Question

In: Operations Management

Elaborate on the benefits of internet marketplace based on the four aspects below. For business, reduces...

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

Solutions

Expert Solution

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.

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