Opportunities for Marketers through Online Marketing
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Online marketing
Internet has brought new opportunities for marketers and businesses (Doole & Lowe 2010). There are many advantages of online marketing for those who want their businesses to grow and expand to new levels (Wei 2014). However, these great opportunities have not come without threats. Nonetheless, these threats should not deter someone from taking advantage of the many opportunities available; the threats can be overcome.
First, there is a rise in adoption of personal devices, home networking and broadband by consumers (Walker, Orville et al, 2011). The combined effect of this fact and the fact that the internet is gaining increasing importance in media, retail, banking and healthcare suggests that marketers have to understand what entails the use and adoption of technology (Schadler 2010). Consumers who continue to use internet overtime tend to spend less time on the other media such as newspapers and television (Walker, Orville et al, 2011).
Secondly, there is continued growth in online consumer spending. For instance, in 2007, online consumer spending in the United States totalled to $137 billion dollars (Walker, Orville et al 2011; Federal Reserve Bulletin 2012). This suggests that there is opportunity for growth for those ventures that adopt the use of online marketing.
However, there are threats and risks that come with online marketing. There is a possibility of prices plunging due to exposure to more competitors and imitators. Another threat is that there are few barriers to entry and internet strategies are prone to imitation.
Despite these risks, online marketing has more advantages than drawbacks. It should be a consideration of any business venture that is thirsty for growth.