Learning objectives
What is the electronic market place?
The electronic market place consists of a few different types of market places that include Business-to-business, buyer-oriented, and supplier-oriented. As the Internet technology changes, the electronic market continues to evolve and grow. It has become easier for many different types of businesses to use the Internet to create ways to allow them to connect with less complications.
What are the implications for organizations seeking to operate efficiently and effectively online?
By creating online operations, businesses can create a more efficient way of processing. The technologies are constantly evolving and making it easier for them to create b2b processes that can cost less. The Internet has allowed businesses to communicate with the resource companies and consumers allowing them to save time and money.
What factors might influence whether an organization operating in B2B markets is trading online?
There can be many factors that will cause businesses not to be able to trade online. Technology can be one factor, which if both businesses do not have up to date or any compatible technologies, then they will not be able to communicate. Another type of influence that would hinder the ability for a business to operate in a B2B environment is the use of proprietary software, which may not allow the two businesses to communicate effectively over the Internet. Many things can influence a business from operating online, the key is to find the right combination and effectively use it to streamline business processes.
How are organizations using Internet technologies as part of their online marketing strategies?
There are many ways businesses can use Internet technologies in their online marketing strategies. Many businesses create buyer-seller relationships by using the Internet to create a bond between them and their customers through email, newsletters, and websites. Businesses also use the Internet for electronic billing to make it more convenient to pay their bills. Other types of strategies include self-service technologies, which in the instance of airlines, creates a way for passengers to drop off luggage through a self service drop off. This makes it easier for the customers who don't want to wait in line for a customer service person. Many businesses allow customers to sign up for products and services on their websites. This allows customers that don't care to talk to a customer service representative to be able to make a purchase or sign up for a product easier and more convenient.
Questions for marketers
What are the advantages and disadvantages of belonging to an electronic marketplace?
Some advantages include the use of the Internet to create convenient ways to interact with customers. It also allows businesses to develop a closer relationship with their customers. Another advantage is the use of the Internet to create B2B processes, which can streamline business processes allowing the business to save money.
Some disadvantages include the business not having technology that will allow them to compete in the electronic marketplace. Many small businesses don't have the resources to create an online business. Another disadvantage is the use of proprietary software, which might hinder the businesses ability to compete online.
What are your organization's source of competitive advantage and are they applicable in online markets?
There are a few competitive advantages in the business I work in. One is the exchange of data between our system and the insurance carriers. This allows us to be able to use our own systems to allow clients to sign up for benefits and then send these benefit applications to the carriers via the Internet. This is a lot less costly than writing out the application on paper and then sending them those applications. By doing this online, the exchange of benefit applications is almost real time.
How can your organization benefit from creating online efficiency and online effectiveness?
By using the Internet, our business can be both efficient and effective for both the client and the carriers of the insurance polices we serve. Online technology has allowed us to exchange data in a matter of minutes from the time an employee has signed up for a benefit to the carrier. This allows for an almost immediate response to what the employee has signed up for. It has also allowed our business create inexpensive ways of communicating with carriers of the insurance produces we offer. This saves both businesses time and money.
What are the key factors likely to influence whether your organization develops a billboard website, a fully-integrated transactional website and/or a market place trading portal?
There are many different factors involved in deciding what type of website a company will develop. One factor depends on the type of business the a company has. Another factor would be whether the business has the technology to create the type of website they desire. In many cases business don't have the resources to create the type of websites they want or need and this leads to them creating a website that partially meets their needs. Many companies will incorporate payment systems into their websites to make it easier for the customer to pay their bills. Other companies create full service websites that allow the business to sell their products online, allowing the customer to buy the products they are supplying online.
What is the strategic focus of your organizations digital marketing strategy?
Our business is a service to companies, so we supply a B2B service and the digital strategies are not what they should be. We should be using an online presence to create a customer relationship with the businesses we serve. We should also be using the online presence to build a larger customer base, than just the businesses we currently serve as word of mouth. I believe online presence is an important part of a business strategy in today's business environment.
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