How Internet Marketing Builds Upon Marketing Principles and Offers Customers Greater Freedom
Benefits to Customers
The increase of availability of so many products and services on the internet has introduced so many opportunities and benefits to customers
Opportunities to compare and select providers
The internet allows great deal of price transparency for consumers this gives the consumer to compare the price of each product on the internet prices are stored digitally in databases shopping bots or price search engines is used to search the best prices available on the web (www.kelkoo.co.uk) and (www.gocomparison.co.uk
The two screenshots show the prices of products and a button which says compare products the price of products are bold to stand out
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The benefits of internet marketing to customers is that customer do not physically have to visit a store to see which product is cheaper to purchase than another with internet marketing customers can easily compare prices and quality of a product with a click of a button
Internet marketing beats traditional marketing because the advantages are that consumers can easily sit back at home and click and the website just simulates the prices and shows a value of each product and which product is the best to purchase also they do not have ot visit a store and frequently ask questions to a member of staff about which product is cheaper and where a certain product is they can simply compare prices and choose which bproduct is best for them in the comfort of there home
The disadvantages of internet marketing is that prices of products change often online and when comparing the price of the two products may increase at a later stage
Increased Bargaining power
Instead of prices being set by organisations the internet is capable of turning this situation to the opposite side for example ebay.co.uk and letsbuyit.co.uk allows customers to set their own prices on their products in which they are selling consumers are to place bids for the product after viewing the minimum reserve price which is acceptable to the seller
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This benefits people as they can sell a product at their price which they think they can make a profit for and also consumers who are willing to make a bid for the product will know they can get this certain product for a cheap price then in a store
internet marketing beats traditional marketing because
Internet advertising is at an all time high, and consumers are attracted to products that they can get more information on over the Internet. Also, "buzz" promotion can be created efficiently via Internet.
Conclusively, Priceline.com has brought an exciting and provides other businesses with inspiration to follow their strategies. Many consumers have benefited from this Internet Company and as a result have saved money to spend on other wants. Now we have the option of choosing a price and giving countless vendors the chance to bid. For better or worse, this could transform the way we think of shopping, as well as the way in which we do it. Conceivably, it could alter the nature of balance and power between vendors and consumers. In addition, it restructures long-standing capitalistic business and sales traditions. This new business model appears to have the potential to give enormous new powers to people who want to buy things, since their price is being offered to many thousands, even millions, of possible sellers. The new business method venture is successful and it opens the doors for consumers who are tired of the fixed prices they have to pay.
The threat of substitute products is high, which can limit the price charged for the product. Technology has aided to increase the threat of substitute products because more consumers are using the Internet to research prices, find sales and read reviews. If Under Armour can obtain a patent on all of its products, this will stop Nike and Adidas from completely copying their products. The bargaining power of buyers is high mainly because customers that focus on price have a lot of power. Buyers can force prices to go down or demand higher quality services or products, which may increase operating costs. There are no switching costs, which means customers have several options on which products to choose.
Competitions in retail industry have always been tough. Without the significant competitive advantage it is nearly impossible to survive in the market. The online shopping has increased the competition to maximum level. Some customer wants to fell and touch the product, so the visit the outlet and showroom and consumer with price as major factor believe that they can get goods cheaper online than in store. Online selling at deep discount is even making inroads into major consumer purchases such as
In today’s market customers have the advantage of more options in the marketplace. The internet has made it easier by removing the barriers and inconveniences of switching suppliers. For example, a customer can go to Amazon.com to buy a product without even leaving their house.
Based on these concerns, retailers in the international marketplace have their work cut out for them. But through proper education of consumers, and the ever-expanding growth of the infrastructure in many countries, the future seems to be leaning heavily towards using the Internet for many needs.
