Analyze the relationship and impacts between internet marketing and sales.
The research focuses on the application of internet as foremost tools for marketing to generate sales revenue. Today, internet not only influences people’s daily life as a social platform to communicate but also it has become an essential for business too. Internet has become a dynamic system, which has been adopted by every individual and companies. Being specific, companies are taking the advantages of internet marketing globally without any cultural or geographic restrain. Marketing strategy, on the other hand, has gone through tremendous change with the help of internet. To survive in the competitive market, internet marketing has not only become a tactics but also a necessity. Adverting and promoting via internet is a major tool for generating sales revenue and success of any business. The research study starts with the project objectives followed by the project scope and later by literature review which covers the application of internet marking by different companies and its relation with providing services to the consumers. Lastly, a brief conclusion is attached to conclude the research.
The impact of internet as a marketing platform and raise in sales has been the study of this report. In relation to this, it contains following objectives:
Above mentioned topics are the objectives of research which this course of research focuses on.
The scope of the project is around the sales made by the internet marketing. This project is all about the marketing strategy every individual or companies applying to generate the output or sales. The area covers the whole global for this project because the main focus is determined whether internet advertisement, and a product’s online status, could forecast sales revenue.
Literature review covers the major areas of this research which describes detail about the objectives mentioned above. Factors affecting and relating to internet advertisement and sales will be explained in the points to come.
Internet in today’s world has been a necessity, whether be a big company to operate its business or an ordinary individual to connect on social networking sites. Internet was introduced in early 90s, as a means of transferring or exchanging digital information or emails. Later, marketing professionals saw it’s prospective in drawing the costumers. According to Lewis, Internet marketing, also known as web marketing, or web advertising, or e-marketing, is referred to as marketing (generally promotion) of products or services over the Internet Marketing. It has been a popular topic in every business sector (completely online, partly online or completely offline). And taking about marketing strategy, internet has reach out to every way possible for its adverse marketing tactics.
This process simply uses Internet as a promoting or advertising medium to Sale Company’s product. It has been an easy option for consumer and provider to reach out what they are seeking for. Display advertising, web banner advertisement, pop-ups, text ads, email advertising are the commonly used tools which we see in our daily life. Two parties are involved in the process-publisher, who initiates advertisements into its online content, and an advertiser, who wants theirs ads to be displayed online. Accessing to this kind of advertisement has become a cheaper source of advertising for both small and mid-sized companies to sell their products.
As per Philip Kotler & Kevin Lane Keller, Integrated marketing can produce stronger message consistency and greater sales impact. (2006) Moreover, internet marketing allows any business to be accessible 24/7. This makes it capable of promoting, engaging and most importantly, selling around the clock without any boundaries of nation or geographic. This also helps the companies to evaluate about their marketing strategy and its effectiveness among cities, countries, etc as internet can measure everything.
Internet marketing has changed the way consumers interact with all media. In the recent past, before the emergence of the internet, consumers were required to buy newspapers frequently to know what was happening in their world and make purchasing decisions based on the information from such media. However, research has shown that the internet has influenced traditional media and changed the marketing game. Billions of consumers use various social media channels instead of the traditional marketing media. Approximately 1.15 billion, for example, visit Facebook every day (Albert & Sanders, 2003; Zahay & Roberts, 2018).). As such, marketers are turning to digital tools to reach their various target markets.
Internet marketing also gives businesses an opportunity to promote their products in an eco-friendly environment, which makes traditional marketing an out-dated option. According to Zahay and Roberts (2018), businesses have always known the need to market their goods and services without polluting the environment. However, since they had never gotten a tool to help them achieve this objective, they continued to rely on the traditional tools (Lashgari, 2018). They distributed paper products such as flyers in mass and ultimately contributed to pollution of the environment. The emergence of internet marketing has made it easier for the advertisers to reach their business goals without wasting many paper products and being unfriendly to the environment. Internet marketing, therefore, gives the organizations a viable option to market their products in an eco-friendly way and reach a significantly large number of customers.
The new marketing model also provides a higher level of efficiency than traditional product-promoting methods. Kovac?ic?, Podgornik & Pinteric? (2015) hold that internet marketing is benefitting organizations in ways the traditional ones could not as businesses are now able to track the performance of their advertisements in real time. Advertisers can now know the reaction of their audience and quickly modify the advertisement to meet the tastes of the audience if there is need. When necessary, marketers can also engage in split tests without incurring high costs. In this way, they are able to run two different advertisements concurrently and compare their performance. The testing enables them to create advertisements that attract many clients. In traditional marketing, they could not track the performance in real time or do split tests, and so the rate of failure was high (Barrell & Nash, 2003). Besides, companies that use traditional marketing can offer promotions, but they do not know the exact impact of their marketing efforts. Internet marketing, for that matter, offers added benefits such as ability to track progress in real-time and makes traditional marketing less effective for knowing whether advertisements are leading to conversions.
The internet also enables users to learn about various products, choose the appropriate ones, and purchase them online while traditional marketing only gives them the information. Internet marketing enables advertisers to provide all these critical services and communicate with their customers at each stage of the purchasing process (Baker, 2014; Babin & Zikmund, 2016). Organization strategies such as e-marketing campaign, search engine optimization, e-mail advertising, online conferencing, video broadcasting and internet TV to implement operative processes and create a strong brand identity on the Internet, which is crucial for enhancing brand loyalty.
