1. 1.

What are the two prime external market factors affecting

pricing in the online environment?

External factors affects pricing are,

1) Demand

2) Competition

DEMAND: The market demand for a product or service obviously

has a big impact on pricing. Since demand is affected by factors
like, number and size of competitors, the prospective buyers, their
capacity and willingness to pay, their preference etc. are taken into
account while fixing the price.

If the demand of the product is inelastic, high prices may be fixed.

On the other hand, if demand is elastic, the firm should not fix high
prices, rather it should fix lower prices than that of the competitors.

COMPETITION :While fixing the price of the product, the

firm needs to study the degree of competition in the market. If there
is high competition, the    prices may be kept low to effectively face
the competition, and if    competition is low, the prices may be kept
high. A stiff competition prevails in the service market.
Competition exists among the service providers who offer similar
services. For example, banking operations in India has undergone a
dramatic transformation. There has been a remarkable change in
the nature of services offered by the banks. As there is a similarity
 in services rendered by banks, the pricing decisions of competing
banks have a direct bearing on a bank’s pricing policies

2. How do the reach and control of marketing communications in

owned, paid, and earned media differ?

Paid Media

The term paid media is exactly what it sounds like: you pay for
your marketing to show up in front of your audience.This can
include everything from search engine and display ads, to ads on
social media, paid influencers and even native advertising.Paid
media is a great way to get an immediate return on investment. It
helps you generate leads quickly, and it directs your audience back
to your owned media where you can nurture them and—eventually
—make a sale. It’s also relatively easy to measure the effectiveness
of your paid media using analytics.The caveats to all this are you
can only scale as quickly as your paid media budget allows, and
conversion rates on paid media are lower than owned and earned
media.

Owned Media

With owned media, you own everything: your website, your

blog, and your social media accounts. You are not paying for this
content to show up in front of your audience, but you have control
over all of it.
Owned media is a smart investment in any marketing strategy because
it has staying power. You can start a website and blog on day one of a
business and maintain it all the way until the end.That being said,
creating owned media takes time—both in developing the content and
getting it in front of your audience. It’s an organic process, but it has
the opportunity to grow and gain momentum over time.

Earned Media

The term earned media is cut and dry: you earn the marketing
that shows up in front of people.This can be anything from a press
release about your business to someone talking about your products
on social media.
The big benefit of earned media as part of your marketing strategy is
it’s like free advertising. Your business shows up in front of your
audience at no cost to you.The downside to is you don’t own or
control what’s being put out there – which also means, you guessed it,
there’s always a chance it can be negative media.

3. Search Google images for “social media dashboards.” Look at

several dashboards and follow their links to the companies that
created them. Which one would you recommend that a large
consumer goods company, such as Coca-Cola, use to monitor and
manage mentions online? Explain the reasoning behind your
recommendation.

A Social Media Dashboard is a reporting tool used to track

engagement metrics across multiple platforms using a single interface.
Social media dashboards pull data from Facebook, Twitter, LinkedIn,
Instagram, and Pinterest to create unified metrics reports.