Location based services (LBS) is an information service that has a wide exposure in social networking which can be accessed through mobile devices. This uses the information on geographical position of the mobile device. LBS can be used in various areas such as health, banking, entertainment, education, work, personal life, weather, postal and vehicular tracking, mobile commerce etc. this service can be cited as an example for telecommunication convergence.
The LBS provides lots of information on social events in a city, helps to navigate to an address, warning on traffic jams, advertisements, nearby restaurants, services and other venues.
When analysing the involvement of LBS in an organisation, we have to consider the prestigious consumer needs and availability of the company’s products and services to the users. Thus while developing a marketing strategy, the ...view middle of the document...
Even though surveys and social media marketing are vital aspects in marketing, LBS provide more benefits to the marketers.
While considering the benefits of LBS to a company, there are several benefits received by the company such as:
* LBS help the company to reach wider audience, which in turn generate profits.
* Improves the business networking.
* Creates social connection.
* Helps to analyse competition.
* Generation of new clients.
For instance, when two small companies enter into a relationship of mutual benefit by partnership upon LBS, they can form a network of companies, which helps to open several areas for bigger profits of the whole concerned companies. The location based advertising (LBA) in mobile focusses on a variety of aspects in marketing like distribution, traffic, awareness, performance measures, fashion etc.
A study by Jupiter Research says that, “nearly 1.5 billion people will be using LBS by 2014, with a global market worth $12.7 billion worldwide.” Thus, LBS pave a chance for the brands to achieve deeper and profitable customer relationships.
LIST OF REFERENCES
* http://www.directionsmag.com/channels/location-based-services/podcasts/whats-new-in-location-based-advertising/369048 , DIRECTIONS MAGAZINE
* http://www.rcrwireless.com/article/20140212/wi-fi/ruckus-introduces-wi-fi-based-positioning-service/ , RCR WIRELESS
* HARVARD BUSINESS REVIEW, Jan/Feb 2014, Vol: 92; Authors: Simonson, Itamar, Rosen, And Emanuel
* MINTEL OXYGEN, http://academic.mintel.com/display/592998/
* MINTEL REFERENCE, http://academic.mintel.com/display/523096/?highlight
* www.eogogics.com/talkgogics/blog/LBS, GERRY CHRISTENSEN (EOGOGICS INC)
* http://mobiledevices.about.com/od/marketingapps/tp/How-Location-Based-Services-Can-Benefit-B2b-Companies.htm, ABOUT.COM BY PRIYA VISWANATHAN
* http://www.iabuk.net/sites/default/files/white-paper-docs/Location%20Based%20Advertising%20-%20Whitepaper.pdf, IAb UK