4.3f Tech Flashcards
Why might a business use technology in its marketing mix
It will allow businesses to expand and seek opportunities where they can sell online or even promote themselves online. This is needed for them to stay competitive.
What is e-commerce?
E-commerce is the activity of buying or selling of products on online services or over the Internet.
What is m-commerce?
Transactions electronically by mobile phone.
Define promotional mix
The combination of promotional activities that a business uses to make customers aware of a product, with the aim of increasing sales.
Examples of promotional mix:
- introducing e-commerce or m-commerce to meet customer needs.
- using more digital communication such as blogging and social media activity to promote products and keep customers interested in the brand.
- changing aspects of product design by incorporating new technologies into the product.
- lowering prices due to savings made by using efficient technologies in the production process.
- Changing prices as a result of greater availability of information to customers, such as through price comparison websites.
What is the impact of using technology?
By introducing e-commerce to meet consumers need, it increases convenience of internet shopping
How does setting up an online platform help a business?
Changing the amount of places allows more platforms for the product to be available to customers to increase market share.
How does social media help a business ?
Using more digital communications it will keep customers updated and interested about the brand/product and promote the product.
Define market shares.
The percentage of total sales of a product in a market that is taken by one business in that market.
How do the elements of the marketing mix work together?
With the four element (4ps) there are a variety of factors that influence the flu elements such as competitive environment, changes in consumers needs or trends and changes in technology.
