Marketing is a very broad term. Within this broad umbrella are many different sub-groups and approaches to marketing. One of these is internet marketing. Internet marketing simply refers to the method an organization undertakes in order to engage its target market, develop long term relationships with them to generate value in return for advertising, and build brand awareness through various media.
Internet marketing research is very important in ensuring success in marketing activities. Many organizations conduct market research in various formats. Some of these formats include web studies, internet usage studies, and product surveys among others. Market research helps in identifying the best approaches for marketing, developing strategies that work best for the organization, evaluating those strategies, and measuring their performance.
There are three basic approaches to marketing management. These include traditional selling, social marketing, and technological marketing. Traditional selling involves using traditional marketing techniques such as advertisements and traditional PR campaigns. Social marketing involves marketing to build a social reputation by participating in forums, sharing information through blogs and other social media, and participating in social events such as parties and festivals.
On the other hand, marketing research can be conducted using technological concepts. This concept seeks to enhance the interaction between buyers and sellers. The goal is to provide consumers with products or services that are better than what they have been used to, or at least products or services that appeal to more specialized needs. For example, by offering a more convenient shopping experience, internet marketing can improve consumer engagement.
Marketers may use a marketing concept called market myopia. This concept refers to marketers focusing only on a small part of potential customers, disregarding larger issues that could benefit customers. Market myopia can lead marketers to believe that they have already captured a large portion of potential customers, ignoring the fact that there is always more room for growth. Another example of market myopia occurs when marketers focus on customer satisfaction, ignoring factors such as product quality, customer service, and product pricing. Both the quality and service aspects of a product are important to buyers, but some buyers require a higher level of quality or service, while others are satisfied with less expensive options.
Market myopia leads marketers to believe that they have already captured a large portion of potential customers, ignoring the fact that there is always more room for growth. This marketing concept prevents marketers from expanding their target market and prevents them from improving the features, services, and customer service of existing products and services. By avoiding these problems, marketers are limiting their potential to increase profit. It is up to the marketing manager to balance selling goals with the other aspects of marketing management.