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Principles of Marketing

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Principles of Marketing ­ MGT301
VU
Lesson ­ 42
After today's Lesson students should be able to explain the importance of the E. Marketing,
benefits of using internet as a tool to reach the customers, and at the same time a tool to do
business in more effective and time saving way.
A.
E-MARKETING
a. Internet Marketing:
Internet was used for the first time in 1982. It began to expand in 1991 with the World Wide Web.
Internet technologies pose managerial implications to business. Marketers are using internet as very
effective tool of marketing
b. Major Forces Shaping the Digital Age:
Digitalization and Connectivity: The flow of digital information requires connectivity which is best
provided by the Intranets, Extranets, and the Internet. The Internet explosion is the key driver of
the "new economy". New types of the intermediaries are also playing important role in the shaping
of digital age
c. The Role of the Internet in Marketing:
Internet is very important tool in marketing.
It is useful for marketers in different ways
like:
 It
is
the
fastest
growing
Internet
communication technology.
 Within the first five years, 50 million
people were connected.
Telephone
Posttall Serviice
Pos a Serv c e
 Capable  of  interactively  sharing
information in real time.
Internet is a new tool to reach consumers
initially different tools like telephone, postal
Radio
Television
services, radio and televisions were used as a
source to communicate to consumers but
now days along with these tools internet is
also being used as a source to reach and to communicate to customers/consumers. Using internet
companies can provide their information to customers through websites, search engines can be
used to coordinate the consumers and producers, customers can used the e. mails to connect to
the producers. Customers
and consumers not only
The Internet Pre senc e
acquire information through
internet but also can make
online purchases by placing
Engage iiniinteractive,perrsonaliz edcommuniications
Engage n nteractive, pe sonaliz ed communcations
orders to desired producers,
On--ine
On lline
it provides convenience and
E--mail
E mail
Web Siites
Web Stes
BannerrAds
Banne Ads
time saving for both
Viirtualsttore frontsand iinventorysystte ms
Vrtual s ore fronts and nventory sys e ms
Reduces
Lowerrsttorage
Lowe s orage
Easy access tto
Easy access o
Reduces
IInventory
nventory
costts
cos s
delliveryiinfo
deivery nfo
212
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Principles of Marketing ­ MGT301
VU
consumers and producers, as shown in the
fig. Companies can reduce their need of
inventory stocks by using the inventory
systems. Online banners, ads, website and e.
Busiiness--to--Consumerr
Bus ne ss to Co nsume
((B2C))
B 2C
mails  can  be  used  as  personalized
Basiic Forms
Bas c Forms
communication tools.
off
o
Ellecttroniic
E ec ron c
Commerce
Commerce
d. Electronic Commerce
Busiiness--to--Busiiness
Bus ne ss to Bu sn ess
((B2B))
B 2B
 E-Commerce-  The  process  of
conducting business transactions over
electronic  networks,  mostly  the
Internet
E-Marketing : The process of utilizing Information Technology in the conception,
distribution, promotion, and pricing of goods, services, and ideas to create exchanges that
satisfy individual and organizational objectives
E-Business: The use of Information Technology in all business tasks including
production, marketing, accounting, finance, and human resources management
Basic objective of the marketing is to use of 4 "P's" to meet customer's needs. This objective is
best achieved by using E. marketing in Supply Chain Management. Technology can be used to
increase efficiency of marketing and increases company profitability and adds customer value
e. Rules of E-Marketing:
General rules of E. Marketing are:
1. Power Shift from sellers to buyers
2. Increasing Velocity
3. Death of Distance
4. Global reach
5. Time compression
6. Knowledge management is key
7. Market deconstruction
8. Intellectual capital rules
f.
Buyer Benefits of E-Commerce
Convenience
Easy and private
Greater product access/selection
On--Liine Markett Share
On L n e Marke Share
Access
to
comparative
Salles Levell
Sa e s Leve
information
IInternet
nternet
Marketiing
RepeattPurchase
 Interactive and immediate
Market ng
Repea Purchase
Objjectiives
Ob ect ves
g. Seller
Benefits
of
E-
MarkettPosiitiioniing
Marke Pos t o n n g
Commerce:
IImage
ma ge
 Relationship building
Brand Awareness
 Reduced costs
Brand Awareness
 Increased speed and efficiency
 Flexibility
 Global access, global reach
213
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Principles of Marketing ­ MGT301
VU
h. Basic-Forms
i. Virtual Business:
There are two types of the electronic
commerce one is termed as business to
business and second is termed as
business  to  business  electronic
commerce. As the term indicates
business to consumer commerce mean
consumer acquires product through
electronic commerce for consumption
purpose while for business to business
commerce is used to sale the product
for further business processes. What
ever is the type of commerce it requires connection between the two parties which are buyer and
the seller. This connection and the interaction are provided by the virtual communities.
