Learning Objectives
How does society effect a company's Internet marketing strategies?
Society is a major driving force when it comes to sell products or services and can be very damaging to a business if they do not focus on the needs of the society they are involved with. There are many contributing factors that one needs to take into account, when creating an Internet marketing strategy. The customers location can be a huge factor in the success of a business. For example, a business selling a product or service online might not get the same response from people in the U.S. compared to say a person in India. There are many barriers such as religion, laws, and even the cultures of the customer.
An online marketplace analysis allows a company to focus on the important parts of the business. It allows a business to put into place a foundation for success. By researching the internal business processes, the competitors, and the customers, the analysis gives the business checklist to grow the business and keep things on track.
How has technology help change the way businesses use digital channels in their daily business processes?
With the evolution in technology, businesses have capitalized on using the technology to create new ways to streamline their business. One way technology has helped improve digital channels is the more available broadband access. This has allows customers to access the Internet at higher speeds than ever before. The higher speeds allow businesses to create a more customer-centric experiences on their websites. Another way technology has help change the way businesses run, is by providing an easier way to exchange data across the Internet. A business exchange customer data, product data, or transaction data allowing the business to streamline their processes.
Questions For Marketers
How do I complete a situation analysis as part of planning for digital marketing?
There are many important pieces that a business must research in order to complete a full situational analysis. The business must first build a list of competitors that complete within their market space. This leads to benchmarking such things as pricing structures, internal business model, their revenue model, and other such things. This research will gives the business the tools to know where they stand in the industry.
Next the business must assess their customers and their behaviors. This study allows the business to assess if there is a need for the product or services that are being offered. It also allows the business to understand the customers and what they want.
The business must also research the internal processes of their business in order to make sure they have the right strategies to meet the needs of their customers. This is important, because if the business does not have the right business processes in place, then they will not be able to meet the needs of the customers they are trying to purchase their products or services. The business must also make a decision on such things as their revenue model as well. They need to make sure they have the right revenue model in place in order to grow the business successfully.
Next the business must assess their customers and their behaviors. This study allows the business to assess if there is a need for the product or services that are being offered. It also allows the business to understand the customers and what they want.
The business must also research the internal processes of their business in order to make sure they have the right strategies to meet the needs of their customers. This is important, because if the business does not have the right business processes in place, then they will not be able to meet the needs of the customers they are trying to purchase their products or services. The business must also make a decision on such things as their revenue model as well. They need to make sure they have the right revenue model in place in order to grow the business successfully.
How are the competitive forces and value chain changed by the Internet?
The Internet has changed the way businesses do business. One way it has allowed businesses to have a competitive edge is the use of customization. The business can track the customers that purchase their products or services and learn the who, what, when, where, and why. This gives companies a huge competitive edge to know this type of information. Customization has also allowed businesses to benefit from reducing costs and giving the customer more satisfaction by allowing them to choose options on a product they would normally not be able to choose.
How do I assess the demand for Internet services and customer behavior?
There are three ways to assess the demand for Internet services and customer behavior. The first is Internet access, which can be a huge factor in getting the message of the business to the correct people. There are several ways a customer can access the Internet, which include broadband, mobile, or dial-up. Each of these can have an effect on what the customer will do, so by researching the customers for the business, the company can assess if they are using the right form of Internet marketing.
Customer influence is another big part of the research that goes into assessing the Internet services and behaviors. With the global access to the Internet, customers have learned to research and study the services and products they desire to purchase. The influence of other consumers that buy the products or services can sway a customer to purchase or not.
Many customers still feel that purchasing products or services over the Internet to be unsecure and risky. This can lead to many customers going else where or finding alternative products and services in which they can trust. Also, a customer will buy based on the amount of experience they have with the Internet and with computers in general. The more experienced users might not have a problem buying a product or service from a website, but the less experienced customers might prefer to use the phone to call in their order.
By researching these three categories, a business can become more enlightened as to what the demand is for the products or services they are providing.
There are three ways to assess the demand for Internet services and customer behavior. The first is Internet access, which can be a huge factor in getting the message of the business to the correct people. There are several ways a customer can access the Internet, which include broadband, mobile, or dial-up. Each of these can have an effect on what the customer will do, so by researching the customers for the business, the company can assess if they are using the right form of Internet marketing.
Customer influence is another big part of the research that goes into assessing the Internet services and behaviors. With the global access to the Internet, customers have learned to research and study the services and products they desire to purchase. The influence of other consumers that buy the products or services can sway a customer to purchase or not.
Many customers still feel that purchasing products or services over the Internet to be unsecure and risky. This can lead to many customers going else where or finding alternative products and services in which they can trust. Also, a customer will buy based on the amount of experience they have with the Internet and with computers in general. The more experienced users might not have a problem buying a product or service from a website, but the less experienced customers might prefer to use the phone to call in their order.
By researching these three categories, a business can become more enlightened as to what the demand is for the products or services they are providing.
How do I compare our online marketing with that of competitors?
Benchmarking allow businesses to compare their online marketing strategy with that of their competitors. Many businesses benchmark their competitors internal processing, price structure, finanicals, customer evaluations, and many other business related processes. By benchmarking key elements in a competitors business, the company can make sure they are meeting expectations they have set to meet in their own business. Benchmarking takes a lot of time and research, which will lead to very valuable information that a business can use to make sure they are successful in penetrating a market and meeting the expectations set in their marketing strategies.
What is the relevance of the new intermediaries?
With the advent of new intermediaries, there have been many things that have occurred. New intermediaries have lead to the diversification of the established intermediaries. They have found other types of services to offer such as dating, social communities, and auction. As with any businesses, as these services grew and became more popular, there were mergers and acquisitions that took place which altered the landscape of the intermediaries that offered these services. Finally, new intermediaries have lead to the discovery of alternative revenue models, which have allowed some businesses to thrive on the Internet.
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