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Nov 8, 2017 in Economics
Radical Business Transformation
Disconnection between customers and producers is very common in internet marketing. This is because the two parties involved in the business do not have an opportunity to meet and share one on one ideas. This connection is necessary in any business where customers converse with company regarding plans and recommendations which could be aimed at propelling the business to higher performance levels. Manipulation of products is also common. Due to business completion, internet marketing encourages copy cuts and counterfeits of products from competitors. Copied ideas and strategies could be used to benefit the competitor when it was not their original idea or could be used to taint the reputation of another company that is likely to be doing better. Based on both advantages and disadvantages of internet marketing discussed in this research paper, it is important for every company to be extra cautious in adopting such an approach.
Indeed no single technology has ever influenced businesses in the world like the internet. Many companies have realized exponential growth due expanded operational domain and improved customer-company relations. As a marketing tool, the internet offers incredible possibilities for both individual and cooperate business people through 24 hours daily worldwide connection. It offers unique opportunities for business expansion in terms of expansion, advertisement and serves as a source of relevant information for both producers and customers globally. The global connectivity offered by the internet creates a competition ground for thousands of companies to compete in selling or producing certain products.
Many businesses can now be completed at the click of the mouse unlike traditional methods of marketing which require face to face interaction with the customer. Customers are able to do online shopping and compare various commodities online before making a final decision or without hassling to visit a shopping mall for displays. Additionally, customers stay connected and informed in terms of up to date information and latest services or products around the globe to facilitate satisfaction of their needs (Sweeney 2004, p. 54).
Companies also have to appreciate the fact that the internet has the power to shape the structure of business through radical business transformation. The internet influences both the demand of a product and the general cost incurred during production. Many companies have realized value innovation through the use of the internet as a marketing tool, a dream that would have remained a mirage for decades. Kim and Mauborgne (1997). Many companies foresee drastic performance even as almost every business considers internet. It however important for companies to be cautious in employing this marketing strategy because of the risks involved.