Friday, July 31, 2009
Week One - Reflection on Learning
Well, I must say that this week has certainly been a learning curve! I have never undertaken an online class and it is definitely a unique way of learning. After an initial panic, I managed to get through this week's tasks with the help from other students. Thank you to you all!
Thursday, July 30, 2009
Week One - The Wired World
1. Define e-business and e-marketing.
E-business refers to business such as the buying, selling and trading of information, goods and services, over the Internet by means of the World Wide Web (Collins Internet-Linked Dictionary of Marketing, 2003). E-marketing is the application of marketing principles and techniques via electronic media and more specifically the internet. It encompasses all the activities a business conducts via the worldwide web with the aim of attracting new business, retaining current business and developing its brand identity(www.quirk.biz).
2. What are performance metrics and why are they important?
Performance metrics are constructed to encourage performance improvement, effectiveness, efficiency, and appropriate levels of internal controls. They are important as they are used to measure customer satisfaction, organisational performance and workforce excellence, which is vital if a business is to thrive in the long-run (www.orau.gov).
3. What are some of the key legal issues that affect e-marketing?
The majority of consumers yield personal information via the internet, and therefore are more vulnerable to be victims of fraud. Companies also face difficulties in maintaining consumers' privacy as there are problems in policing and regulating all personal information that is submitted and exchanged.
4. How does technology both raise and lower costs for companies?
Technological developments influence the composition of Internet audiences and the quality of material that can be delivered to them. For example, consumers would not get the same experience ordering a gift basket online than if they were to physically walk into a gift store and select the goods themselves. They may perceive the gift basket with different values and qualities. Although technology lowers costs by reducing materials and physical involvement, it also creates costs such as the investment in expensive hardware and software and web page developments. Furthermore, current technologies are made obsolete when new technologies emerge.
5. As a technology, how does the Internet compare with the telephone?
In comparison to the telephone, the internet offers more flexibility, control and freedom to the consumer. Consumers now have information on demand with the power of distance and time compression. Marketers have to become better at delivering customer value to meet the demands of a more sophisticated consumer base.
6. What are some of the marketing implications of Internet technologies?
Consumers have control and access to information on demand. They are becoming more demanding and sophisticated, and therefore marketers have to improve at delivering customer value. Internet technologies have changed traditional marketing by creating a power shift from sellers to buyers, death of distance and time compression.
7. What are the three main markets of e-business, and how do they differ?
An e-marketplace is nothing but electronic marketplace. It is an electronic exchange where firms register as sellers or buyers to communicate and conduct business over the Internet. The three main markets of e-business are the right owner, open standards and cost efficiency. The right owner, for example, might be a web-based mediator that steps in to roll up volumes on behalf of buyers and sellers. Open standards are building bridges to enable open communication between buyers and sellers and also between marketplaces. Cost efficiency refers to developing ways to provide other services related to the supply chain (www.wiki.answers.com).
8. In the context of e-marketing, what does "revenge of the consumer" mean?
"Revenge of the consumer" started with television channel surfing using the remote control. Consumers did not seem to appreciate that commercials pay for broadcast TV programs. At the start of the 21st century, consumers gained control via 'the mouse'. As a result, they became more demanding and sophisticated. Therefore marketers had to become better at delivering consumer value.
E-business refers to business such as the buying, selling and trading of information, goods and services, over the Internet by means of the World Wide Web (Collins Internet-Linked Dictionary of Marketing, 2003). E-marketing is the application of marketing principles and techniques via electronic media and more specifically the internet. It encompasses all the activities a business conducts via the worldwide web with the aim of attracting new business, retaining current business and developing its brand identity(www.quirk.biz).
2. What are performance metrics and why are they important?
Performance metrics are constructed to encourage performance improvement, effectiveness, efficiency, and appropriate levels of internal controls. They are important as they are used to measure customer satisfaction, organisational performance and workforce excellence, which is vital if a business is to thrive in the long-run (www.orau.gov).
3. What are some of the key legal issues that affect e-marketing?
The majority of consumers yield personal information via the internet, and therefore are more vulnerable to be victims of fraud. Companies also face difficulties in maintaining consumers' privacy as there are problems in policing and regulating all personal information that is submitted and exchanged.
4. How does technology both raise and lower costs for companies?
Technological developments influence the composition of Internet audiences and the quality of material that can be delivered to them. For example, consumers would not get the same experience ordering a gift basket online than if they were to physically walk into a gift store and select the goods themselves. They may perceive the gift basket with different values and qualities. Although technology lowers costs by reducing materials and physical involvement, it also creates costs such as the investment in expensive hardware and software and web page developments. Furthermore, current technologies are made obsolete when new technologies emerge.
5. As a technology, how does the Internet compare with the telephone?
In comparison to the telephone, the internet offers more flexibility, control and freedom to the consumer. Consumers now have information on demand with the power of distance and time compression. Marketers have to become better at delivering customer value to meet the demands of a more sophisticated consumer base.
6. What are some of the marketing implications of Internet technologies?
Consumers have control and access to information on demand. They are becoming more demanding and sophisticated, and therefore marketers have to improve at delivering customer value. Internet technologies have changed traditional marketing by creating a power shift from sellers to buyers, death of distance and time compression.
7. What are the three main markets of e-business, and how do they differ?
An e-marketplace is nothing but electronic marketplace. It is an electronic exchange where firms register as sellers or buyers to communicate and conduct business over the Internet. The three main markets of e-business are the right owner, open standards and cost efficiency. The right owner, for example, might be a web-based mediator that steps in to roll up volumes on behalf of buyers and sellers. Open standards are building bridges to enable open communication between buyers and sellers and also between marketplaces. Cost efficiency refers to developing ways to provide other services related to the supply chain (www.wiki.answers.com).
8. In the context of e-marketing, what does "revenge of the consumer" mean?
"Revenge of the consumer" started with television channel surfing using the remote control. Consumers did not seem to appreciate that commercials pay for broadcast TV programs. At the start of the 21st century, consumers gained control via 'the mouse'. As a result, they became more demanding and sophisticated. Therefore marketers had to become better at delivering consumer value.
Tuesday, July 28, 2009
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