Welcome to the Wharf where successful digital marketing is the goal. This week covers researching the target market, setting online commerce goals and market planning. I am Lee, a jeweler, desktop publisher and graphics designer. I teach classes in these fields. I have chosen this topic to learn about marketing related to fields in which I work.
The week’s activities include defining e-business, e-commerce and e-marketing. The topics show how they are related and work to successful market products. The emphasis in this post is on e-marketing starting with a definition from the business dictionary.
What is customer value as defined in the Business Dictionary?
The difference between what a customer gets from a product, and what he or she has to give in order to get it.
After researching sites related to the topics for the week, two were interesting discussion of the relationships between the three topics and the digital marketing roles in today’s competitive marketplace. Dr. Philip Kotler (Kotler, 2015) emphasizes the trends and the effects on the marketplace. The marketplace is becoming more competitive as more pressure is put on pricing to compete successfully. Another factor is the ability of the competition to quickly reproduce new products. Educated consumers drive markets. Dr. Kotler (Kotler, 2015) says “The customer is King.” Another important aspect is the role of marketing; the role of manufacturing is to support marketing. The marketing department identifies consumers needs, develops products and to work toward developing a plan to sustain the market. The internet offers tools for marketing to accomplish the goals that support the goals of the corporations.
The second article is about the consumer’s perception of the product. Ilan Mochari discusses Ravi Dhar’s “Meaningless attributes often lead to meaningful differentiation.” The perception of the product effect’s sales and pricing. As a jeweler, this is a topic I have personally experienced. It takes just as long to make a silver ring as it does a gold ring. But the intrinsic value of gold results in higher pricing and profits. Professor Dhar uses the thickness of ketchup to show this principle.
Besides the definition of the vocabulary of this week’s topics, the reader has been introduced to the factors that effect pricing through the eyes of the buyer and the importance to understand this factor. The importance of marketing in commerce is shown to be a driving force in the marketplace.
See you next week!
Dhar, R. (2014). Ravi Dhar | Yale School Of Management. Retrieved March 4, 2015, from http://som.yale.edu/ravi-dhar
Kotler, P. (2015). Kotler Marketing Group, Inc. Retrieved March 4, 2015, from http://www.kotlermarketing.com/phil_questions.shtml
Mochari, I. (2014, April 8). Why Your Customers Value Authentic Products | Inc.com. Retrieved March 4, 2015, from http://www.inc.com/ilan-mochari/customers-value-originality.html