First of all e-commerce is an area of marketing that uses networks to buy, sell and service a business 's products and services. Some pros e-commerce offers overall is that is can reach a wide variety of customers all over the world rather than just the ones in our area. Customers often impulse buy when online shopping which is a bonus for us when it comes to the online business. It is also easier to keep track of competitors and price changes since the competitors website is easily accessible. It’s also a great way to highlight major sales and make them more public than one would be able to just promoting it in a store. For example using social media and the website we can easily get the word out about special deals like buy one get one free drinks. Some cons; however, is that it takes away from interaction with customers. Customer interaction and good customer service is a key point in keeping our customers coming back to Not Your Average Ice Cream Shop so not having that connection could possibly hurt us in the long run. There is also a higher risk of losing money due to hackers and online fraud that could cause a business to lose it’s online customer base. Also a website can’t always be reliable since there is always a possibility of servers crashing or a customer not having access to the internet at all. Lastly, you can risk losing company information to scanners which can cause your
Price is one of the element in marketing mix, which it is very plays a very heavy role because marketers uses price as communication medium with customers where the message is being clearly perceived by customer as what it meant to the marketers (Dickson and Sawyer, 1990; Monroe and Lee, 1999; Vanhuele and Dreze, 2002). A product price is one of the main decision methods for both customer and also retailers as now the market is very competitive, price has made its position and role in differentiate in designing marketing and business strategies.
Pricing is one of the most important components within the theory of marketing mix. The firm’s decision on the price of the product and the pricing strategies impact the consumer’s decision on whether purchase the product. The competition within the market today is extremely high and, for this reason, businesses must consider their competitor’s actions to take advantage in the market. Moreover, the steadily increasing knowledge of internet and IT technologies has made easier to carry out comparisons between different products and services. Companies must be aware of those factors and price their products accordingly.
...shop at home and any time without going anywhere and just sit in front of the laptop, computer or any other devices that may connect to the internet to do purchasing. Consumers usually want to save their time and money to search products and services by using internet. It is easy for them to survey the items that they want and making purchase by online easily. It can take several days physically o go form a location to different location and it cost customer’s time and fuel to find the items that hard to find. Apart from that, e-retailing also is an efficient way for retailing business to do business transaction. The cost to start the business is less than doing business with brick and mortar. Plus, fewer license and permits required doing this type of business. Fewer employees needed to run this e-retailing business and it can avoid from paying high utility costs.
This might appear obvious to many shoppers. But I believe multitudes of people purchase items without ever considering what they buy could be found elsewhere for less money. Even I am guilty of assuming that Walmart has the best prices on everything. If I take a small amount of time to search for a specific coffee maker, I can find the large chain store 's prices such as Walmart, Target, Best Buy, and Sears, along with other smaller retailers. (In some cases smaller stores ' prices are lower.) Many stores price match, so if I prefer to shop at Walmart because I live close to one, I can have them match the competing retailers lower price. Also, many retailers provide free shipping on online orders totaling a certain amount. Therefore, if physically visiting the store with the lowest prices is not feasible, shoppers can order items online for no extra charge. However, ordering from brick-and-mortar stores—physically or online—is not always the best option. Websites such as Amazon and eBay have millions of items from multiple sellers. Sellers will compete with each other for the lowest price, often providing shoppers with a price lower than those of larger stores. Regardless of how and where you purchase your items, taking time to shop around is a wise
The channels are effective at obtaining and motivating higher lifetime value for customers such as email marketing, which efforts repeat purchases to preceding customers. An online business can sell its products 24 hours a day. While through online marketing we can easily offer content, audio and video clips on the internet for a very low cost. In an online marketing, they would keep ads up for a longer time and pay much less. The cost is very low for web marketing based
Online shopping has been growing since the put the first online store on the web, now you can shop from anywhere around the world and have it shipped to you directly. Comparing the product against other online store competitors; making it easier to find the best price on the web. You can research the product and make sure this what you need before buying it. The internet is twenty-four hour shopping center, you can shop at what ever time you and wherever you have time for it, making it more convenient to use online shopping. Using it can create more time for the things you would like to do.
Internet marketing is a reliable tool and affordable. It is easy to introduce a product and brand through internet. It is easy for marketers to work on internet marketing. They can show a better thing to consumers in less time and cost. (Jamie Swartz)
Available goods and services: Customers are benefitted from online stores as they provide more variety of goods from all over the world than any physical store. All the brands are available. Most companies have their websites to offer goods/services online, no matter they have any front store or not. Many traditional retailers sell certain products only available online to reduce their retailing cost or to offer customers with more choices of size, color etc. Also, online shopping sometimes offer good pay plans and options for customers. They can decide their payment amount and date in their own convenience &