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BTEC Business level 3 Unit 12 - Internet marketing in business P4 P6 M2(D*achieved)
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BTEC Business level 3 Unit 12 - Internet marketing in business P4 P6 M2(D*achieved)
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Tahir AktharUnit 12
Anthony
P4: Describe the benefits and opportunities to the business of using the
internet marketing within the marketing mix of a selected business
P6 Explain the challenges of globalisation facing a selected business when
using the internet as a marketing tool
M2 Analyse the marketing opportunities and challenges faced by a selected
business when using internet marketing
Internet marketing provides many benefits to a business, like Nike these include:
· Opportunities to access customers and markets, communicating for promotion.
This means the business has the ability to access data on specific customers and
markets which can help the business develop and use individualised ads which has
proven to be an extremely effective method of promotion. It also allows the business
to see who is their audience which can help them put up ads in which their target
audience is likely to see. This creates huge opportunities for Nike to improve their
marketing method and efficiently market by reducing marketing costs and increasing
marketing effectiveness. This all has been made possible through the internet which
has created services and software that allows Nike to do things such as
individualised marketing.
A challenge posed by this however may include having to now recruit individuals that
can advise Nike on the best ways of taking advantage of internet marketing, the
recruitment process should be using a lot of resources from the business due to its
importance, how new the idea of internet marketing is and the level in which Nike
expect their marketing to be. It also may include Nike using other companies which
provide services that Nike need to achieve the highest level of internet marketing
which mean Nike have less control over their marketing methods.
· Opportunities to improve availability
The internet has simply allowed the business to run a lot more efficiently moving a lot
of their customer traffic from in-store to online which allows customers to check out
through automated systems meaning the business needs a small amount of
employees to maintain a large amount of orders. This is simply one example Nike
has taken advantage of and the internet has provided many more opportunities to
improve availability in the business.
A disadvantage of this however means that Nike must use resources to correctly put
their financial statements together considering not only in-store sales but also online
sale.
· Identifying product development opportunities
Product development opportunities have also been created for Nike through the
internet mainly though being able to efficiently research for their products and
receive and review customer criticisms and feedback. In the Nike website the feature
, Tahir Akthar
Unit 12
Anthony
of giving feedback is provided for customers for the benefit of other customers but
also Nike too see how they can develop their product to please customers.
On the other end of this however Nike must use resources to take the huge overflow
of customer feedback to effectively execute product development created by
customer feedback.
· Immediate sales of products
The internet has also provided Nike the ability to sell through the internet and have
transactions instantly be processed automatically. This has allowed Nike to gain
grow their revenue rapidly and with little to no fault with transactions. This also gives
Nike the ability monitor their sales data quicker and more effectively which can help
the business run more efficiently when it comes to their financial organisation.
This also means however Nike must invest in reliable software that would give them
the correct information from their online sales which is essential for the business to
correctly maintain their financial statements’ credibility.
· Competing online
Many businesses including competitors of Nike have also moved online and to
compete with these businesses Nike has had to stay online this is to insure they are
not beat by their competitors due to simply not allowing customers to purchase their
products online. If Nike did not sell online, it would eventually make it so competitors
grow faster than Nike and gain market share simply due to the convenience of their
online services.
All of this being said the competition Is 2 ways so competitors have the same
information and advantages as Nike.
· Virtual services
Nike provide many online services including their click and collect service which
accounts for a huge part of their business revenue now but also it has allowed Nike
to direct customers to the website if they need to ask and questions which is more
convenient for the business and customers. It has also created a platform where
Nike can sell exclusive products and host raffles for their limited products. This all
help the business maximise their profits.
All of this however does take resources for Nike to manage and as new virtual
services are created Nike must adapt to it which is difficult for business as large as
Nike.
· 24-hour service online
This has been very helpful for customers and the business alike. Online services has
allowed the business to be selling even when stores are closed, products can be
sold at all times through the automated systems the internet allows the business to
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