Pl – Describe the role internet marketing has within a modern marketing context UP describe how selected organizations use Internet marketing Internet Marketing Internet Marketing, or online marketing, refers to advertising and marketing efforts that use the web and e-mail to for direct sales, as well as sales leads from websites or emails. Today, Internet Marketing is evolving into a broader mix of components a company can use as a meaner of increasing sales.
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The benefits of internet marketing is that it’s much more cheaper online as you can have discounts available and also here Is less man power required meaning that online there would be automatic paper work done so It’s less hassle. They also don’t have any property rent. And with nearly all the stores you can’t keep them open 2417 whereas online that Is possible. So if you needed something last minute you would be able to rely online. And with loads of website they’re able to sell worldwide, such as River Island they can sell worldwide.
And also you’d be able to access websites from cacaos the world such as America. The currency converter is very convenient for users internationally. With a tore most of the times you wouldn’t find something that you really wanted, but online, you would because they have the wider range of clothing with the details with them such as the material or the size guide. And you’re able to filter on most website so they can find the correct product that is suitable to your match, or they would give you suggestions that are similar to your match.
Modern Marketing functions within the private sector business operating to generate profits, so it attracts and keeps the customers. Marketing only exists in some areas where there are goods and services re bought and sold. There Is marketing for nearly everything from clothes, to cars, to even food. Wherever there are people or organizations want the goods or services, there is market. Marketing has become a core to every business in the past couple of years.
Within marketing it’s really important to find
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out what the customers want to meet their requirements in full and to relate to products to these requirements. The good things about this is that the results are much more measurable so you would be able to see If the company online are going anywhere with It, such as Amazon. They are only a online based website but they are really popular. And with modern marketing It Is pretty much accessible to any types of business, regardless It being small or big.
And through some websites they are able to build relationships with their customers. Whereas with traditional marketing is much more deferent. This is because traditional marketing utilizes strategies like direct sale such as radio, TV, mail and any sort of print advertisement such as posters. Traditional methods may be the only meaner of reaching your particular group of consumers. For Instance If o are Interested In a certain group, much of this Isn’t utilized using the Internet or social media channels.
Person to person selling is a considered by many strategy of traditional marketing. There is a definite time and place when this type of direct selling is the most effective way to market a product or service. But the downside to traditional marketing that it would be very expensive for purchasing advertisement on TV, and likewise on the internet it is very easy to track down record but within this scheme you can’t as It would be difficult. Relationship marketing Involves developing cuisines.
An organization must exceed customer satisfaction expectation to retain and develop long term relationships with customers. Traditional transactional marketing used to focus on attracting customers for “one off sale” rather than repeat business it takes a lot of work to persuade customers to make their first purchase with you, but if you can persuade customers to give you repeat business it will cost you less money and time. So it’s makes sense to keep existing customers happy.
Relationship marketing is a long term strategy to build relationship with individual customers either by special offers like in a shop they could be offering discounts such as if your spending over EYE in one shop such as MAC they’ll be able to knock some of that money off by E , points can be found in many shops such as Tests or Boots. With the points it allows you to buy anything you want. For instance in boots if you spend El you get appoints. Vouchers can also build relationships because some of these can be customized Just for you to spend it on.
Something that is personalized for you such as sending a letter with your name on It so its Just for you. How some businesses do this is that; on their website they will have a sign up button which allows you to stay in touch with the website so you’re up – to – on their website, they do this so they make you feel apart of them. The marketing mix consist of four combinations of the four AS: Product, Price, Place,a and Promotion. These four As are what the marketing work with to create a tactical mix, which is designed to achieve business aims and objectives.
The marketing function considers the features of a product offered to a segment of a market. During the product you have to decide what it is? Who is it aimed at? What does it do? And what should it do? Product Development decisions are based on the answers to these questions. Some businesses have to improve their product for the customers satisfaction. Such as a car company, they have to improve it for it to be beneficial for the driver. Such as heated seats or adjustable mirrors.
And in some company’s such as Head&Shcoulders they got shampoos and conditions in one, which would be beneficial for most consumer, as it would be easier to apply. The marketing also considers the Price a product should be set at. What sort of consumer will buy at a particular price? What would be the best price to attract a particular kind of customers? What price might get more people to buy? What price might create the best image? What might be the effect of a change in price?
Different “pricing strategies” are available according to what the business is aiming to achieve. Penetration pricing sets a price at a level that will gain a foothold in a market. Penetration pricing is a marketing technique in which a company offers a new product at a price significantly lower than its competitors. Once it has gained a large market share and customer base, the many begins to increase the price of the product. Companies sometimes use this technique when offering a new product, such as a new technology, to encourage customers to try the product.
Penetration pricing isn’t unique to the retail market. Wholesale distributors also use this technique to break into new markets. For example, a tool manufacturer may want to grow its customer base, so it offers extremely low wholesale prices to hardware stores to carry its products for a certain length of time. The hardware stores can sell the tools at a considerable profit during hat time and use that time to determine whether the tools are a good value for their negotiating a higher wholesale price with its now-loyal retailers.
Destruction pricing sets a price that will drive others out of the market. So for example if there was a company that sells makeup such as MAC, and their prices was reasonable for consumers to buy and the texture and the product is excellent, then consumers would obviously be buying it, because its affordable as well as it being good. This will make the other make up company’s stats drop immensely, and by this some company can go out of business. Competitors pricing bases the price on those of competitors.
When two products have similar core features, but are produced by different companies, competition results. Competition-based pricing strategy involves setting your prices based on your competitors’ prices rather than on your own cost and profit objectives. Before pricing your product, research your competition to figure out where you fit in or what to change. Such as coke and Pepsi, they’re pretty much the same thing, and they’ve got the same price so there would be competition within the business itself as well as the price.
Skimming is an approach under which a producer sets a high price for a new high-end product, such as the new phone or a uniquely differentiate technical product, such as one of a kind software or a advanced computer. Outs objective is to obtain maximum revenue from the market before substitutes products appear. After that is accomplished, the producer can lower the price drastically to capture the low-end buys and to repent the competitors . Discrimination Pricing is selling the same product to the customers at different prices depending on order size . Iris gaffer price discrimination, this type of discrimination squires the seller of a good to know the absolute maximum price or the reservation price that every customer is willing to pay. By knowing the reservation price, the seller is able to sell the good or service to each consumer at the maximum price he is willing to pay, and this transform the consumer surplus into revenue. Second degree price discrimination , price varies according to quantity demented. Larger quantities are available at a lower unit price. This is particularly widespread in sales to industrial customers, where bulk buyers enjoy higher discounts.See More on Marketing