Manufacturers or sellers can use the bulletin boards, chat rooms, newsletters and discussion lists
for communication process that can facilitate the exchange process between the buyers and the
sellers. Major source of effectiveness of this system is dependent upon the internet technology that
is changed the world into global village.
j. Key Success Factor for Internet Businesses
Success of the internet business depends upon the offer of value and customer driven products
adjusting the prices according to products values, going for specific customers instead of the mass
marketing, distributing the products according to customer's convenience. Designing the
marketing mix that is 4ps in that way which is beneficent for both customers and producers.
k. Internet Marketing Objectives
As shown in the fig the main objectives of the internet marketing are, to have online market share,
to increase the sales level, make customers to make repeat purchases, market positioning, image
building of the company and creation of awareness regarding the brand of the company this can be
created by using different online promotional tools on internet that include bulletin advertisement,
button advertisement, targeted E. mail etc. By using these tools phenomenon of the digital world is
being created. Basic concept of the phenomenon is to provide the value products to the customers
with speed. Pakistani manufacturers/ producers can use the internet technologies for the
development of the businesses.
Some advantages that can be achieved by using internet include:
it can be used as a tool to do business
increase your customers base
increase your efficiency and effectiveness
cost effective
time saving
open new venue
Can become the part of global economy through internet marketing
214
Table of Contents:
  1. PRINCIPLES OF MARKETING:Introduction of Marketing, How is Marketing Done?
  2. ROAD MAP:UNDERSTANDING MARKETING AND MARKETING PROCESS
  3. MARKETING FUNCTIONS:CUSTOMER RELATIONSHIP MANAGEMENT
  4. MARKETING IN HISTORICAL PERSPECTIVE AND EVOLUTION OF MARKETING:End of the Mass Market
  5. MARKETING CHALLENGES IN THE 21st CENTURY:Connections with Customers
  6. STRATEGIC PLANNING AND MARKETING PROCESS:Setting Company Objectives and Goals
  7. PORTFOLIO ANALYSIS:MARKETING PROCESS,Marketing Strategy Planning Process
  8. MARKETING PROCESS:Analyzing marketing opportunities, Contents of Marketing Plan
  9. MARKETING ENVIRONMENT:The Companyís Microenvironment, Customers
  10. MARKETING MACRO ENVIRONMENT:Demographic Environment, Cultural Environment
  11. ANALYZING MARKETING OPPORTUNITIES AND DEVELOPING STRATEGIES:MIS, Marketing Research
  12. THE MARKETING RESEARCH PROCESS:Developing the Research Plan, Research Approaches
  13. THE MARKETING RESEARCH PROCESS (Continued):CONSUMER MARKET
  14. CONSUMER BUYING BEHAVIOR:Model of consumer behavior, Cultural Factors
  15. CONSUMER BUYING BEHAVIOR (CONTINUED):Personal Factors, Psychological Factors
  16. BUSINESS MARKETS AND BUYING BEHAVIOR:Market structure and demand
  17. MARKET SEGMENTATION:Steps in Target Marketing, Mass Marketing
  18. MARKET SEGMENTATION (CONTINUED):Market Targeting, How Many Differences to Promote
  19. Product:Marketing Mix, Levels of Product and Services, Consumer Products
  20. PRODUCT:Individual product decisions, Product Attributes, Branding
  21. PRODUCT:NEW PRODUCT DEVELOPMENT PROCESS, Idea generation, Test Marketing
  22. NEW PRODUCT DEVELOPMENT:PRODUCT LIFE- CYCLE STAGES AND STRATEGIES
  23. KEY TERMS:New-product development, Idea generation, Product development
  24. Price the 2nd P of Marketing Mix:Marketing Objectives, Costs, The Market and Demand
  25. PRICE THE 2ND P OF MARKETING MIX:General Pricing Approaches, Fixed Cost
  26. PRICE THE 2ND P OF MARKETING MIX:Discount and Allowance Pricing, Segmented Pricing
  27. PRICE THE 2ND P OF MARKETING MIX:Price Changes, Initiating Price Increases
  28. PLACE- THE 3RD P OF MARKETING MIX:Marketing Channel, Channel Behavior
  29. LOGISTIC MANAGEMENT:Push Versus Pull Strategy, Goals of the Logistics System
  30. RETAILING AND WHOLESALING:Customer Service, Product Line, Discount Stores
  31. KEY TERMS:Distribution channel, Franchise organization, Distribution center
  32. PROMOTION THE 4TH P OF MARKETING MIX:Integrated Marketing Communications
  33. ADVERTISING:The Five Mís of Advertising, Advertising decisions
  34. ADVERTISING:SALES PROMOTION, Evaluating Advertising, Sales Promotion
  35. PERSONAL SELLING:The Role of the Sales Force, Builds Relationships
  36. SALES FORCE MANAGEMENT:Managing the Sales Force, Compensating Salespeople
  37. SALES FORCE MANAGEMENT:DIRECT MARKETING, Forms of Direct Marketing
  38. DIRECT MARKETING:PUBLIC RELATIONS, Major Public Relations Decisions
  39. KEY TERMS:Public relations, Advertising, Catalog Marketing
  40. CREATING COMPETITIVE ADVANTAGE:Competitor Analysis, Competitive Strategies
  41. GLOBAL MARKETING:International Trade System, Economic Environment
  42. E-MARKETING:Internet Marketing, Electronic Commerce, Basic-Forms
  43. MARKETING AND SOCIETY:Social Criticisms of Marketing, Marketing Ethics
  44. MARKETING:BCG MATRIX, CONSUMER BEHAVIOR, PRODUCT AND SERVICES
  45. A NEW PRODUCT DEVELOPMENT:PRICING STRATEGIES, GLOBAL MARKET PLACE