A Review of Marketing Strategy in Internet Marketing

This study focuses on the relationship between corporate strategy and marketing strategy, in particular, how excellent marketing strategy is affected by corporate strategy. Segmentation, target market selection, and positioning are defined and clarified in the marketing strategy's building blocks. Even while the typical marketing approach may be used to pure play internet businesses, it is different for bricks and mortar organisations (BAM). BAMs' internet marketing strategies will need to include a variety of aspects since they already have corporate strategy, marketing strategy, and marketing methods in place. If an offline business has a well-defined corporate strategy, a well-regarded marketing programme, and a clear message of positioning, and it decides to go online, it will have to address several online marketing strategy issues, such as whether the online market is similar or different from the offline market, whether the company targets the same customers as it does in offline business, and how the company should position itself.1 To put it another way, BAMs confront an unusual problem: they must make important strategic decisions in the context of current marketing and business plans. This chapter will go more into the complexity of these options. Internet marketing's breadth of focus developing web site services is just one aspect of an Internet strategy that must be considered. Additionally, while developing an Internet marketing strategy, marketers take into account the importance of utilizing the web, e-mails, and databases effectively in order to establish relationships and communicate with customers. Redesigning company processes to better interact with suppliers and distributors may also be part of an Internet strategy. 2

There are many ways to promote on the Internet, but one of the most effective is to use a channel marketing plan that takes into account the unique qualities of the various channels as well as how consumers interact with them. Strategic importance of the Internet in relation to other communication channels used to connect directly with clients at various customer touch-points is determined by Internet marketing strategy. In order to supply services and communicate with consumers, some firms, like low-cost airlines, have chosen to rely exclusively on virtual channels like websites and e-mail marketing. It is possible that some organisations may continue to rely on face-to-face, phone, or direct mail interactions for the time being.3 An Internet marketing strategy is thus centered on judgments on the channel's strengths and shortcomings, as well as how to utilize it in conjunction with other channels as part of a multi-channel marketing plan. Internet marketing strategy, For the benefit of both customers and companies, this multichannel marketing strategy outlines how diverse marketing channels should work together to create compelling proposition and communications. In order to properly integrate two levels of strategy, it is necessary to evaluate and manage four forms of alignment. Entrepreneurial Methods Marketing strategy is influenced by this. To ensure that the two are on the same page, a company's business plan should a result of both market-facing (such as website design) and back-office (such as product selection) efforts will be more successful (e.g., the order fulfilment chain). To execute the marketing plan, these broad options for competitive advantage offered a framework. The options of positioning and the accompanying marketing mix could be more accurately determined after the general business plan boundaries were set.4 When a marketing plan is closely connected and consistent with the company's overall business strategy, it is most successful. If a marketing strategy is meant to support a company's overall goals, how should that support be measured? This is an important question. Marketing and company strategy should be aligned using a set of criteria.5 Marketing strategy and business strategy must be linked and integrated on four organisational dimensions in order for the two strategies to perform well. The two layers of strategy fit better if they are aligned, as shown in Figure 1. Using these characteristics, it is possible to get a clearer sense of how effectively the marketing and business strategies are matched.6

The question here is whether or whether the business unit's strategic and financial objectives are in line with the marketing strategy managers' defined strategic, financial, and customer goals. Most frequently, even well-intentioned companies are unable to achieve alignment between their business strategy and marketing activities because of a lack of process checkpoints to guarantee the strategy and marketing efforts are in sync.7

At the beginning of each fiscal year, the business unit develops a budget of how resources will be allocated is whether the business unit has provided sufficient resources for a particular marketing program or effort to be effectively implemented.

An annual budget is created for the many operations, functions, and programmes of a business unit. As part of this larger budgeting process, marketing resources are allocated. The question here is whether the business unit has supplied enough resources to properly undertake a specific marketing campaign or attempt.

In certain cases, even though the business unit plan and marketing strategy have similar objectives, actions, and resources, the overall strategies may not be properly implemented in the market. This might be the result of a subpar launch to market. There may be issues with timeliness even if the tactics are good, such as appropriately sequencing the marketing programme with vendor product availability, or correctly allocating business unit resources to perform marketing campaigns in a timely manner although all three dimensions are aligned, inadequate implementation may still cause major issues.8 This section's main takeaway is that marketing strategy and business unit strategy must be aligned. Both strategies might be hindered by a mismatch between the objectives, resources, activities, or implementation evens the most well-intentioned companies. When using these two techniques, a company must keep an eye on their consistency and fit.

Segmentation, targeting, and positioning are all parts of a marketing plan. To support this approach, the marketing programme includes choices relating to the marketing mix (product, pricing and promotion) as depicted in figure 2.

Figure 2: Marketing strategy decisions Companies in the early stages of development may use a marketing strategy that includes all aspects of the marketing mix, such as segmenting the consumer base, identifying the target client groups, and developing a positioning statement. Product development and pricing may have already begun if BAM decides to go online. It is also possible that the company's unique skills may limit the distribution channel. This means that the marketers concentrate their efforts first on the positioning strategy, then on communications, and ultimately on the market they want to reach. The decision environment for each situation is unique.9 For an Internet pure play, the process of developing a marketing plan will differ from that of BAM. Regardless of how their firms are positioned, managers need to be conversant with the following fundamentals in order to create any Internet marketing strategy: Segmentation: For the most part, the market may be segmented into groups of customers with comparable values within a product category, or with similar costs to service, or with similar qualities that make them amenable to a certain marketing strategy. Market segments designate these sub-groups. Target Market selection: For a company, the ideal target market is one or more sectors of the market that are profitable, cost-effective, and easy to reach, or have the potential for development. Positioning: According to Ries and Jack, placement affects the prospect's perception of the product. 69 In other words, positioning is all about changing the perception of the product in the minds of customers. Designing the marketing message such that the product is regarded as both distinctive and appreciated by the target market is typically what this entails.

The marketing decisions that a pure play and a typical "Bricks and mortar" (BAM) corporation will have to make might vary dramatically, despite the fact that both can employ Internet marketing strategy successfully on that platform. There is greater leeway in framing a product for a pure play that is just getting started than for an offline firm that is rebranding itself online. Each with pure-play and BAM companies.10

Figure 3 depicts the business and marketing plan creation process for pure play Internet companies like Yahoo, sify, and rediff. To begin, a plan for the business unit is defined. Segmentation, targeting, and positioning are the next steps in developing a marketing plan. A customer connection will be built using both online and offline marketing tools (e.g., customer sms and print ads) notwithstanding the adoption of an Internet marketing plan for the online firm. Segmentation, targeting, and positioning are basically the same in this circumstance as they are in a purely offline firm.11

As seen in figure 3, for BAM players, the business and marketing strategy creation process begins with a review of the overall business unit strategy, including its purpose, objectives, competitive advantage, and revenue model. The company must devise a marketing strategy that incorporates both online and offline activities. Through the use of an all-encompassing approach to marketing, both physical and online efforts will be brought together as part of an integrated strategy (as market strategy for online business) The marketing plan has to take into consideration specific settings and factors. As a result, deciding on the degree of brand alignment and consistency across online and physical assets is an important part of developing a marketing plan. The BAM's online marketing strategy must make decisions about segmentation, target segment, and subsequent positioning in light of the firm's offline activities and strategic emphasis.

Marketing strategy may still be used successfully by pure-play Internet companies. Purpose-built companies will find that the marketing strategy method outlined here applies equally well to their online and offline marketing efforts.

Customers are segmented into broad, distinct groups, or "segments," during the process of segmentation. This split is based on a variety of factors, such as age, location, and product loyalty, which are all taken into account. There are likely to be many distinct types of clients within a broad market, and no one product will be able to meet all of their wants and requirements. Using segmentation, companies may target their product development and marketing efforts to certain types of consumers. Marketing prospects are revealed and a company's product development and marketing strategy are clarified. To maximize sales or a higher price, this technique should also be able to satisfy a client group's requirement more effectively.

Not all market segmentations make sense since the expense of supplying each section individually is prohibitive. It would be both expensive and unprofitable to create distinct products for a large number of diverse target audiences. Segmenting clients based on their eye colour, for example, would be of little utility if the customers were grouped for reasons unrelated to the product. A successful segmentation strategy requires the following three guidelines. 13 Segmentation must be Meaningful: To be effective, it must provide insight into the motivations behind consumers' present actions. Actionable: It must enable for practical implementation in terms of segmentation and targeting. Financially attractive: There must be a financial incentive for pursuing a certain market area.

For businesses shifting from the physical world to the internet world, positioning becomes a new experience. In the new economy business, marketing strategy will take on a new significance as a result of the rise of the Internet. 14 Marketing strategy for new economy companies has and will continue to be influenced by the Internet in four key areas: 3. Through increased accountability of marketing efforts. 4. Through increased integration of marketing strategy with business strategy and operations.

As Internet prices continue to fall, businesses will be better equipped to segment their client base. Companies in the new economy will have access to improved data collecting technologies, which will allow them to undertake more precise segmentation of clients, allowing them to better understand their wants and preferences. Customers may be segmented and identified more easily with the use of improved offline sources and online data obtained by monitoring client activity. There will be an increase in one-on-one marketing as a result of this transition.

The increasing speed at which marketers may obtain information through the Internet will have an impact on their marketing approach as well. It used to take months for a company to conduct consumer and management interviews for a specific marketing initiative, but today this information can be acquired continually and much more quickly online. Thus, marketing strategies may be modified more swiftly and flexibly on-the-fly than in separate projects.

Tracking marketing initiatives gets simpler as more information is gathered. As a consequence, excellent marketing strategy will be held more accountable, allowing marketing achievements and failures to be seen more clearly. Good Internet marketing strategy is becoming more necessary as the consequences of previous triumphs and mistakes become more apparent.

For businesses to be successful, their marketing strategy must be coordinated with their whole company strategy and operations, which is becoming more commonplace. Due to their growing understanding of alignment's advantages, businesses have begun integrating it into a variety of strategic initiatives and day-to-day operations.15

Online marketing has surpassed traditional marketing and communication strategies. Social, cultural, religious, technological, and economic elements all affect the digital marketing skills gap.

characterised. Customers admire Wonderful Bali's digital marketing strategy. Online marketing is utilising the internet to promote. Digital marketing employs digital technology to offer marketing channels. A robust internet presence is important to a company's success. To satisfy customer demands while employing digital marketing channels, an integrated approach is required. To reach this new market effectively, firms must first understand their clients' lifestyles. Cut flower firms should adopt digital marketing to be competitive and market leaders. Digital marketing has grown into an advertising platform that allows small company owners to interact online. Small stores lack cash to upgrade technology and harness Internet development. Assume that social media marketing may grow market share by advertising and selling things and services online. Some consumers still demand to touch and feel items or services before paying for them. To put it another way, digital marketing is connected with the health of the economy. Only a "low" percentage of Micro, Small, and Medium-Sized Businesses (MSME) make use of digital marketing. An increase in ICT-based marketing is necessary for small and medium-sized businesses. Suppliers and customers alike are more productive as a result of this. Millions of pesos are likely to be raised through online marketplaces like Lazada.

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Ph. D. Student, Kalinga University, Raipur