Business - 3.7, 3.8

Question 1

marketing strategy

Answer 1

• plan to combine the right combination of the four elements of the marketing mix for a good / service to achieve a particular marketing objective

Question 2

viral marketing

Answer 2

• when consumers are encouraged to share info online about products of a business

Question 3

e-commerce

Answer 3

• ‘online’ buying and selling of goods and services using computer systems linked to the internet and apps on mobile phones

Question 4

how technology influences the marketing mix - product

Answer 4

• adding new features
  eg. AI

Question 5

how technology influences the marketing mix - pricing

Answer 5

• gathers customers purchasing habits
• able to change prices based on demand

Question 6

how technology influences the marketing mix - place

Answer 6

• created new opportunities
  eg. online purchasing, e-commerce

Question 7

how technology influences the marketing mix - promotion

Answer 7

• social media marketing
• viral marketing

Question 8

social media network for promotion - advantages

Answer 8

• able to target specific demographic groups
• target customers can see ads
• info is updated regularly
• cheap to use

Question 9

social media network for promotion - disadvantages

Answer 9

• alienate customers if they find adverts annoying
• need to pay for pop-ups
• potential customers may not use social media
• messages can be altered

Question 10

own website for promotion - advantages

Answer 10

• no extra cost
• control advertising
• can change adverts quickly
• interactive adverts are more attractive
• can link to other pages

Question 11

own website for promotion - disadvantages

Answer 11

• potential customer may not see the website
• relies on customers findings
• design costs can be high

Question 12

dynamic prices - definition

Answer 12

• when businesses change product prices, usually when selling online

Question 13

opportunities of e-commerce to business

Answer 13

• promote business worldwide
• save costs (no physical shops)
• encouraged to purchase more (easy & attractive)
• easy to purchase supplies (B2B)
• great price flexibility

Question 14

opportunities of e-commerce to consumers

Answer 14

• no need to leave house
• comparisons between prices are easier
• easy payment
• easy access to goods / services abroad
• cheaper

Question 15

threats of e-commerce to business

Answer 15

• high competition
• website must be clear, easy-to-follow
• transport costs
• no face-to-face contact (primary research)
• returns = increased costs
• no need for storage

Question 16

threats of e-commerce to customer

Answer 16

• customer need access to the internet
• can lead to frustrated customer
• products cannot be touched
• no face-to-face contact
• possible cautions of security of credit cards