, customers and partners, need to physically confirm that they want to be contacted. You need to make sure you’ve actively sought (and not assumed) permission from your prospects and customers, confirming they want to be contacted. Therefore, a pre-ticked box that automatically opts them in won’t cut it anymore – opt-ins need to be a deliberate choice.

2. Data Access

The right to be forgotten has become one of the most talked-about rulings in EU Justice Court history. It gives people the right to have outdated or inaccurate personal data to be removed and has, in some instances, already been implemented by companies like Google, who were forced to remove pages from its search engine results in order to comply.

The introduction of GDPR offers individuals a method to gain more control over how their data is collected and used – including the ability to access or remove it – in line with their right to be forgotten.

As a marketer, it will be your responsibility to make sure that your users can easily access their data and remove consent for its use.

3. Data Focus

As marketers, we can all be guilty of collecting a little more data from a person than we actually need. Ask yourself, do I really need to know someone’s favorite movie before they subscribe to our newsletter?

Probably not.

With this in mind, GDPR requires you to legally justify the processing of the personal data you collect.

Don’t worry; this is not as scary as it sounds.

What this means is that you need to focus on the data you need, and stop asking for the “nice to haves”. If you really need to know a visitors shoe size and inside leg measurement, and can prove why you need it, then you can continue asking for it. Otherwise, try to avoid collecting any unnecessary data and stick with the basics.


Related Solutions

This information is available for Bramble Corp. for 2018, 2019, and 2020. 2018 2019 2020 Beginning...
This information is available for Bramble Corp. for 2018, 2019, and 2020. 2018 2019 2020 Beginning inventory $ 115,000 $ 314,500 $ 411,500 Ending inventory 314,500 411,500 477,000 Cost of goods sold 901,000 1,126,000 1,301,000 Sales revenue 1,208,000 1,599,500 1,892,500 a) Calculate inventory turnover for Bramble Corp. for 2018, 2019, and 2020. (Round answers to 2 decimal places, e.g. 1.52.) b) Calculate days in inventory for Bramble Corp. for 2018, 2019, and 2020. (Round answers to 1 decimal place, e.g....
Luther Company’s selected transactions during 2017, 2018, 2019 and 2020 are as follows: Jan. 1, 2017...
Luther Company’s selected transactions during 2017, 2018, 2019 and 2020 are as follows: Jan. 1, 2017 Purchased a packaging machine for 24.150 TL on account. The machine has a useful life of 5 years and salvage value of 2.450 TL. The machine requires installation cost of 12.560 TL and also company paid transportation cost of 2.000 TL. Machinery will be depreciated by using double declining balance method. March 1, 2018 Paid 314.000 TL cash for a new delivery truck and...
This information is available for Pharoah Company for 2017, 2018, and 2019. 2017 2018 2019 Beginning...
This information is available for Pharoah Company for 2017, 2018, and 2019. 2017 2018 2019 Beginning inventory $ 103,000 $ 319,000 $ 414,500 Ending inventory 319,000 414,500 472,000 Cost of goods sold 892,000 1,120,500 1,306,000 Net sales 1,200,000 1,605,500 1,903,000 Calculate inventory turnover for Pharoah Company for 2017, 2018, and 2019. (Round answers to 2 decimal places, e.g. 1.52.) 2017 2018 2019 Inventory turnover Calculate days in inventory for Pharoah Company for 2017, 2018, and 2019. (Round answers to 1...
WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2018 Current...
WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018 (in millions) 2020 2019 2018 Current assets $ 681 $ 906 $ 753 Other assets 2,415 1,922 1,721 Total assets $ 3,096 $ 2,828 $ 2,474 Current liabilities $ 566 $ 805 $ 712 Long-term liabilities 1,521 995 842 Stockholders’ equity 1,009 1,028 920 Total liabilities and stockholders' equity $ 3,096 $ 2,828 $ 2,474 WIPER INC. Selected Income Statement and Other Data For the year Ended December 31, 2020...
Calculate a price index for 2018, 2019, and 2020 using the following information about prices. Let...
Calculate a price index for 2018, 2019, and 2020 using the following information about prices. Let the market basket consist of the price of one pizza pie, two sodas, and four caffe lattes. Let the year 2018 be the base year (with an index value of 100). See the instruction video, "inflation.ppsm". Year Price of a pizza Price of a Soda Price of a Caffe Latte 2018 2019 2020 $6.00 $6.50 $7.0 $0.50 $0.55 $0.65 $1.50 $2.20 $2.60 A. Calculate...
Suppose a firm has had the following historic sales figures. Year: 2016 2017 2018 2019 2020...
Suppose a firm has had the following historic sales figures. Year: 2016 2017 2018 2019 2020 Sales $1,450,000 $1,710,000 $1,600,000 $2,000,000 $1,850,000 What would be the forecast for next year’s sales using regression to estimate a trend?
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 446,549 $ 342,093 $ 237,400 Cost of goods sold 268,822 213,808 151,936 Gross profit 177,727 128,285 85,464 Selling expenses 63,410 47,209 31,337 Administrative expenses 40,189 30,104 19,704 Total expenses 103,599 77,313 51,041 Income before taxes 74,128 50,972 34,423 Income tax expense 13,788 10,449 6,988 Net income $ 60,340 $ 40,523 $ 27,435 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018,...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 378,269 $ 289,785 $ 201,100 Cost of goods sold 227,718 181,116 128,704 Gross profit 150,551 108,669 72,396 Selling expenses 53,714 39,990 26,545 Administrative expenses 34,044 25,501 16,691 Total expenses 87,758 65,491 43,236 Income before taxes 62,793 43,178 29,160 Income tax expense 11,679 8,852 5,919 Net income $ 51,114 $ 34,326 $ 23,241 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018,...
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Revenue 4,500 6,860 8,409 9,082...
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Revenue 4,500 6,860 8,409 9,082 9,808 10,593 11,440 12,355 13,344 14,411 Revenue Growth 52.4% 22.6% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% Production Costs Fixed Production Expense (excl depreciation) 575 575 587 598 610 622 635 648 660 674 Variable Production Costs 2,035 3,404 4,291 4,669 5,078 5,521 6,000 6,519 7,079 7,685 Depreciation 152 152 152 152 164 178 192 207 224 242 Total Production Costs 0 2,762 4,131...
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026...
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 BVPS, start of year 7 7.61 8.51 9.51 10.73 11.77 13.17 14.4 15.91 17.58 19.43 21.47 23.72 25.38 27.16 29.06 EPS 0.81 1.1 1.3 1.52 1.64 2 2.03 2.16 2.39 2.64 2.91 3.22 2.37 2.54 2.72 2.91 ROE 0.116 0.145 0.153 0.16 0.153 0.17 0.154 0.15 0.15 0.15 0.15 0.15 0.1 0.1 0.1 0.1 Payout Ratio 0.247 0.182 0.231 0.197 0.366 0.3 0.394 0.3...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT