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Definition and Scope of Internet Marketing

This paper examines some of the existing models in Internet Marketing and thereby provides a backdrop for further investigators to proceed upon. As the battle for competition in the market intensifies, capital is increasingly becoming concentrated and centralized. The emergent business world is one of cartels, customs unions and strategic alliances of all possible hues. As technologies expand and simultaneously as the concept of a border less universe is actualized, communication becomes a key denominator of progress. Speed and time take on a greater relevance. Along with this change is witnessed an increasing disequilibrium in the market place caused by change that is at once non-linear and nonNewtonian to quote Sadri. Markets are expanding in terms of mass, magnitude and direction at a hitherto unheard of pace. This resultant market disequilibrium is dynamic in nature and business decisions increasingly have to be taken under conditions of relative uncertainty. It is in this overall climate that both marketing as a specialization and Internet as a technological instrument of communicating across space and time dimensions has gained prominence meriting a scientific investigation such as the present one. Academicians agree that the mission of marketing, at its core, is to attract and retain customers. To accomplish this goal, a traditional bricks and mortar marketer uses a variety of marketing variablesincluding pricing, advertising and channel choiceto satisfy current and new customers. In this context, the standard marketing-mix tool-kit includes such mass-marketing levers as television advertising, direct mail, and public relations, as well as customer-specific marketing techniques such as the use of sales representatives. A new era of marketing has emerged, with the advent of the internet and its associated technology-enabled, screento-face interfaces (like mobile phones, interactive television). Well respected academics and practitioners have called for new rules and urged debate about fundamental tenets of marketing, including segmentation, mass marketing, and regionalized programs. At the other extreme, academics have argued that both the basic building blocks of marketing strategy and the pathways to competitive advantage have remained the same. The approach to be taken should ideally lie between these two extremes. We need to understand that new levers to the marketing mix would have to be added, segments would be narrowed, consumer expectations about convenience would forever be altered and competitive responses would happen in real time. In short, these are new, exciting changes that would have a profound impact on the practice of marketing. At the same time, some of the fundamentals of business strategy-seeking competitive advantage based on superior value, building unique resources, and positioning in the minds of the customers-would remain the same. Definition and Scope of Internet Marketing At the outset let us familiarize ourselves with the core concepts associated with marketing. Keeping the same in mind, let us first look at the basic American Marketing Association (AMA) definition of marketing. This will help us define internet marketing and understand its scope. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. The definition above has four critical features. These are: (i) Marketing is a Process: A process is a particular method of doing an activity, generally involving a series of steps or operations. The classical marketing approach involves four broad steps: market analysis, market planning, implementation and control. Market analysis involves searching for opportunities in the marketplace, upon which a particular firm-with unique skills-can capitalize. Market planning requires segmentation, target market choice, positioning, and the design of the marketing mix (also called the 4Ps, or marketing program). Market implementation includes the systems and processes to go to market with the marketing program. Finally, marketing control refers to the informal and formal mechanisms that marketing managers can use to keep the marketing program on course. Analysis, planning, implementation and control collectively provide a process for marketing managers to follow in the design and execution of marketing programs. (ii) Marketing Involves a Mix of Product, Pricing, Promotion, and Distribution: Successful marketing programs do not involve only one action, such as design of a great product. Rather, the most successful marketing programs involve mixing the ingredients of marketing to deliver value to customers. The mixing entails blending the right amounts of the 4Ps, at the right time, and in the right sequence. Too often, marketing programs fail because they allocate too many (or too few) resources in an uncoordinated way. Many a times we have seen that a highly advertised product is not available in the store near your house. (iii) Marketing is about Exchange: Marketing is not successful unless two parties exchange something of value. The buyer may exchange time, money, or services, while the seller must exchange something of value to the buyer. The traditional retail context provides the simplest illustration of this principle. A given consumer exchanges money for a G.J.C.M.P.,Vol.5(1):16-25 (January-February, 2016) ISSN: 2319 – 7285 17 particular good or service. Here we must also note that exchange can also occur in a variety of non-monetary contexts. These include bartering, volunteering services, and political donations, too name a few. (iv) Marketing is intended to Satisfy Individual and Organisational Needs: The aim of marketing is to provide a satisfactory outcome for both the firm and the customer. Firms can have highly satisfied customers if they provide services for free. However, these firms are not likely to have a long life. The key to modern marketing is simultaneously satisfying the customer, the firm and its shareholders. In the long run, the firm must have a positive cash flow or show a clear path to profitability for investors to maintain confidence.