Below is P3 and the evidence given is the analysis of the opportunities offered to Business using internet marketing. Internet Marketing offers many opportunities to businesses in relation to product development in many ways. Internet marketing is also known as online marketing where businesses are able to advertise their goods and services via the internet and maybe present it worldwide. It is the latest and speedy advertising strategies in today's business world. Internet marketing covers, public relations, customer service, sales and information management just like any other traditional marketing strategy. Internet marketing is vital for some businesses such as those that are ONLY based ‘online’. Also is plays a really good role for them and also for other businesses as it provides many opportunities in relation to product development. One strategy of internet marketing that identifies product development opportunities is that it allows immediate sales of products; this can include banking, insurance policies. Etc. Benefiting to customers as they would not need to ‘waste’ time through waiting at queues; searching for items in crowds; looking for prices etc. Also businesses would be able to gain more customers and enlarge their product awareness etc. Businesses would be able to encourage more sales through this as it includes other marketing strategy in one page of a website, or with few clicks of a mouse for example when searching for a product before purchasing it customers/individuals are able to view other formats of the product such as videos, images, information etc. ASOS as an online businesses product development is really important as it helps gain a higher status and achieve customer targets; achieve business aims and objectives as it helps give customers their needs and wants. ASOS gives their customers the opportunity to purchase items from their website immediately and easily. This shows that ASOS giver the opportunity to purchase items from their website immediately and easily. Another strategy used by internet marketing for product development is ‘Market development’ this enables the ability to expand markets more cost-effectively. Market development is a strategy of targeting non-buying customers in currently targeted segments and it also targets new customers in new segments. When businesses choose their targeted customers they market their goods/services that will encourage those forward to gain sales. Organisation use internet marketing as a way of advertising in many ways mentioned in the other post on this blog which is also a way of product development. Products will not develop if there were no marketing involved for them, which will mean no sales for businesses. This strategy gives the opportunity to expand customer awareness of a product and another advantage is that it is cost-effective; this is because the internet is based worldwide which gives the opportunity to reach out to more range of people, become accessible virtually anywhere in any country in the world by a potential customer that has Internet access. ASOS uses market development such as having a worldwide presence which enables more customers; gain more different thoughts and opinions of a product etc. Also it is an advantage to ASOS being an online business as this strategy as mentioned before very cost-effective. This is a print screen of the ASOS website (www.asos.com) Here it shows that they are offering products internationally and also their domain consist consist of .com which shows that it is known world wide. Product development involves researching for ideas, opinions, trend; advertising etc. Internet marketing enables businesses to do this as they allow much information for research. Also businesses are able to use feedback blog, comments page and so on as a way of communication b2c for ideas and opinions on a product recently launched or about to which gives customers a way of satisfactory as it involves them gaining more customers and awareness of a product and many ways of advertising. ASOS is connected with many social networking sites on the internet such as Facebook, Twitter, MySpace and Bebo this allows ASOS to notice customers needs and wants and their opinions on a product or service. This is a way of product development as ASOS are able to change or add anything to a product using feedback, ideas etc. Also ASOS uses emails as a way of internet marketing giving better and more customer service. This print screen is of my facebook. It shows that ASOS sends notification every time they update their offers. Internet marketing is available all the time meaning its operating 24/7 so that individuals are able to view products and services any time of the day and week and also businesses are able to allow customers to buy at any time. ASOS is open 24/7; they also update their website regularly with new products etc. Here it shows that they have got new products in form girls which is set in a hyperlink on the top of the drop down list. Another information that identifies product development opportunities via internet marketing is that it has very low entry cost for small businesses. It is very cheap to set up a business online and advertise online as the internet is extremely different from print advertising in that space is cheap. The advertisement can be accessible easily via millions of people for a longer period of time. Also it is cheap as the content can be changed without wasting any money. It is cost-effective just to communicate between potential customer and a sales person. The communication that they do here shown above is very cost-effective as its based on their own website and it will cost them next to nothing just to reply back to comments This is one advantage that ASOS has as they are able to invest in more of their products and services etc. Internet marketing allows business to use a method called market diversification to build product development. Organisations use this strategy to seek growth by adding products and markets of kind unrelated to its existing products and markets. Also for a business to develop a product they can use internet marketing to use the method of virtual marketing as this a way of spreading information on product, product feature, new services, sales and much more. ASOS does this to get more attention for a product etc. They use customer details who gave it to ASOS when signing up for ordering etc. This allows them to spread widely very quickly. Here is shows the page from ASOS website where customers can sign-up, after signing up you can receive messages including the magazine, you can comment and reply to comments etc Other opportunities include possibilities of substitute online forms of products, e.g. music, films, radio and T.V programmes, podcast etc.
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