Question

Elaborate on the benefits of internet marketplace based on the four aspects below.

For business, reduces –	Costs of transactions, supply chain Time to market Amount of investments
For the customers, reduces –	Costs Intrusiveness of branding (global branding achieve without media saturation)
For the business, increase –	New access to existing markets Access to new market
For the customer, improves –	Choice Service Quality

Answer 1

The internet marketplace benefits both the businesses as well as the customers in the following manner:

For Business:

• It helps use investments optimally as a result of availability of low cost solutions on internet.
• Helps to connect with more number of customers within a short span of time. Thus saving time, efforts and money.
• Internet marketplace enables the company to venture into distant lands, globally. There is no boundary to trade.
• Response time is less as the internet enables the business to immediately cater to the customer's queries and problems. Thus, resolving customer complaints becomes easier and faster.
• As a result of above benefits, the business requires very little investment for implementing internet marketing.

For Customer:

• Since businesses save costs, this benefit moves on to the customers as well. Thus, their money is saved as internet marketing is far less expensive than traditional marketing.
• A global brand is readily accessible to the customer. Thus, the customer can avail the benefits of owning a global brand.
• Customer benefits the facility to choose between various brands.
• Customer receives best quality service and product from the business.
• Also, the quality of experience for purchase is improved and hassle-free.