Unit 16 : Technology and Marketing Mix Flashcards
Define Social Media Marketing
a form of internet marketing that involves creating and sharing content on social media networks to achieve marketing goals
Define Viral Marketing
when consumers are encouraged to share information online about a business’s product
Define how Technology Influences Product
may change to respond to new technology
Define how Technology Influences Promotion
social media marketing and viral marketing can be used to promote
Define how Technology Influences Price
the internet allows businesses to gather information about customer purchasing habits, which means dynamic pricing can be used to increase revenue
Define how Technology Influences Place
the widespread spread of online purchasing and e-commerce. Can create new opportunities
5 Opportunities of Using Social Media for Promotion
- targets specific demographic groups who can share information through viral marketing
- guarantee of reaching customers
- information can be regularly changed, speed in response to market changes
- cheap / low cost for advertisements
- reaches difficult to reach groups
4 Threats of Using Social Media for Promotion
- alienates customers who find adverts annoying
- businesses have to pay for advertising if using pop-ups
- lack of control over advertising if used by others
- messages can be altered, used badly and forwarded causing bad publicity
6 Opportunities of Using Websites for Promotion
- no extra costs if website is already set up
- website is owned, allowing control over advertising
- can quickly change / update adverts, pictures, prices, etc.
- interactive adverts can be more attractive than magazines / posters
- can provide more information in adverts + link to other pages for more information
- attracts funds / payments from companies that want to advertise / associate / link with website
4 Threats of Using Websites for Promotion
- potential customers may not see website
- relies on customers finding website
- design costs may be high
- team needed for updates / bugs which can be costly
Define E-Commerce
online selling / buying of goods / services using computer systems linked to the internet and apps
5 Benefits of E-Commerce to the Business
- cheaper than other forms of marketing
- orders can be directly sent to warehouse for dispatch
- attractive / easy to follow websites encourage customers to buy more than intended
- business - 2 - business e-commerce is cheaper
- dynamic pricing is easier to employ with number of visitors on website
7 Threats of E-Commerce to the Business
- customers can easily find alternative if price is too high
- website should be clear + well designed which can be costly
- transport + packing costs are expensive
- no direct contact, can’t gain useful customer feedback
- returns are expensive
- stock system is needed to manage orders accurately + efficiently
- not suitable for personal services
6 Benefits of E-Commerce to Customers
- no need to leave house, convenience
- comparisons for prices and products can be easily made
- payment through credit / debit card is easy
- easy access to imported goods
- lower prices
- packaging + transport costs are cheaper due to competition on the internet
4 Threats of E-Commerce to Customers
- need access to internet
- products can’t be seen, touched or held
- high chance of fraud / theft
- no direct contact, hard to get information