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Questions and Answers

What is a forward auction?

A forward auction is when sellers solicit bids from potential buyers and the highest bidder wins the items.

What is the difference between name-your-own-price and find-the-best-price online marketing models?

Name-your-own-price allows customers to decide how much they are willing to pay, while find-the-best-price allows customers to specify a need, and an intermediary compares providers and shows the lowest price.

What were dumb terminals used for?

Dumb terminals were introduced to allow remote job entry from user departments.

What is a reverse auction?

<p>A reverse auction is when a buyer, usually an organization, posts a request for a quotation and interested suppliers submit bids electronically, with the lowest-price bidder winning the auction.</p> Signup and view all the answers

How does group purchasing work in online marketing?

<p>Group purchasing (e-coops) involves small buyers aggregating demand to create a large volume and conducting tendering or negotiating a low price.</p> Signup and view all the answers

When were personal computers first introduced and which company legitimised the market in 1981?

<p>Personal computers were first introduced in the late 1970s, and the IBM PC legitimised the market in 1981.</p> Signup and view all the answers

What is the benefit of electronic marketplaces and exchanges in online transactions?

<p>Electronic marketplaces and exchanges allow for efficient transactions with lower transaction costs in electronic marketplaces (private or public).</p> Signup and view all the answers

What is cloud computing and what does it include?

<p>Cloud computing provides access to a shared pool of computing resources over a network. It includes computers, storage, applications, and services.</p> Signup and view all the answers

Who typically uses reverse auctions?

<p>Governments and large corporations frequently use reverse auctions, as they can provide considerable savings for the buyer.</p> Signup and view all the answers

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Study Notes

  1. Online direct marketing allows manufacturers or retailers to sell directly to customers, especially for digital products and services.
  2. Electronic tendering system uses B2B with a reverse auction mechanism for businesses to request quotes from suppliers.
  3. Name-your-own-price allows customers to decide how much they are willing to pay and an intermediary matches a provider.
  4. Find-the-best-price allows customers to specify a need, and an intermediary compares providers and shows the lowest price.
  5. Affiliate marketing involves vendors asking partners to place logos on partner sites and paying commissions for purchases made through the logo.
  6. Viral marketing involves recipients of marketing notices sending information about the product to their friends.
  7. Group purchasing (e-coops) involves small buyers aggregating demand to create a large volume and conducting tendering or negotiating a low price.
  8. Online auctions involve companies running auctions of various types on the internet.
  9. Product customization allows customers to self-configure products or services and sellers to price and fulfill them quickly.
  10. Electronic marketplaces and exchanges allow for efficient transactions with lower transaction costs in electronic marketplaces (private or public).

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