Business

• 1. Business


  Carrying out the goals of business through utilization of the Internet
• Digital Media


  Electronic media that function using digital codes via computers, smartphones, and other digital devices
• Digital Marketing


  Uses all digital media, including the Internet and mobile and interactive channels, to develop communication and exchanges with customers
• Characteristics of Digital Marketing

  • Addressability
  • Interactivity
  • Accessibility
  • Connectivity
  • Control
• Addressability


  The ability of the marketer to identify customers before they make a purchase
• Addressability


  • Amazon installs cookies on a user's computer that allows it to identify the owner when he or she returns to the website
• Interactivity


  The ability of customers to express their needs and wants directly to the firm in response to its marketing communications
• Interactivity


  • Texas Instruments interacts with its customers on its Facebook page by answering concerns and posting updates
• Accessibility


  The ability for marketers to obtain digital information
• Accessibility


  • Google can use web searches done through its search engine to learn about customer interests
• Connectivity


  The ability for consumers to be connected with marketers along with other consumers
• Connectivity


  • Volition Beauty's website encourages customers to submit their makeup and skin care product ideas, which can then be voted on by other users for the chance to be created
• Control


  The customer's ability to regulate the information they view as well as the rate and exposure to that information
• Control


  • Consumers use Kayak to discover the best travel deals
• Fast and inexpensive communication
• More interactive
• Easier to conduct marketing research and advertise
• Internet markets are more similar to traditional markets than they are different
• Lowers cost of communication
• Improved communication within/between businesses
• Digital media differs from conventional marketing techniques in that:

  • Communications are richer, faster, and more interactive
  • Companies can reach target markets more easily, affordably, and quickly
  • They help marketers utilize new resources in seeking out and communicating with customers
• One aspect that has not changed with digital media is the importance of achieving the right marketing mix
• Digital media connectivity creates opportunities to add services and benefits to products
• Some products are only available digitally
• Businesses can offer more online than in a retail store
• Ability to access product information digitally impacts buyer decision making
• Internet can make it easier to learn about and anticipate consumer needs
• Processing orders electronically can reduce inefficiencies, cost, and redundancies
• Can increase speed throughout the marketing channel
• Omni-channel retailing


  Integrates the different methods of shopping available to consumers
• One of the best ways businesses can utilize digital media is for promotion purposes
• Increasing brand awareness
• Connecting with consumers
• Taking advantage of social networks or virtual worlds to form relationships and generate positive publicity about products
• Online promotion allows consumers to make informed purchase decisions
• Consumer consumption patterns are changing and marketers must adapt promotional efforts to meet them
• Price is the most flexible element of the marketing mix
• Digital marketing can enhance a product's value by providing service, information, and convenience
• Discounts and sales can be quickly communicated
• Deals websites allow consumers to compare prices of products