Discuss about the Critical Summary of Four Recommended Readings.
Internet has emerged to be a new marketplace for global business leaders. With increase in globalisation, internet has joined the geographical and politically divided markets into a single economy to broaden the market reach of an organisation. According to the article of Shah (2008), Internet has emerged to be a medium of communication that removes the global politics to covert the global villages into a global marketplace. Furthermore, Zinkhan (2005) in his article also says that the concept of market place has changed over the global platform with the interdiction of innovative technology. Hence, a modern marketing theory has been introduced by Zinkhan in order to promote products or brand over the international platform.
Wirtz, Schilke and Ullrich (2010) identify “4C” Internet Business Model that can play an instrumental role drawing significant advantage in target market utilising the internet. Precisely, the article evaluates the emergent Web 2.0 phenomenon that can influence the overall strategic movement of internet-based business. On the other hand, Berthon et al. (2012) have illustrated the modern marketing strategies based on Web 2.0 framework including social media, creative consumers, and multimedia platform. Most effectively, the relentless alteration in modern communication technology has provided endless marketing strategies to the dynamic management leaders to create substantial opportunity Berthon et al. (2012). The Web 2.0 framework has replaced the traditional market concepts with the latest ones as the target audience has become more creative. The study also describes the aspects of Web 2.0 phenomenon leading towards competitive advantage. Meanwhile, the systematic knowledge using the Web 2.0 phenomenon can be illustrated in the report as well.
The report has been developed to critically summary the four articles presented above. The paper presents the main issues address in the articles that is related to the development of internet and its impact on global marketing policies. Furthermore, several globalisation theories and modern marketing theories have been discussed from the articles in order to critically analyse the evolution of internet as a modern marketplace. On the other hand, the practical applications of the learning from the four articles have been discussed to explain how internet can be used to make the marketing activities easier and effective.
The main issue addressed in the article of Zinkhan (2005) is the ways in which the concept of contemporary marketplace is changing with the emerging technology, i.e. the development of internet (Zinkhan, 2005). According to Zinkhan, a market is a place for exchange of ideas and goods in order to earn profit. But, in the contemporary world, markets have physical existences that are divided by geographical politics (Shah, 2008). With the emergence of internet and innovative technologies, the concept of marketplace has changed from a domestic market to a globally joined forum in which ideas can be easily exchanged (Shah. 2008). On the other hand, Shah (2008) relates the evolution of internet with global politics and says that separated markets have joined together due to the innovative technologies that have changes the concept of distinct markets. In the present scenario, there is no existence of a sole market. The whole world is joined together as a single unit eliminating the political barriers to make it easier for a business to sell its products over the sea.
The article by Wirtz, Schilke and Ullrich (2010) identifies the leading issues associated with the Web 2.0 phenomenon. Decisively, environmental alterations have forced modern business firms to renewal their strategic business model. As a result of the consequences, Web 2.0 phenomenon can be identified as one of the most convincing frameworks to adapt environmental changes (Wirtz, Schilke and Ullrich, 2010). On a broader perspective, failing to adapt the business model during the environmental alteration can prove to be disastrous. Added to that, there are significant regulatory as well as legal directives to be followed in case of restructuring the business model based on Web 2.0 framework that can be recognised as issues.
According to Berthon et al. (2012), Web-based technologies have their significant amount of restrictions and limitations that can create an adverse effect on marketing strategies. For instance, the Web 2.0 framework has provided data and information of the target audience regarding a market. Typically, due to lack of security, the data can be transferred or misplaced creating issues (Berthon et al., 2012). Apparently, internet-based information may be misleading at times in case of the emerging nations. The overall interaction created through web-based systems can provide fewer data. Moreover, the validity of user-generated content (UGC) must be questioned before implementing the same to marketing (Berthon et al., 2012). Such issues of the Web 2.0 framework have been evaluated in the article.
According to Zinkhan (2005), there is a need of modern marketing theories and techniques that can be used to seek success over the global platform. He presents the theory of market place as an engine of economic exchange that focuses on public life. Later on, in the article, Zinkhan presents the simple framework for understanding the impact of new technology on marketing theories (Zinkhan, 2005). Zinkhan explains the theories of e-marketing using two perspectives that are the importance of data quality and an example of retailing theory that can be used along with e-marketing theories to modify the marketing strategies.
