Sharp Corporation - an Expanded Marketing Mix for Online Marketing - Case Study Example

Internet Marketing Mix Strategy Introduction Successful online brick-and-mortar businesses consider the key to their thriving business process management is to develop a diverse marketing mix that can work in an effective manner. This implies that for a business to survive and flourish within a competitive world, it is required to create a whole spectrum of marketing strategies as well as operate simultaneously rather than relying on a single marketing approach. Spurred by high economic growth enhanced by internet and related technologies, most of the companies are engaging in e-commerce activities as well as internet marketing. Online auctions are one major area of internet marketing dominated in both sales and customer interest involved in online marketing (Millman 1998). The research investigates an expanded marketing mix for the online marketing with a focus on Sharp Corporation as the case of study, how the marketing mix for the online marketing are varying with a consideration on how the internet is used to vary the marketing mix and concludes with an overall understanding of the current situation for an organization in relation to its internet strategies as well as the recommendations for company’s future development. An expanded marketing mix for the online marketing Marketing mix commonly referred to as the four (4) P’s of marketing namely product, promotion, place and price is perceived to be the basic principle of marketing. However, the four P’s may be an efficient approach for tangible products but with the intangible products such elements may not operate sufficiently. Based on Sharp Corporation’s Internet Business Model, studies indicate that the company has been utilizing the electronic media in an effective manner, and as a result its sales have increased due to it. In addition, internet has transformed the 4 P’s of marketing for a Sharp Corporation, and thus acquired a new form of 4 C’s. The implication of this is that the use of Internet in Sharp Corporation is concerned with Content, Customer Care, commerce as well as Converting to Leads (Smith & Chaffey 2001). According to Vantage (2004) such a transformation is fundamentally an extension of the 4 P’s to 4 C’s that has defined the manner in which consumer market operates. For instance, product has been broadened to contend the most appropriate place where the customer can be able to obtain the information concerning the various products. Vantage also examined that Place has been widened to include Commerce where individual customers shop whilst seeing the products, establishing both its feature and price changes on the internet. On the other hand, price has been extended to include Customer care identified with the quick response from the customer so as to enable him or her obtain the product instantly. Lastly, Promotion has been broadened to include Converting leads to encourage the customer to return as well as make purchase of the same product increasing sales. Although the 4 P’s has evolved basically in the application of marketing, its basis of customer satisfaction has been maintained in order for the customer to benefit from the organization. Therefore, Sharp’s model aimed at developing the 4 P’s to 4 C’s as well as ensuring better service and the customer satisfaction (Biff, 2002). Through the use of the internet, Sharp has displayed its products to enable customers have a look at them and make comparisons with other companies. This is aimed at understanding the prices as well as other factors that influence the customers’ buying decision. Anderson (2010) also examined that the penetration of the internet to increasingly vast locations has enabled Sharp to deliver the required information about its product. This suggests that if customers purchase a given product, the company is able to recall any information gathered in order to make the necessary decisions on kind of consumer product to purchase. As a result of expanded internet use, sharp has been in a position to reduce its cost of operation which has enabled it market both its products and services in an effective way and at a low cost compared to rest of medium marketing (Bansal, 2009). Varying the marketing mix for online marketing Since Internet marketing is consistently evolving and considered a vital part of the contemporary business marketing mix, it becomes important that the organizations involved sustainably seek out, absorb as well as integrate the latest trends taking place in the current digital world. This is because the contemporary internet marketing mix campaigns are basically integrated with both brand strategy and conventional marketing communications. As a result, strategies for internet marketing mix need to operate in line with created brand by leveraging inbound marketing strategies such as social media mining and the webcasts. This implies that brand strategy is used in order to develop a sustainable as well as long-term brand attributes within a fast pace environment such as the internet. Various strategies exist which can be applied to the online business websites, however, they have to competitive to the offline brand strategies in order to communicate the entire brand with the ability to fulfill the expectations of an organization’s loyal customers. For example, through the use of the internet, Sharp has displayed its products to enable customers have a look at them and make comparisons with other companies. This is aimed at understanding the prices as well as other factors that influence the customers’ buying decision (Ook, L., 2001). Sharp Corporation has identified its unique value proposition to deliver quality products and at the right price to increase the customer satisfaction. The application of the internet has enabled Sharp Corporation to display its products to allow customers have a look at them and make comparisons with other companies. This is aimed at understanding the prices as well as other factors that influence the customers’ buying decision. Furthermore, the company is ensuring that its operational efficiency is improved so as to develop its marketing tools for effective capturing of a larger chunk of required market (Lake, 2011). Since the internet has not created an entirely new economy, in order for the marketers to be successful in their in their business