Benefits of Conducting a Business Online Essay

What benefits do you think Knight Enterprises Ltd and their customers could gain from conducting their business online? An online presence for Knight Enterprises Ltd is a powerful marketing and communication tool, an incredible source of cost-efficiency, an environmentally friendly way to work, a sign of professionalism and pretty much a requirement today. Benefits for the organisation The first benefit identified that organisation have an advantage of from internet marketing is that is it cost effective – this is because using the marketing on the internet can reach a wide range of audience from one and businesses would not need to promote themselves over other marketing mediums that cost more than using the internet. Businesses based only online are able to make profits by saving money on promotions and also just being based online is another way of saving money as they do not need to pay for buildings (includes rent, bills etc). Knights Enterprises Ltd will also be able to save money which they use for other expanding business methods which can attract various customers. The organisation could benefit from an online presence because the opportunity is given to use social networking, emailing, their website, banner ads as their marketing strategy which is much cheaper and also easier than other marketing techniques that does not involve the internet. It is also cheaper to get more customer awareness for their business as their internet marketing (website, ads) can be seen all over the world and now their products will available for international customers as well as national. A website can be changed anytime, so businesses are able to update their online view anytime to stay with the latest trend etc. The business can constantly add more products to their collection and update their business. With internet marketing available the organisation is able to do this anytime making it cheaper and quicker. A forum can also be added to the website for customers where they can comment and give opinion and the organisation will reply to them instantly like an online conversation giving them the advantage of gaining customer awareness; attracting more customers; retaining their customers they have already and gaining their trust Two-Way Communicative Marketing The two way communication is second advantage of online business because they can get their feedback really quickly and also can improve their Customers service and products. Cheap Market Research Market research is information about consumers, competitors and the effectiveness of marketing programs. Small business owners use market research to determine the feasibility of a new business, test interest in new products or services, and improve aspects of their businesses. Improve credibility The website gives the organisation opportunity to tell potential customers what their company is all about and why customers should trust them have confidence when they use website. Growth Opportunity A website serves as a great place to refer potential investors to, to show them what your company is about, this will provided all the information about the company to the customers, how well the company is doing, in terms of profit, revenue total sales etc. We can also guess from their customer’s reply how much better they are than before. Awareness Internet marketing enables businesses to see and compare with other businesses and compete with them more easily. They can view how much customers they have whether they are female or male and can use this to segment their targeted audience and market their business and products in ways that suit their customers. 24/7 Presence One of the biggest advantage of online business is that they don’t have to worry about time because they are available 27/ 7 no risk of losing customer. The website can provide all the information that customers need can see the latest product been offered; it also saves people travel cost they can do shopping anytime with even thinking about day and night. They can gain more customers by this as customers that aren’t able to go to the shops in person at a certain time can access a business website anytime. Benefits for the customers Offer Convenience This is more convenient then going somewhere else to buy or find out something because it’s just one click of a button and all the information will come in front of the screen we need; it’s much better than ringing a company and waiting in the queue talking to or asking them about their product. Some customers prefer website rather than taking or travelling which is quicker and best service. 24/7 Shop One needs not to worry about the closing time of a store as it 24/7 online. They can whenever they feel like. Online business now meets people’s lifestyle. There is no need to worry about leaving work then popping into stores. People now have the opportunity to shop within the comfort of their own home. †¢People with disabilities or other special needs can stay at home and make orders. †¢Discounted prices and voucher savings.