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How the internet influences the 4ps of marketing
The internet plays a big role as it influences most aspects of human life. The business field is among those areas that have been largely affected by the recent developments in information technology, especially the internet. The four Ps in marketing refers to Product or Service, Place, Price and Advertisement. Regarding the first P, the central issue is on what a customer needs in a service or a product.
This implies that both the marketers and the customers look at the ingredients and features of a service or a product. The developments regarding the internet have influenced this P since marketers or producers primarily focus on influencing customer choices by making both covert and overt attempts to alter how they perceive services and products.
In recent times, businesses concentrate on using the internet to show the differences in the products they offer from those offered by competitors (Stokes 1-10).
The second P refers to the place where products or services are located. As such, the focus is on outlets or supply centres. The development in internet has changed this P since marketers are now able to offer products online. Regarding advertising, it is noticeable that this P has changed since the internet has widened the platforms that marketers use to advertise.
Referring to the second P, Price reflects the value attached to a product. The price consumers are willing to pay for a product reflects the value they attach to a product. The internet has altered this P by playing a useful role. Customers are able to compare prices of products.
In the same way, marketers are able to assess prices of competitors. As such, the internet has influenced the pricing levels as competitors aim to control the market, while the customers aspire to enjoy the cheapest rates.
Marketing opportunities arising from the Internet
In the recent past, the internet has emerged as a force to reckon with in the marketing industry. The internet offers an additional outlet to businesses. Before the development of the internet, firms had to use physical channels to distribute products. This requirement is no longer mandatory since the internet offers a new platform that is available to all businesses (Stokes 10-20).
It is visible to keen observers that the internet presents a cheaper option in terms of marketing. As raised above, the internet changes how product distribution is carried out. As an illustration, products can be distributed using online approaches. Additionally, companies are in a position to advertise using the online platform. This implies that firms have a big opportunity to cut operation costs.
Operational costs are reduced since companies would no longer require large numbers of employees to carry out business activities such as selling. Cutting operational costs is important as it helps businesses save funds that could be used in other ventures. In addition, it is important to note that the internet offers a fast approach to solicit customer feedbacks on products. This enhances the provision of quality services.
Marketing needs to be packaged in a manner that promotes the goals of an organization. The act of packaging marketing captures the element of physical evidence. Marketing has such important attributes as People and Processes. However, the role of Physical evidence is indispensable in the marketing mix. Physical evidence relates to how a business entity presents its products or services and office arrangement to the market.
Organizations need to structure its physical appearance in the best way it desires the public to perceive it. Concisely, physical evidence revolves around assuring customers that the organization is credible. Such demands force organizations to comply with regulations.
At another level, physical evidence is viewed in terms of the qualifications of people working in offices. Individuals with top qualifications present a more acceptable picture than those of lesser credentials. In addition, the location of the offices of an organisation may influence how people look at an entity.
The AlertPay website is a good example that illustrates how companies show physical evidence. The website shows a picture of a woman and a man, probably browsing. Beside the picture are writings indicating that AlertPay is an equivalent of an online wallet. In addition, the website details the use of the payment system. The website also proves that it is compliant with the relevant rules and regulations.
The interplay between Social media and marketing
The advancement is social media coincides with developments in the internet. Hence, it is not surprising that social media is among the tools that have changed the conduct of marketing. Social media comes with many advantages to users, especially marketers. To begin with, marketers are able to reach a big number of customers instantaneously.
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This facilitates the gathering of information regarding customer preferences in addition to understanding the market dynamics. Moreover, social media is among the cheapest platforms available to marketers today.
It is however noticeable that those companies using social media should take measures to guard against hackers who have the potential of ruining reputations. Regarding against hacking is thus critical in guaranteeing the success chances of any organization.
Although the development in social media enables companies to market their products easily, it is important to take caution. This need arises out of the realization that social media is not available to all consumers. As such, the issue of targeting in marketing emerges.
Firms that use the social media approach should ensure that their target market is reachable using the media. However, without paying focus to the target market, it is highly likely that business entities may make losses. This holds if the major customers of a product do not belong to social media clubs.
The cartoon by Peter Steiner
The cartoon by Peter Steiner is valuable as it captures the changing face of the marketing industry. The main agenda held by Peter Steiner rests on the view that it is almost impossible to determine the identity of online participants in any forum.
Further, Peter Steiner uses the cartoon in reference to the determination of the accuracy of the information one receives on the internet. It is true that with the recent rise in the use of the internet, it is important to guard against fraudsters who may take advantage of unsuspecting parties.
The focal point of the cartoon rests on the notion that online advertising or marketing is based on the creation of impressions. While pursuing business goals, marketers do whatever it takes to present a picture that they are the best in the business. In practice, such representations may be false. This is the main aspect captured in the cartoon by Peter Steiner.
Stokes, Rob. eMarketing the essential guide to online marketing. Quirk Education, 2010. Web.