operation they need to be informed about the forces that are currently shaping the Twenty-first Century marketing environment. The table below provides changes that have occurred due to the varying online marketing mix strategies. Changes A new e-Retail system of sales channel opened The opening of electronic retail channel has enabled mail order shopping to be carried out easily, in a more convenient way and popular. New technology has also has rendered e-Retail as a channel of choice for certain producers and customers. Added advantage to the customers Due to the varying internet mix marketing, most customers are found online researching the company’s products and services. In addition, they are making comparison shopping as well as visiting the competitors’ websites. Barriers to entry have been reduced Varying online marketing mix has enabled small stores to have equal access to the online customers. Most of the small and independent producers have acquired direct access to the majority of the end customers. Increased customers expectations Today, customers expect instant online access to their associated customers services as well as information about their companies and products of interested in. Time value has increased Both research and purchase are taking place at an accelerate speed. This is so because in information and the services are not delivered within the internet time, it implies that opportunities are lost. Successful navigation of the new terrain in internet marketing does not necessarily need the creation of a new economic model, but the need to re-think certain parts of the four existing business models. For instance, the application of the Fifth “P” of marketing shows that both the tried and true codes of marketing are still being utilized in order to reach a mass audience. However, technology makes it successful to extend the reach of a company’s marketing efforts. Today, marketing activities can be personalized for individual customers, and thus one could say that a fifth “P” of the marketing model known as “the Person” exists (Sheehan & Doherty 2001). Personalized marketing is presented as a truly new marketing paradigm due to the two critical differences. This include an individual customer referred top as the person identified as an interactive participant in the real time and new technologies that give businesses the capability to make such real time interaction a more unique or personalized experience individual customers (Irvine & Theresa 2005). Conclusion Successful online brick-and-mortar businesses identify the key to their thriving business process management is the development of a diverse marketing mix that can work in an effective manner. This has the implication that for a business to survive and flourish within a competitive world, it is required to create a whole spectrum of marketing strategies as well as operate simultaneously rather than relying on a single marketing approach. Online auctioning is one major area of internet marketing dominated in both sales and customer interest involved in online marketing. Sharp Corporation’s Internet Business Model indicates that the company has been using the electronic media in an effective manner, and thus its sales have increased due to it. Therefore, internet has transformed the 4 P’s of marketing for a Sharp Corporation, and as a consequence acquired a new form of 4 C’s. This suggests that the use of Internet in Sharp Corporation is concerned with Content, Customer Care, commerce as well as Converting to Leads. Sharp’s model aimed at developing the 4 P’s to 4 C’s and ensuring the achievement of better service and the customer satisfaction. In addition, Sharp Corporation has identified its unique value proposition to deliver quality products and at the right price to increase the customer satisfaction. The application of the internet has enabled Sharp Corporation to display its products to allow customers have a look at them and make comparisons with other companies. This is aimed at understanding the prices as well as other factors that influence the customers’ buying decision. Duet to the consistent evolution of the Internet marketing mix and the consideration put on it as a vital part of the contemporary business marketing mix, it becomes essential that the organizations involved are sustainably seeking out, absorbing as well as integrating the latest trends that are taking place in the current digital world. Brand strategy is significant in the development of a sustainable as well as long-term brand attributes in a fast pace environment such as the internet. Various strategies are in existence which can be applied to the online business websites. However, such strategies have to be competitive to the offline brand strategies in order to communicate the entire brand with the ability to fulfill the expectations of an organization’s loyal customers. Due to the varying internet mix marketing, most customers are found online researching company’s products and services. The application of the Fifth “P” of marketing suggests that both the tried and true codes of marketing are still being utilized in order to reach a mass audience. Bibliography Anderson, L., 2010, How the Internet has changed the face of marketing, Retrieved on 19 May 2011 from, Biff, L., 2002, The 4 P’s: the internet has changed some of the ways companies approach the 4 P’s, but the basis is still the same, ABA Banking Journal, 23(5), 23-47. Irvine, C., & Theresa, F., 2005, Advances in Electronic Marketing, Idea Group Publishing. Lake, L., 2011, Develop Your Value Proposition, Retrieved on 19 May 2011 from, Millman, H., 1998, Online auctions are changing the face of retail landscape, InfoWorld, 20(10), p.77. Ook, L., 2001, Internet Marketing Research : theory and practice, Idea Group Publishing. Sheehan, K.B & Doherty, C., 2001, Re-weaving the web: integrating print and online communications, Journal of Interactive Marketing, 15(2), 47-59. Smith, P.R., & Chaffey, D., 2001, e-Marketing excellence: at the heart of e-Business, Butterworth Heinemann, Oxford, UK. Vantage, K., 2004, The 4C’s the new 4P’s of Internet Marketing, Product Management Library of Knowledge, AIPMM.com. Wang, J. & Hou, F., 2003, Research on the relationship between the internet usage and the organizational performance in the e-commerce business organization, Nanya Institute of Technology, Taiwan. Read More