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The Importance Of Development Digital Economy For Organizations Essay Help

Table of Contents
Introduction Body Conclusion Bibliography Appendix 1


Introduction



The digital economy is a global network of commercial and social activities enabled by information and communication technologies such as the internet, mobile networks, and sensor networks. For a business to build an effective digital economy, it is crucial to include buyers, sellers, middlemen, and Information Systems personnel, as well as the management (Turban 2006). These criteria impact the success of an organization's chosen online marketing approach.



Main body



The majority of online sales go direct from the manufacturer to the buyer or consumer, with no stores or middlemen involved (Kalakota et al. 2010). This is a Business-to-Consumer model sample. This model can be used by the company to make distribution more efficient and swift. To this aim, direct marketing techniques such as e-mail marketing, direct mail, and telemarketing could be utilized. A mailing list of high quality, with the correct selection and from a reputable source that routinely updates information, can help a firm connect with individuals who are more likely to be interested in its products or services (Turban et al. 2010; Xia 2012, p48).



With the use of a website and e-markets, the corporation may promote its items to buyers all over the world. People can log in, browse the products, and do transactions with a credit card without having to visit the company or its many local offices. E-markets reduce providers' sales expenses and facilitate the acquisition of new clients. A catalog is another technology supplied by e-marketing techniques: This refers to online documentation that will contain a list of the company's items. Credit and debit cards have supplanted cash for online purchases of goods and services (Miremadi, Aminilari & Hassanian-esfahani 2013).



An company may design a product based on the specifications or demand of the consumer. The organization attempts to modify or tailor the product to the consumer's specifications. Customized items are likely to attract more buyers than standard ones. This technique can be adopted by the business, as it is convenient and widely favored by customers (Courtland 2006).



Here, businesses connect with social networking sites like Facebook, Linkedin, and Twitter. This is to be able to discover consumers online, as there are so many individuals on the aforementioned social networks at any given time, making this a fantastic business potential. The corporation then pays the social networks to promote its products, and when users click the link, they are redirected to the business or company page or the group page on the social network. Therefore, the company must establish a social network group page where its representatives can connect directly with their clients (Turban 2010).



The organization is able to create adverts through Google, Yahoo, and social networks like Facebook and Twitter. The campaign will focus on informing new customers and reminding existing customers of the services and goods that are available. This can be accomplished through the use of mass e-mails or search engines such as Google, Yahoo, and Bing. Also feasible is the usage of pay-per-click advertising. Businesses utilize this strategy to steer visitors to their websites, and they pay when an individual clicks on their advertisement. This technique can be used by the firm to boost website traffic and online customers or clients, and thus the company's revenue (Cubitt 2012; Ossowski 2013).



SMS or mobile marketing: This is an internet marketing strategy that targets a big consumer database due to the prevalence of mobile phone ownership and usage. It operates via shortcodes, whereby a company or organization will send shortcodes to its clients via a bulk SMS gateway when a customer requests a product from the company. Simply by sending the product code, the user receives product-specific information. This will help the mobile business gain a big customer base.



Affiliate marketing is a form of marketing in which a firm recruits a partner to refer customers to its website by affixing a banner ad to the affiliate website's logo. When a customer makes a purchase, the affiliate website receives a commission of between 3 and 15% of the transaction price. This increases the company's consumer base and consequently its income and profits (MPC 2012).



Some companies have previously utilized the aforementioned tactics. These include Wal-Mart, Compaq, and Yahoo, among others. Wal-Mart sells its products directly to customers via the internet, and customers pay using debit or credit cards in online transactions; the products are then shipped to the customer. This has been beneficial to consumers as they have been able to obtain things more quickly and efficiently. Compaq also sells its items via e-commerce. It has been able to sell its items through the internet and generate increasing earnings and revenue. Finally, Yahoo's success is due to the fact that many people will conduct internet searches at some point, and agreements with companies who advertise on its pages are mutually advantageous (Boone 2012).



Cornetto Ice cream has utilized a way to develop a game that is inexpensive and playable on nearly all cellphones. After completing the game, one would receive a ticket for free ice cream.



The strategy has been favored by the majority, who have consequently purchased more of these games. It has assisted in expanding their customers' target market. Nevertheless, some individuals may not be interested in playing the games or installing the application, resulting in a loss for the organization.



However, there are disadvantages to utilizing these tactics; some consumers have reported that their purchases were lost in transit because some unscrupulous organizations attempt to imitate legitimate internet retailers (Cubitt 2012). To prevent this, a business must preserve its name online and assist its customers in identifying scammers operating under names that are nearly identical to its own.



The business might form an alliance with search engine businesses such as Google, Bing, or perhaps Yahoo. This would assist in increasing their sales, as these businesses are well-known online. Additionally, the company can partner with affiliate company websites such as www.shoppingdeals.com. This will contribute to their increased sales and popularity. Additionally, the company may partner with a sales website such as eBay, Amazon, or OLX.com. This will assist the organization in increasing sales and revenue.



Conclusion



Conclusion: a variety of internet marketing tactics exist to increase clientele. A company that effectively employs these techniques will expand its market and achieve its e-commerce goals. Other companies fail to realize their online business potential because they do not capitalize on the opportunities accessible online. This demonstrates the significance of online marketing tools to a company.



References



Alan D. & Evans K., "Complete Technology in Action," Prentice Hall, 2013.



Contemporary marketing, Cengage Learning, L. Boone, 2012.



Chaffey, D., and Prentice Hall, 2011. E-Business and E-Commerce Management.



Courtland, L. (2006). Business in Action. Pearson Canada.



How to Overcome the Challenges of Moving an Offline Business Online, Marketing & PR Blog, N. Cubit, 2012.



Graham, D., "Security Analysis," McGraw Hill, 2012.



E-Business 2.0 Roadmap for Success, R. Kalakota et al., Addison Wesley, 2010, ISBN: 9780201721652.



Laudon, K. 2011, E-Commerce, Pearson.



A. Miremadi, M. Aminilari, and R. Hassanian-esfahani, "A New Trust Model for B2C E-Commerce Based on 3D User Interfaces," Gjset, 2013.



Moving Successfully to Online Business, New Releases Blog, MPC, 2012.



Ossowski, S 2013, Agreement Technologies (Vol. 8), Springer.



Turban, E. (2006). Electronic Commerce: A Managerial Perspective. Prentice Hall, California.



Turban, E., et al. (2010). Electronic Commerce: A managerial perspective. Prentice Hall.



E. Turban, "Electronic Commerce: Managerial and Social Networks Perspectives, 7th Edition," Prentice Hall, 2010.



C. Xia, "The Study of Return Reverse Logistics in B2C E-commerce Transactions," Logistics Engineering and Management, volume 4, page 48, 2012.



Appendix 1



This assignment has taught me various features, techniques, and variables of internet company success. I've also learned the significance of social media to businesses and organizations. This has increased my appreciation for the online business options. There are numerous online marketing strategies, and it is up to the organization's management to choose the best one. As the technology is digital, it is essential for businesses to have an online presence in order to attract a broader consumer base. Companies that put their operations online must also understand marketing tactics in order to attract target customers and, consequently, generate more revenue. It is also highly recommended that one develop partnerships with other businesses to enhance their market sales, revenue, and profits.



As a result of my own consideration of the downsides of online marketing, I am aware of the threats that imitations and counterfeits pose to a company's products and services. In addition, clients and organizations run the danger of losing money if cybercriminals compromise their online banking and payment systems and accounts. This makes it essential to invest in the best available online payment security systems. This way cyber crime involving money remains minimal.

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