The advent of the Internet has made this world an almost borderless world. Becoming more and more important to many companies and organizations around the globe in the context of enterprise is the Internet. It has greatly expanded the market and enhanced the market reach of businesses, be they small businesses or multinational corporations, to the extent that whatever market segments they can't reach previously, they can now do so to a large extent.
The central message to business owners is that in order for you to have the competitive advantage, you'll need to effectively identify and attempt to satisfy the genuine needs and wants of specifically defined target markets, and that you'll have to do so more effectively than your competitors when it comes to the context of Internet marketing.
Being able to do so would mean that you will have a positive profound impact on your business.
What Do You Know about an Internet Market?
It would depend on the context in which it is used but there are many definitions of the term "market." The way to look at "market" is that it consists of people and/or organizations that have needs to be satisfied, have the purchasing power or money, and are willing to spend the money on whatever you have to offer. What it generally implies is a demand for a product or service regardless of the context in which it is used.
From the marketing standpoint, a market consists of your existing customers as well as potential customers.
Why Have an Internet Market Orientation?
You should be market-oriented as opposed to product-oriented which is something you need to realize as a business owner in order to effectively relate your product and/or service offerings to the needs of the marketplace. With market-orientation, you need to look at the marketplace through the media of marketing research and sales forecasting.
Market-orientation therefore makes it impossible, with the exception of a few special circumstances, to treat the market as a mass of homogeneous potential customers, as the overall market consists of many diverse sub-markets and groups, each with sufficient similarities to be treated as separate markets by themselves.
Furthermore, there are divisions or sectors within each of these sub-market or groups. For a product category like computers, make sure that you concentrate on those sectors within the sub-markets or groups which are most commercially attractive to you for a given product form (e.g., the desktop market or the laptop market), rather than be concerned with the whole population of potential customers for that product category.
Since you are in business to make profits, this is common sense.
By identifying these sub-markets or groups, you will be able to more effectively position your product and/or service offerings, your internet marketing communications, your pricing policy, and the rest of the 7 marketing mix elements.
There will be increased profits and more satisfied customers.
The central message to business owners is that in order for you to have the competitive advantage, you'll need to effectively identify and attempt to satisfy the genuine needs and wants of specifically defined target markets, and that you'll have to do so more effectively than your competitors when it comes to the context of Internet marketing.
Being able to do so would mean that you will have a positive profound impact on your business.
What Do You Know about an Internet Market?
It would depend on the context in which it is used but there are many definitions of the term "market." The way to look at "market" is that it consists of people and/or organizations that have needs to be satisfied, have the purchasing power or money, and are willing to spend the money on whatever you have to offer. What it generally implies is a demand for a product or service regardless of the context in which it is used.
From the marketing standpoint, a market consists of your existing customers as well as potential customers.
Why Have an Internet Market Orientation?
You should be market-oriented as opposed to product-oriented which is something you need to realize as a business owner in order to effectively relate your product and/or service offerings to the needs of the marketplace. With market-orientation, you need to look at the marketplace through the media of marketing research and sales forecasting.
Market-orientation therefore makes it impossible, with the exception of a few special circumstances, to treat the market as a mass of homogeneous potential customers, as the overall market consists of many diverse sub-markets and groups, each with sufficient similarities to be treated as separate markets by themselves.
Furthermore, there are divisions or sectors within each of these sub-market or groups. For a product category like computers, make sure that you concentrate on those sectors within the sub-markets or groups which are most commercially attractive to you for a given product form (e.g., the desktop market or the laptop market), rather than be concerned with the whole population of potential customers for that product category.
Since you are in business to make profits, this is common sense.
By identifying these sub-markets or groups, you will be able to more effectively position your product and/or service offerings, your internet marketing communications, your pricing policy, and the rest of the 7 marketing mix elements.
There will be increased profits and more satisfied customers.
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