Ihe digiiai fflwMta lias placed a whole new set ol capabilities in ttie nan® of constiroeis and businesses. Consider what consumers haw? today that they didn't have yesterday;
■ A substantial increase in buying power- Buyers today are caty a cSick away Iroai coir-paiing competitor puces and product atiri&uies. TJiey can pet answers on ihe Internet In a matter of seconds. They don't need lo drive lo stores, pa rk. wait on iine, and hold discussions vrilh salespeople. Consumers can even name Ihe price they want lo pay for a hotel room, airline ticket, or mortgage, and sec it lhere are any willing suppliers. Business buyers can run a reverse auclion whenft sellers compete to capiure me buyer's business. Buyers can join with others to aggregate 1 heir purchases to achieve deeper volume discounts.
■ A greater variety of available goods and services. Today a person can order almost anything over :hu Internet: furniture [Ethan Allen), washing machines (Scars), management consoling ("Ernie"), irethcal advice (WebMD). Amaron.com advertises ilseli as ihe world's largest bookstore, wiitt over 3 million hooks; no physical bookslwe can match this Furthermore, buyers can oider lhese goods from anywhere in the world, v-tiich helps people living :n oourtines wiih very limited local □fferings to aeti.:eve great savings, it also means that buyers in coLtntries with high prices can reduce Iheir costs by entering in countries with Itrar prices.
■ A great Amtiunt of infitrrrtaiiim about practically anything* People can read almost any newspaper in any language from anywhere in the world. They can access Online encyclopedias, dictionaries, medical information, movie ratings, consumer reports, and countless other infamalicn sources.
» A greater ease in interacting and placing and receiving orders. Today's buyers can plocc orders from home, otlice, or mciiife phone 24 houra a day, 7 days a week, and the orders will be Ottered to their home ot office qutWy.
* An ability to compare notes on products and services.
Today's customers can enter a chat room centered on some area of common interest and exchange iniormafon and opinions.
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etiler each courttry (as an exporter, licenser, joint venture partner. coil trail manufacturer, or solo manufacturer); how to adapt their produei and service features to Oiich country: how to price their products In different countries; and how to adapt their communications to fit different cultures. These decisions must he made in the face of different requirements for buying, negotiating, owning and disposing of property; different rühme. language, ami legal and political systems; and a currency thai might lluctuate in value.
Nonprofit and Governmental Markets Companies selling their goods to nonprofit organizations such as churches, Universities, charitable organ ¡/.a lions, or government agencies need to price carefully because these organizations have limited purchasing power. Lower prices affect the Features and quality that the seilet can build into the offering, Much government purchasing calls fijr bids, with the lowest hid being favored, in the absence qf exirnuating factors.
MARKETPLACES, MARKETSPACES, AND METAMARKETS Today we can distinguish between a marlccipiticcand tkarkaspace. 1 fie marketplace is physical, as whcli votl sliop in a store; rtiarket space is digital, as when you shop on the Internet.1'
Mohan Sauhiky has proposed the concept iff a ntfiamarket to describe a cluster of com: pleuientary products and services that are closely related in ifroirftnds of consumers but are spread across a diverse set of industries.'I he automobile nietamarkei consists of automobile manufacturers, new tnr and used ear dealers, financing companies, insurance companies, mechanirs, spare parts dealers, service shops, auto magazines, classified auto ads in newspapers, and ¡into sites on the internet, In purchasing a car, a buyer will get involved in many parts of thir> me t;t market. and this has created an opportunity for mctamcdiaries to assist buyers to move seamlessly through diese groups, although they are discuimceted in physical Sparc, Qoe example is Edmund's (www.edmwndiconi^i a Web silc where a ear buyer can
DEFINING MARKETING FOB 21ST C I UIÍY
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As with any web site, SaleHoo has a number of features that will help you in buying products from around the world. Once you have an account on SaleHoo, which only costs a one-time fee, you can establish up to twenty named searches for products. After that, any time those items become available, you’ll be alerted.