An effective marketing strategy is considered to be the key for any business to generate profits. Businesses might invest extensively in research to develop the best products with ultimate quality and valuable features but they will eventually become a piece of rubbish if nobody knows about that product. Here comes the role of effective marketing, which helps you stimulate sales and generate profits. Marketing means the utilization of effective marketing mix (the 4 P’s- products, pricing, placement and promotion) to stimulate exchange of goods and services among individuals and organizations. Effective marketing is believed to be the backbone for a successful business strategy and involves identifying customer needs, producing products, pricing them, distributing them and promoting them to generate sales.
Definition: “Internet marketing also referred to as online-marketing, web-marketing, or e-Marketing, is nothing but the marketing of products or services over the Internet. It is a way of selling or advertising your product or services through the use of, the internet.”
Origin of E-Marketing
The origin of internet marketing can be attributed to the invention of Internet, a global data communication system. A revolution, that brought the media to a global audience. Today internet is considered as the medium of mass communication.
In late 1990’s when the use of internet gained popularity and attracted millions of people to surf around the globe, businesses realized that there is no preferable way than internet to reach to masses. They soon started using internet as a medium of communication and hence it gave birth to the field of Internet Marketing.
Scope and Importance of Internet Marketing
The interactive nature of Internet marketing in terms of providing and eliciting instant responses is a unique quality of the medium. It encompasses a much broader scope as today it does not only involves the marketing on the internet or via email and wireless media only. But its scope has been expanded to the use of management of digital customer data systems and electronic customer relationship management systems (ECRM), which are widely used in businesses today.
As technological advancement has brought with it several additional functions and uses of the internet, internet marketers are incorporating these features to evolve creative means of marketing their products and services including design development, online sales, placement of media along different stages of the customer engagement cycle through search engine marketing (SEM), search engine optimization (SEO), e-mail marketing and advertising, banner ads on specific websites, Web 2.0 strategies are just to name a few.
Hence with the advent of internet marketing, its prevalence have been observed in every industry from online banking, to virtual universities, to internet auctions like eBay and various e-stores, etc. PricewaterhouseCoopers reported that US$16.9 billion was spent on Internet marketing in the U.S. in 2006.
Today companies and businesses are vying online space and are seeking to adopt web marketing strategies to increase viewership and traffic to their websites and to enhance profits eventually.