Year 11 Exam > Year 11 Notes > Business Studies for GCSE/IGCSE > Technology & the Marketing Mix
Technology & the Marketing Mix | Business Studies for GCSE/IGCSE - Year 11 PDF Download
Introduction to E-Commerce
- E-Commerce, also known as electronic commerce, refers to the buying and selling of goods and services over the internet.
- Businesses have the option to conduct transactions through their own dedicated websites.
- Alternatively, popular online platforms like Amazon, Ebay, and Etsy provide opportunities for small businesses to showcase and sell their products online.
- The increasing prevalence of e-commerce has led to a rise in online payment methods, with customers commonly using credit/debit cards for transactions. This trend has also boosted the adoption of contactless payment systems such as Apple Pay and Paypal.
Opportunities & Threats of E-Commerce
- E-commerce offers convenience to customers and serves as a competitive advantage.
- It enables small businesses to access a broader customer base.
- However, establishing an online store can incur significant costs, and some buyers may have apprehensions regarding online transaction security.
- Both businesses and consumers must carefully weigh the opportunities and threats presented by e-commerce.
Opportunities and Threats of E-commerce to Business
Opportunities and Threats of E-commerce to Customers
Question for Technology & the Marketing MixTry yourself: What is e-commerce?View Solution
Using the Internet and Social Media for Promotion
- Social media marketing focuses on promoting products or services to users within online communities like Facebook, Twitter, Instagram, and YouTube.
- Businesses utilize interactive posts comprising images, audio, and video, often at minimal expense.
- Viral marketing involves leveraging online platforms to promote products through content designed for easy sharing and engagement by social media users.
- For instance, during the COVID-19 pandemic, Coca-Cola and McDonald's launched campaigns emphasizing community, resonating with the public's desire for social connection and support.
- Engaging with customers on social media fosters connections, encourages repeat purchases from current customers, and draws in new customers as content spreads among users.
- As social media platforms progress, businesses must adjust their strategies to stay abreast of the latest trends.
- For example, Instagram has served as a favored platform for businesses to showcase their products through collaborations with influencers.
- More recently, many businesses have redirected their attention to endorsing their brands via concise video content on platforms like TikTok.
The Influence of Technology on Sales, Costs and the Marketing Mix
The document Technology & the Marketing Mix | Business Studies for GCSE/IGCSE - Year 11 is a part of the Year 11 Course Business Studies for GCSE/IGCSE.
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FAQs on Technology & the Marketing Mix - Business Studies for GCSE/IGCSE - Year 11
| 1. What are some opportunities of e-commerce for businesses? |  |
Ans. Some opportunities of e-commerce for businesses include increased reach to a global market, lower overhead costs compared to brick-and-mortar stores, the ability to operate 24/7, and the opportunity to personalize the shopping experience for customers.
| 2. What are some threats of e-commerce that businesses should be aware of? | |
Ans. Some threats of e-commerce that businesses should be aware of include security risks such as data breaches, competition from larger online retailers, the challenge of building trust with online customers, and the need to constantly adapt to changing technology and consumer preferences.
| 3. How can businesses effectively use the Internet and social media for promotion in e-commerce? | |
Ans. Businesses can effectively use the Internet and social media for promotion in e-commerce by creating engaging content, utilizing targeted advertising on platforms such as Facebook and Instagram, engaging with customers through social media channels, and leveraging influencer partnerships to reach a wider audience.
| 4. How does technology impact the marketing mix in e-commerce? | |
Ans. Technology impacts the marketing mix in e-commerce by enabling businesses to collect and analyze data on customer behavior, personalize marketing messages and offers, optimize website and mobile app experiences for better conversion rates, and streamline inventory management and fulfillment processes.
| 5. What are some common challenges businesses face when transitioning to e-commerce? | |
Ans. Some common challenges businesses face when transitioning to e-commerce include the need to invest in new technology and infrastructure, training employees on how to use e-commerce platforms effectively, building brand awareness in a crowded online marketplace, and managing customer expectations for fast and reliable shipping and customer service.
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Nov 22, 2024 Last updated |
Document Description: Technology & the Marketing Mix for Year 11 2024 is part of Business Studies for GCSE/IGCSE preparation.
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