As we finish our last class of Comm 346 we would like make a comparison between tradition marketing and internet marketing. One of the biggest things we take away from this course is the power of internet marketing. Traditional marketing practices involve investment in several different mediums (Tv, magazine, radio.. etc) without really knowing which medium is producing a return on your investment. However, with internet marketing it is a lot easier to pinpoint exactly what is working and generating revenue and what is not. Through tools like Google analytics the internet marketer can find out marketing effectiveness and insights into website traffic. This allows internet marketers to target specific markets and understand their market better. Dan from PG listings showed us this with a real life example of his business.
With traditional marketing, the place aspect is very important and often a hurdle. For example with traditional marketing mediums if you were to purchase a billboard in Vancouver the only people who would receive the message are those in Vancouver, passing by that billboard. With internet marketing, creating a website or an advertisement allows for anyone around the world to view your advertisement. The internet is a universal platform, goods can be sold to several markets instead of being geographically confined. A drawback of this is the competition is much more fierce and the internet marketer must be on their toes, ready to adapt to the ever changing environment.
With internet marketing, price is much more relevant. Consumers have access to all competitors prices and are able to easily and quickly evaluate the product. Traditionally brick and mortar companies could rely on geographic location to attract customers but on the internet this isn’t the case, making price much more important. Essentially, what the internet does is create a much more efficient marketplace by removing several obstacles such as geographic location and customer uncertainty. Customer uncertainty is greatly lowered by online communities and the wealth of customer reviews and information. The drawback of this is the company has a lot less room for error as any slip up will spread extremely fast.
With traditional marketing, the place aspect is very important and often a hurdle. For example with traditional marketing mediums if you were to purchase a billboard in Vancouver the only people who would receive the message are those in Vancouver, passing by that billboard. With internet marketing, creating a website or an advertisement allows for anyone around the world to view your advertisement. The internet is a universal platform, goods can be sold to several markets instead of being geographically confined. A drawback of this is the competition is much more fierce and the internet marketer must be on their toes, ready to adapt to the ever changing environment.
With internet marketing, price is much more relevant. Consumers have access to all competitors prices and are able to easily and quickly evaluate the product. Traditionally brick and mortar companies could rely on geographic location to attract customers but on the internet this isn’t the case, making price much more important. Essentially, what the internet does is create a much more efficient marketplace by removing several obstacles such as geographic location and customer uncertainty. Customer uncertainty is greatly lowered by online communities and the wealth of customer reviews and information. The drawback of this is the company has a lot less room for error as any slip up will spread extremely fast.
Throughout this course we have really learned the power of internet marketing. Not only is it benefital for online business but also for businesses in general. We highly recommend this course for future commerce students.
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