busi 330 priniciple of marketing 2nd DB
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330
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Marketing
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Apr 3, 2024
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Uploaded by ConstableFangLlama22
The way that traditional retail establishments are marketed has been greatly impacted by Amazon. Sales and foot traffic at brick-and-mortar department shops have decreased because of the ease, extensive assortment, and affordable prices provided by online retailers. (Techquickie, 2015)
Convenience is one particular benefit that customers may receive from
internet retailers. Customers who buy online may avoid going to real stores by making purchases whenever they choose, from the comfort of their own homes. Online retailers also provide a greater assortment of goods than those found in stores, making it easier for customers to locate what they're searching for.
On the other hand, conventional department stores still offer certain advantages over online shopping. One advantage is the ability to physically see and try out products before making a purchase. This can
be particularly important for items such as clothing or furniture, where seeing and feeling the product in person is essential. Additionally, brick-and-mortar stores provide immediate gratification as customers can take their purchases home with them right away, rather than waiting for delivery.
Brick-and-mortar retail stores are adapting their marketing strategies to compete with online competitors. They are enhancing the in-store experience by incorporating technologies like interactive displays, augmented reality, and virtual reality. They are also expanding their online presence by improving e-commerce websites, offering click-and-
collect options, and integrating online and offline channels for a seamless shopping experience. (Faster Capital, n.d)
To achieve an "even playing field" between local retailers and online merchants, local retailers must embrace technology, establish an online presence, and focus on creating unique experiences that differentiate them from online competitors, while online merchants have advantages like lower overhead costs and larger customer bases.
Amazon is applying technology in various ways to offer new products and services. One example is the implementation of artificial intelligence and machine learning algorithms to personalize product recommendations for customers. They are also investing in drone delivery and autonomous vehicles to streamline their logistics
operations, leveraging their technological capabilities to provide innovative solutions to customers. (Viddler, n.d)
The Bible states, "Plans fail for the lack of counsel, but with many advisers they succeed". (
New International, 1973/2011, Proverbs 15:22), As a follower of Christ, applying this principle means seeking counsel from trusted advisors, mentors, and the teachings of the Bible.
In routine business practices, it is essential to make decisions based on
ethical principles, integrity, and considering the impact on others. Seeking wise counsel can provide valuable insights, and different perspectives, and help navigate challenges and opportunities with integrity and wisdom.
Reference
Techquickie. (2015, November 26). Amazon.com
As fast as possible
(video). YouTube.
https://youtube.com/@techquickie?
si=BzH6_AroShW-nf1_
Viddler. (n.d). Amazon delivering the earth’s biggest selection.
https://www.viddler.com/embed/89fd8c9b
Faster Capital. (n.d.). Traditional retailers.
https://fastercapital.com/keyword/traditional-retailers.html
Holy Bible, New International. (2011).
Proverbs 15:22 NIV - Plans fail for lack of counsel, but - Bible Gateway
(Original work published 1973)
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