E-commerce
B2C
The following are examples of what?
Age
Gender
Religion
Family Characteristics
Ethnic Grouping
Demographic Segmentations
OINKY
One Income, No Kids Yet
The following are examples of what?
Surveys (by mail, phone, online)
Interviews (one on one, face to face, by telephone)
Focus Groups (small number of people brought together to discuss a specific product or idea).
This process is used to determine the beliefs & feelings of existing & potential customers
Market Research
Customers can order online, without having to leave the home, shortening the ______ _______ which reduces the operating costs of online businesses.
Supply chain
These things make up the marketing mix
4 p's-Price, product, place and promotion
group of consumers with common needs or wants that a business selects as the best consumer group to sell the product to.
The Target Market
This type of research is collecting and analyzing data by observing what people do and say..The key research question is "why"?
Qualitative Research
Refers to all members of a particular group
Population
List 2 benefits of E-Commerce to business
Operate 24/7, 365
Reduces promotional expenses-social media is cheaper
Reduces need for paper
Reduced need for intermediaries such as retailers, agents and wholesalers
Dividing the market based on lifestyle choices or personality characteristics
Psychographic Segmentation
A product’s feature that differentiates it from other competing products in the market.
USP-Unique Selling Point
A small group of people selected to represent the population or target market.
Sample
List 2 costs of E-Commerce to businesses
completely dependent on internet technologies, so any technical problems, hacks or mechanical breakdowns will be costly to online businesses.
Possibility that goods being delivered to customers can get damaged or lost
Fraudulent trade which results in financial losses for the business.
Customers cannot always trust what is being bought online as the goods cannot be physically examined.
List 2 costs of E-Commerce to consumers
security issues-fraud and data theft
no personal interaction
Quality of products may be unknown-not comfortable buying big ticket items on line
Long term actions to achieve the marketing objectives
Marketing strategies
refers to either a tangible good or an intangible service that satisfies the needs or wants of the customer.
Product
A process that involves surveying the first group or individual who then suggests other groups or individuals who could participate.
Snowballing
What does the acronym SITCOM stand for?
Single income, two kids, outrageous mortgage
Which of the 3 types of E-Commerce we discussed is the largest in terms of revenue?
B2B-Business to Business
The following are examples of what?
Promote New Products or Services,
Grow Digital Presence.
Lead Generation. ...
Target New Customers. ...
Retain Existing Customers
marketing objectives
describes the process of dividing a market for a product into smaller or distinct groups of customers in an effort to meet their specific desired needs and wants.
Market Segmentation
Segmenting a given population into a number of groups that share certain characteristics such as age and gender. Targets are set for the number of people who must be interviewed in each segment.
Quota sampling
An Appropriate Marketing Mix Will Depend on a number of factors-Name 2 we discussed in class
The size of the organization
Is it a product or a service
Is it for a Niche or Mass Market
Consider the target market
Ethical, Legal and Cultural