Digital marketing also helps to reach various segments of the market more easily than traditional marketing does. Market segmentation is central to the success of any marketing efforts. With traditional marketing, it is difficult to target specific customers. Besides, people who are the bottom of the pyramid have no resources to have newspapers everyday to know what is happening around them (Blokdijk, 2015). With internet marketing, however, advertisers have at least four primary bases that they can rely on to segment customers. The first option, according to Charlesworth (2015), is geographic segmentation. Digital marketers have the ability to target people who reside in specific geographical regions. When people in the targeted regions go to the internet, they see the advertisements, but people in other locations do not see them. The second one is demographic segmentation, which internet marketing can also target. Several digital marketing tools are able to detect factors such as the age or sex of internet users. In this way, the marketing model enables marketers to target these individuals only. The psychographic and behavioral segmentation can also be achieved by using the devices. Artificial intelligence enables marketers to target the segments. Since people change their minds and incomes every day, only artificial intelligence can help detect the changes and help to supply the right information at the right time.
Digital marketing has had little or no impact on the principles of marketing management, but it has changed consumer behavior as it has led to the introduction of new products. Some products available in the market today such as after-purchase service never existed before the emergence of internet marketing. The technology provides more efficient setting for product testing, shorter product lifecycle, and better customization of products (Jones & Silverstein, 2009). The new products on the internet create value for consumers. Data mining also ensures marketers can determine the suitability of products for sale. Besides, some of the products can be offered directly over the internet. For example, students are able to learn from home and use the internet to communicate with their lectures. Internet marketing also increases the value of some products. The demand for some tickets, for example, is higher on the internet than in traditional sales points. The changes have led to the increase of the demand of many products online and the creation of new products, which makes internet marketing more attractive to some consumers than traditional marketing.
Additionally, internet marketing has increased competition, which leads to price standardization. Consumers can compare the prices of different products online and then make a purchasing decision. Those who use traditional marketing also standardize their prices to remain in the market Kotler, Kartajaya & Setiawan (2017) consider that since traditional marketing is more expensive than traditional marketing, markers who have been using it have been influenced to adopt the new marketing model to have the same benefits. As result, internet marketing ensures traditional marketers standardize their prizes to remain competitive.
The internet ensures constant availability and reliable transfer of information and interactivity, which increase customer satisfaction, trust, and commitment. According to Jones and Silverstein (2009), when customers are satisfied, they are willing to develop strong relationships with the businesses. Lashgari (2018) says satisfaction is responsible for the success of B-to-B businesses. In addition, internet marketing develops trust as they rely on the digital platforms to access reliable information. The internet also enables businesses to serve customers at the most convenient times, making the relationship stronger. As a result, the level of commitment to the businesses also increases. Due to the strengthening of relations, businesses that use digital marketing tools are able to register increased income.
The cost of internet marketing is comparatively cheap so it influences price of products and services. Today, four out of five people use their phones to shop online, which make it possible to reach a substantial fraction of the market at a low cost (Lashgari, 2018; Babin & Zikmund, 2016). Digital marketing, therefore, offers a cheaper and more convenient way to promote businesses, which can eventually translate to increased sales.
Additionally, since internet marketing helps organization to reach various segments of the market. The e-newspaper, for example, offers better services as they are easy to access for free and information in them are updated within few minutes, which make it faster and highly believable(Fox, 2012; Jacoby, 2011). Consumers are turning to the digital format of newspapers due to their cost- effectiveness and perceived believability, which helps to build business relationships. As a result, organizations that use the digital model are better positioned to register increased sales.
Conclusion
The internet has become the main tools for marketing as organizations use it reach the local and international markets without the common cultural or geographic barriers. The tool is also cost-effective. However, it has had a considerable effect on traditional marketing as well, which ensures the business world appreciates the contribution of internet marketing. Billions of people use the internet daily, and that makes digital marketing more useful for promoting products than traditional marketing. Besides, the former helps to create an eco-friendly environment that is necessary for increased sales as governments supports such initiatives. Besides, internet marketing enables marketers to track the performance of their advertisement every step on the way and ensure greater success in marketing and eventually sales. Internet marketing also makes it easy for businesses to reach the global market and introduce better-quality products, which eventually helps to standardize prices in the global market. Further, it enhances trust and commitment between businesses and their customers, which results to increased satisfactions. Ultimately, internet marketing increases the potential of organizations to have an increase in their sales.
List of References
Albert, T. C. and Sanders, W. B. (2003) E-business marketing. Upper Saddle River, NJ: Prentice Hall.
Babin, B. J., and Zikmund, W. G. (2016) Essentials of marketing research. Boston: Cengage Learning.
Baker, S. (2014) Internet marketing. Birmingham: Koros.
Barrell, D., & Nash, M. W. (2003) Reaching out: the financial power of niche marketing. Chicago: Dearborn Financial Pub.
Blokdijk, G. (2015) Digital marketing: simple steps to win, insights and opportunities for maxing out success. Aspley, QLD: Complete Publishing.
Charlesworth, A. (2015) An introduction to social media marketing. New York: Routledge, Taylor & Francis Group.
Fox, V. (2012) Marketing in the age of Google: your online strategy in your business strategy. Hoboken, NJ: John Wiley.
Jacoby, S. (2011) Never say die: the myth and marketing of the new old age. New York: Pantheon Books.
Jones, S. K., and Silverstein, B. (2009) Business-to-business Internet marketing: seven proven strategies for increasing profits through Internet direct marketing. Gulf Breeze, FL: Maximum Press.
Kotler, P., Kartajaya, H. and Setiawan, I. (2017) Marketing 4.0: moving from traditional to digital. Hoboken, NJ: Wiley.
Kovac?ic?, A., Podgornik, N. and Pinteric?, U. (2015) Internet marketing. London: Vega Press.
Lashgari, M. (2018) Digital marketing strategy: B2B and stakeholders communication. Stockholm: KTH Royal Institute of Technology.
Zahay, D. L., and Roberts, M. L. (2018) Internet marketing: integrating online and offline strategies. Boston, MA: Cengage Learning.
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