e-marketing exam 2

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Discuss the frequency with which an internet marketing strategy should be updated for a company to remain competitive.

At least once a year. More often if strategies/products/services/trends/etc change.

Explain the essential elements of an internet marketing strategy.

Situational analysis: Where are we now? \n Objectives: Where do we want to be? \n Strategy: How do we get there? \n Tactics: How exactly do we get there? \n Actions: the details of the tactics: who, what, when \n Control: How do we monitor performance

Use Porter's 5 forces model to discuss the competitive threats presented to a company by other websites.

1. Power of suppliers - supplier's ability to change products/services/prices

2. Power of buyers - buyer's ability to change products/services/prices

3. Threat of Substitution - how easy or hard it is for products/services to be copied

4. Threat of New entry - how easy or hard it is for new competitors to enter an existing market

5. Existing Rivalries - competition between existing established businesses within a market

Briefly explain the purpose of activities involved in an external audit conducted as part of the development of an internet marketing strategy.

To evaluate a firm's effectiveness in business, marketing, and digital marketing. \n Looks at competitor's and their activity, relationships, customers, resources. SWOT analysis.

Explain 2 applications of dynamic pricing.

1. Offering a discount for first time customers

2. Changing the prices for things such as airplane tickets based on availability

How can an organization vary its promotional mix using the internet?

1. reviewing new ways of applying each of the communication elements ||| advertising, sales, PR, direct marketing |||

2. how the internet can be used at different stages of the buying process

3. promotional tools to assist in different stages of CRM - from acquisition to retention

Explain the relationship between database marketing, direct marketing, and relationship marketing.

Database: collecting data about customers, maintaining data integrity, and using data to make a marketing strategy \n Direct: using one or more advertising media aimed at achieving measurable responses or transactions \n Relationship: knowing your customers and updating products/services based on their communicated wants/needs in a mutually beneficial and long term relationship

How does a company initiate one-to-one marketing with a company using the internet.

Companies can initiate one-to-one marketing by exploring relationship marketing and virtual communities. \n One-to-one Marketing: a unique dialog that occurs directly between a company and individual consumers. The dialog involves a company in listening to customer needs and responding with services to meet those needs.

Explain the concept of a 'virtual community' and how such communities can be used as part of relationship marketing.

An internet based forum used for special interest groups to communicate. \n Companies can use these forums to gather information and build relationships with customers

What is the role of a database when conducting one-to-one marketing on the internet?

To hold up to date, appropriate information from the customers in order to create a better product or service to meet specific needs.