On the other hand, Shah (2008) emphasises on the global governance framework that divides the world into small marketplace villages. Meanwhile, the development of internet platform removes the political barriers resulting into a single global market (Shah. 2008). According to her, internet has resulted into one political structure or teleology. According to her, the Internet Engineering Task Force has created a democracy in the global marketplace.
The article by Wirtz, Schilke and Ullrich (2010) determines the theoretical concept of business model and intervention of modern technology. During the alterations in environmental aspects such as market structure, modern technology, and regulatory provisions, modern organisations need to adapt latest strategic business models for long-term sustainability of business (Wirtz, Schilke and Ullrich, 2010). Therefore, transformation in business structure can be recognised in the most comprehensive way to support the change (Boateng and Okoe, 2015). The article evaluates the role of Web 2.0 phenomenon as a business model that can be influential to manage the changes in case of environmental alterations. Meanwhile, the ways to use the organisational resources to the business model has been developed in the study as well.
Berthon et al. (2012) have evaluated the latest trend of marketing leading to success. Most importantly, by providing a brief overview of modern marketing i.e. the Web 2.0 framework, creative consumer, and social media, the study has elaborated the interconnection between trending marketing strategy and the unique implication of value creation (Berthon et al., 2012). The identified aspects of marketing can be described as revolutionary for better services. Meanwhile, the aspects of marketing can be utilised to transform technology into marketing success (Ashley and Tuten, 2014). The interchangeable modern marketing dynamics of global market has been depicted in the study to draw substantial amount of competitive advantage over the other market participants. At the same, by using the Web 2.0 and social media, the modern marketers have explicitly recognised the rapid changing purchasing behaviour of the target audience. Thus, the internet platform has influenced the marketing networking in a position way.
In order to increase productivity and growth of business, remaining competitive should be termed as the order of the hour. By continuously developing the strategic business model, a contemporary business firm can promote sustainability (Connor, 2015). Hence, it is important for the modern businesses to imply innovative technology in order to seek success over the global platform. With development of internet, the domestic markets have joined together eliminating the barriers of geographical politics to create a democracy in the global market (Foster, 2010). On the other hand, internet has created a virtual marketplace for the global sellers in order to reach a higher number of customers. The new aspects of marketing can be used as a revolutionary way of improving the services to increase customer satisfaction (Cheong and Park, 2015).
Meanwhile, it has become easier for the customers to reach different traders across the globe through a globe of a button. Not only the computers connect people to the global marketplace, but also the other innovative devices can be used to get in touch with various market leaders (Morris, Schindehutte and LaForge, 2012). Through embracing latest technology and internet platform, senior management of global MNCs has utilised the social media as a part of marketing enhancing the competitive advantage over other marketers (Berthon et al., 2012). But, there are several challenges that have emerged with the innovation of internet technology (Palo and Tähtinen, 2013). For example, the level of competition in the domestic as well as global market has increased with the emergence of the virtual market (Buxel, Esenduran and Griffin, 2015). Hence, it has become important for the domestic organisations to join the trend in the global marketplace to survive and seek growth in the current market scenario.
The comprehensive framework of Web 2.0 phenomenon can be utilised in the modern business restructuring to deal with the environmental operations. By using the internet as a platform, an organisation can use the pervasiveness of social media networks to generate data and information (Wirtz, Schilke and Ullrich, 2010). At the same time, internet-based business models can match the changing behaviour of the target audience leading to successful management of the business (Shih, Lee and Huarng, 2016). Also, the Web 2.0 phenomenon can increase the potential ideas of the executives in adopting latest technology as a part of business.
Meanwhile, by applying the functions of marketing with Web 2.0, social media and creative consumer’s point of view, modern marketers can impress the target audience in a better way (Pitt and Berthon, 2011). Precisely, social media has become global and the modern organisations and renowned brands have effectively utilised the platform to convince the purchasers to buy their products (Wang and Vaughan, 2014). Clearly, international marketing has become easier than before due to Web 2.0 and social media as intersection of the three aspects can deliver improved marketing concepts leading to long-term business feasibility.
