Chapter 12 Flashcards
what is e-business
any key business process (including but not only buying and selling)
what is E-commerce
buying and selling on the internet
4 areas a business needs to consider in terms of e-business
how many shops vs how much online business
which products or services should be online and to who
how will you be different to competition
sharing info with management
what are the 6 I’s of marketing
interactivity
intelligence
individualisation
integration
industry structure
independence of location
what do the 6 I’s of marketing do
summarises the ways in which the internet can add customer value and improve the marketing
what does interactivity mean
can ask the customer questions and personalise the response unlike TV Adverts
what does intelligence mean
the marketing learns what you want
what does individualisation mean
it can show the customer exactly what they want
what is traditional branding
using marketing agencies to advertise on tv/ magazines etc. issue is they cannot be changed easily and very expensive
how can you achieve acquiring customers through e-business
search engine optimisation - coming up at the top
forums - communicating with peers and customers
viral marketing
banner advertisings on other websites
social media - interacting with customers
why is being the first mover (being innovative and the first to do something ) a competitive advantage
establish scale ahead of competition, have economies of scale and therefore the most competitive price
learning curve affect brings cost advantages
leads to enhanced reputation
gains access to potentially scarce resources
what is disruptive innovation
is something that challenges established players by using technology to create a new business model such as AirBNB
what is blockchain
public form of bookkeeping that uses a digital ledger to allow individuals to share a record of transactions. would allow accountants to verify transactions with clients in real time and see where when it happened
