Product Summary Essay
The commercialization of the internet proves to be a major opportunity of for business organizations in the global arena. It should be noted that this technology has allowed the creation of new business model where companies can become more efficient and generate more revenue by establishing online presence. The internet has become a venue where sellers and buyers meet for purchases.
Some business organizations have opted to augment their brick and mortar strategies by having online outlets while still others have opted to solely operate online. Perhaps three of the most successful business organizations which utilized the advancement of internet technology are retailers like eBay, Amazon, and Walmart. All these industry players have gained the reputation of being the top in internet retailing both in the number of visitors and the amount of sales generated.
If I am given the chance to be a competitor of these giant retailers, I will utilize the individual strengths which they display while staying away from their weaknesses. In order to avoid direct competition from these already established players, I will specialize catering to a small segment instead of going after the whole market. This will help me in building the right image for the company and establishing public awareness for the product and service that I would offer.
eBay represents one of the purest market in the world today where buyers and sellers can directly transact with each other. The website is a very good place to buy products because buyers and sellers can negotiate on the price, payment, and other service. However, I believe that an online retailer should have a fixed price and rules when dealing with its customers. Before entering a transaction, the customer should be adequately informed on the price which is most acceptable in the exchange of product and service. The establishment of a fixed system of payment, delivery, and price will eliminate the necessity of having to answer queries for each customer when they find details to be unclear. However, I will consider the user-friendly and frequently upgraded website of the company in order to attract buyers.
Amazon is remarkable because of its being purely an online entity. What I will adopt with this company is its system of recording customers’ details which they can use in their future purchases. I believe that this is a very much essential value-added feature because it really makes customer more convenient as they don’t need to type information again and again. Amazon should also be applauded for its customers’ reviews which aids prospective buyers in making their purchase decisions. I will integrate this when putting up an online retailing entity.
Walmart is known as the market leader when it comes to price and quality. The company also extends this in its website which showcases all its affordable products. The website of the company is very extensive almost comprising its entire product line which it has in store. What I like about Walmart is the warmth of experience even in online shopping. Customer service is still very remarkable and consistent both in its outlet and its online store. This consistency makes shopping very relaxing in an online marketspace where customer emotions are not often considered.
Kotler, P 2002, Marketing Management, Prentice Hall: New Jersey
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 19 February 2017
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