It has become important for the domestic organisations to join the trend of globalisation through the implementation of modern technologies. As domestic markets have been converted into global marketplace with the development of technology, the management of an organisation must implement the modern marketing theories in order to survive in the current business environment. A failure to improvise the change may lead to a devastating end of the business (Welling and White, 2016). The application of online business model through the implementation of e-commerce portals can be helpful for the small businesses to fight the global competition in the local markets.
Conclusion
Development of internet has created a global market for the domestic as well as international businesses that are free of political barriers in terms of marketing activities. Hence, it is important for the management of modern organisations to improvise the innovative marketing strategies and policies to survive and seek success over the global platform. The implication of Web 2.0 phenomenon can certainly create the value of a business using the internet platform. The internet-based wave of alterations has influenced the contemporary business management to adapt Web 2.0 framework leading towards sustainable growth in business. By following the market trends, the comprehensive Web 2.0 business framework can provide clear guidance to the management leading to a competitive edge. In this way, the transformation of a business model using Web 2.0 can continue the development creating value and strategic recommendation to be followed. The modern social media networking sites i.e. Facebook, Twitter, YouTube and other leading sites have been utilised by the modern marketers to identify the creative consumer’s mindset. Furthermore, the Web 2.0 has ensured that the network and media and consumers can be managed efficiently at the internet platform. Evidently, the array of marketing networks have been replaced mostly by Web 2.0 framework and social media marketing concepts creating significant marketing strategies for respective target audience.
References
Ashley, C. and Tuten, T. (2014). Creative Strategies in Social Media Marketing: An Exploratory Study of Branded Social Content and Consumer Engagement. Psychology & Marketing, 32(1), pp.15-27.
Berthon, P., Pitt, L., Plangger, K. and Shapiro, D. (2012). Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy. Business Horizons, 55(3), pp.261-271.
Boateng, H. and Okoe, A. (2015). Determinants of Consumers’ Attitude towards Social Media Advertising. Journal of Creative Communications, 10(3), pp.248-258.
Buxel, H., Esenduran, G. and Griffin, S. (2015). Strategic sustainability: Creating business value with life cycle analysis. Business Horizons, 58(1), pp.109-122.
Cheong, H. and Park, J. (2015). How do consumers in the Web 2.0 era get information? Social media users’ use of and reliance on traditional media. Journal of Marketing Analytics, 3(3), pp.135-146.
Connor, M. (2015). Creating Customer Value in a Digitally Transformed Future. Journal of Creating Value, 1(2), pp.204-213.
Foster, S. (2010). Creating HR value through technology. Strategic Direction, 26(8), pp.3-5.
Morris, M., Schindehutte, M. and LaForge, R. (2012). Entrepreneurial Marketing: A Construct for Integrating Emerging Entrepreneurship and Marketing Perspectives. Journal of Marketing Theory and Practice, 10(4), pp.1-19.
Palo, T. and Tähtinen, J. (2013). Networked business model development for emerging technology-based services. Industrial Marketing Management, 42(5), pp.773-782.
Pitt, L. and Berthon, P. (2011). Just when you thought it was safe to go back into the Web: Marketing meets Web 2.0, social media, and creative consumers. Business Horizons, 54(3), pp.181-183.
Shah, N. (2008). From global village to global marketplace: Metaphorical descriptions of the global Internet. International Journal of Media & Cultural Politics, 4(1), pp.9-26.
Shih, L., Lee, Y. and Huarng, F. (2016). Creating Customer Value for Product Service Systems by Incorporating Internet of Things Technology. Sustainability, 8(12), p.1217.
Wang, F. and Vaughan, L. (2014). Firm web visibility and its business value. Internet Research, 24(3), pp.292-312.
Welling, R. and White, L. (2016). Measuring the Value of Corporate Web Sites. Journal of Internet Commerce, 5(3), pp.127-145.
Wirtz, B., Schilke, O. and Ullrich, S. (2010). Strategic development of business models: implications of the Web 2.0 for creating value on the internet. Long Range Planning, 43(2), pp.272-290.
Zinkhan, G. (2005). The marketplace, emerging technology and marketing theory. Marketing Theory, 5(1), pp.105-115.
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