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IBDP Business Management Marketing Chapter 7 Notes
STUDY NOTES FOR BUSINESS MANAGEMENT – MARKETING CHAPTER 7 – E-COMMERCE
These notes have specially been curated by expert teachers to simplify and enlighten concepts given in IB Business Management HL. The notes are comprehensive in nature and are sufficient to study the chapter in depth, One need not look for other resources beyond the notes provided on our website which can be accessed for free.
Business management IBDP is a part of group 3 Individuals and the Society of the IB curriculum. The IBDP Business Management course has been devised for imparting knowledge and understanding of different theories of Business Management and application of various tools and methods. It enables the students to analyze and evaluate business activities at all levels- local, national, or international, It also helps in developing holistic understanding of the business environment today which is complex and fast changing.
The subject covers important characteristic of business organization and business functions of human resource management, finance and accounting, marketing, and operations management. The purpose of the course is to help students develop skills that enable them to think critically and make the right decisions after carefully evaluating and analyzing the issue at hand. It also aims at developing the understanding of the importance of innovation and exploring business from different cultural perspectives.
The chapter on E- commerce begins with defining the underlying concept of electronic commerce, which is about trading of goods and services through electronic systems and computer networks over the internet. It further explains its essential features, which include its 24\7 accessibility, global reach, customer reviews and feedback, entry barrier and access to information. It also highlights the important elements which are involved in marketing of the products on an e-commerce platform via focusing on various marketing mix components like price, place, promotion, and product.
The effect of price on the mix of e-commerce business has been discussed in detail along with how the composition, quality and the packaging of the product are important characteristics of the marketing mix. It even explains the three different types of e-commerce, mainly Business to Business (B2B)- when one business organization is dealing with another organization, Business to Consumer (B2C)- where consumers are the end users of the services and Consumer to Consumer (C2C)- where consumers are involving themselves for trading or selling their products to other consumers. The chapter ends with analyzing the benefits and limitations of e-commerce.