Social Media Marketing – Midterm Questions
and Answers
e-commerce - ANS-digitally enabled commercial transactions between and among
organizations and individuals
web 2.0 - ANS-user-centered applications and social media technologies
EX: Twitter, Youtube, Facebook, Instagram, Wikipedia, StumbleUpon, Tumblr,
Pinterest
E-Commerce Technology Dimensions - ANS-
ubiquity - ANS-internet/web technology is available everywhere; at work, home,
and elsewhere via mobile devices, anytime
customer convenience is enhanced and shopping costs are reduced
EX: marketspace
global reach - ANS-the technology reaches across national boundaries, around the
earth
universal standards - ANS-there is one set of technology standards, namely internet
standards
EX: sending emails
richness - ANS-video, audio, and text messages are possible; all integrated into a
single marketing message and consuming experience
interactivity - ANS-the technology works through interaction with the user;
consumer becomes a co-participant in the process of delivering the goods to the
market
information density - ANS-the technology reduces information costs and raises
quality; information becomes plentiful, cheap and accurate
personalization/customization - ANS-the technology allows personalized messages
to be delivered to individuals as well as groups; based upon individual
characteristics
social technology - ANS-user content generation and social networks; enables user
content creation and distribution, and support social networks
Types of E-Commerce - ANS-
B2C (business-to-consumer) - ANS-general merchandiser that sells consumer
, products to retail consumers
EX: Amazon
B2B (business-to-business) - ANS-an independent third-party marketplace that
serves a specific industry; digital transaction between companies
C2C- consumer-to-consumer - ANS-enables consumers to sell goods directly to
other consumers; transaction between individuals
EX: Uber, Airbnb, Craigslist, eBay, Etsy
M-commerce (mobile e-commerce) - ANS-mobile devices such as tablet computers
and smartphones can be used to conduct commercial transactions
social e-commerce - ANS-attract customers from social media
EX: Facebook
local e-commerce - ANS-Groupon offers subscribers daily deals from local
businesses in the form of Groupon's, discount coupons that take effect once enough
subscribers have agreed to purchase
the internet - ANS-worldwide network of computer networks built on common
standards
Big Four - ANS-Google
Apple
Amazon
Facebook
Eight Key Elements of Business Model - ANS-
value proposition - ANS-"Why should the customer buy from you?"
- personalization/customization
- reduction of product search, price discovery costs (EX: Skyscanner)
- facilitation of transactions by managing product delivery
revenue model - ANS-"How will you earn money?"
- advertising revenue model
- subscription revenue model; freemium strategy (EX: Squarespace)
- transaction fee revenue model
- sales revenue model
- affiliate revenue model (EX: fashion blogger; company pays you to advertise
clothes)
market opportunity - ANS-"What marketspace do you intend to serve and what is
its size?"
competitive environment - ANS-"Who else occupies your intended marketspace?"
Influenced by:
and Answers
e-commerce - ANS-digitally enabled commercial transactions between and among
organizations and individuals
web 2.0 - ANS-user-centered applications and social media technologies
EX: Twitter, Youtube, Facebook, Instagram, Wikipedia, StumbleUpon, Tumblr,
E-Commerce Technology Dimensions - ANS-
ubiquity - ANS-internet/web technology is available everywhere; at work, home,
and elsewhere via mobile devices, anytime
customer convenience is enhanced and shopping costs are reduced
EX: marketspace
global reach - ANS-the technology reaches across national boundaries, around the
earth
universal standards - ANS-there is one set of technology standards, namely internet
standards
EX: sending emails
richness - ANS-video, audio, and text messages are possible; all integrated into a
single marketing message and consuming experience
interactivity - ANS-the technology works through interaction with the user;
consumer becomes a co-participant in the process of delivering the goods to the
market
information density - ANS-the technology reduces information costs and raises
quality; information becomes plentiful, cheap and accurate
personalization/customization - ANS-the technology allows personalized messages
to be delivered to individuals as well as groups; based upon individual
characteristics
social technology - ANS-user content generation and social networks; enables user
content creation and distribution, and support social networks
Types of E-Commerce - ANS-
B2C (business-to-consumer) - ANS-general merchandiser that sells consumer
, products to retail consumers
EX: Amazon
B2B (business-to-business) - ANS-an independent third-party marketplace that
serves a specific industry; digital transaction between companies
C2C- consumer-to-consumer - ANS-enables consumers to sell goods directly to
other consumers; transaction between individuals
EX: Uber, Airbnb, Craigslist, eBay, Etsy
M-commerce (mobile e-commerce) - ANS-mobile devices such as tablet computers
and smartphones can be used to conduct commercial transactions
social e-commerce - ANS-attract customers from social media
EX: Facebook
local e-commerce - ANS-Groupon offers subscribers daily deals from local
businesses in the form of Groupon's, discount coupons that take effect once enough
subscribers have agreed to purchase
the internet - ANS-worldwide network of computer networks built on common
standards
Big Four - ANS-Google
Apple
Amazon
Eight Key Elements of Business Model - ANS-
value proposition - ANS-"Why should the customer buy from you?"
- personalization/customization
- reduction of product search, price discovery costs (EX: Skyscanner)
- facilitation of transactions by managing product delivery
revenue model - ANS-"How will you earn money?"
- advertising revenue model
- subscription revenue model; freemium strategy (EX: Squarespace)
- transaction fee revenue model
- sales revenue model
- affiliate revenue model (EX: fashion blogger; company pays you to advertise
clothes)
market opportunity - ANS-"What marketspace do you intend to serve and what is
its size?"
competitive environment - ANS-"Who else occupies your intended marketspace?"
Influenced by:
