b) Suggest two ways digital marketing and media help companies to cut costs and improve communication to remain competitive. (40 marks)
First of all, they speed up communications and make them more efficient. The Internet can also reduce transaction costs by reducing the amount of paperwork and the number of employees needed. Many industries benefit from having consumers go online directly rather than hiring people to complete transactions. Digital communications can also reduce errors by maintaining electronic records of everything. Internet has created tremendous opportunities for businesses to forge relationships with consumers and business customers.
QUESTION 2
a) List the five (5) key characteristics of "Digital Marketing" (50 marks)
1. Addressability is the ability for a business to identify consumers before they make a purchase
2. Interactivity allows customers to express their needs and wants directly to the firm in response to its communications
3. Accessibility allows consumers to find information about competing products, prices, and reviews and become more informed about a firm and the relative value of its products
4. Connectivity keeps customers and businesses connected with each other
5. Control refers to consumers’ ability to regulate the information they receive via the Internet
b) Discuss four different ways of doing business and shopping with digital media. (50 marks)
1. Fast communication
2. More interactive
3. Comparison shopping easier
4. Easier to conduct marketing research and advertise
The Internet is fast and cost-effective for most businesses
Digital markets are more similar to traditional markets than they are different
The Internet has lowered the cost of communication and transactions
1. Industries where the costs of business and customer transactions were
traditionally high have benefitted the most from the Internet.
Controlling employee access to digital media is becoming a problem as many
employees waste work time engaging in digital media.
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