Introduction To Busines Samples for Students †MyAssignmenthelp.com

Question: Discuss about the Introduction To Business and Its Environment. Answer: Introduction In today's digital world age, online marketing of any products and services in the market is a priority for the business and the consumers. The website is built including customers testimonials platforms where then information and the specifications are updated to social medias profiles and potential customers are attracted for reviews. However the business online reputation is not just as a result of what the business produce or generate, it is only the instances that the business is online and it is including online reviews. With the power and prevalence of online reviews sites such Google+, Yelp and Angie's creates the huge impact on business and customer occasionally use these reviews to purchase products online while strengthening business reputation online Jones (2017). Eighty-five percent of the consumers in the market are likely to be satisfied once they read more than seven online reviews for a particular product they want to purchase. However, there is a huge number of the consumer who may read in an excess of twenty reviews. This directly signifies the high increase engagement of review site. For approximately nine to ten consumers who are online review products and makes the important recommendation while as compared to word of mouth still being the most used weapon to recommend a product or a service and this analysis highlights the value of the positive review. The trust issues will be only granted if there are multiple consumers to read on the other side trust is reliant on the reviews being true and as much more guarantee of quality is equally important as quantity Needle (2010). Comparison of company advertising and online reviews As online reviews continue to grow rapidly online adverts revenues become another extensive important opportunity for businesses. Many online services are offered free of charge they are either funded directly by adverting or in returns of more diffuse benefits such as supporting and recommendation of growth of platforms or operating systems. The Internet has given an important consequence on the market position of previous tradition advertisement channels like prints, audios and televisions. Most of the Medias such as daily newspaper they are under threat of extinction because of the competition of internet in the placement of the adverts Pinckney (2007). At a time where the variety of technologies has advanced internet has allowed many advertisers to communicate to the different consumer of their products and services far to reach of the traditional forms of advertising. It is well claimed that the unique capability of internet marketing is its capability deliver data of a product to the targeted consumers. The targeting expands the excellence of the match between the clients and producer of the products this enables small enterprises to access promotion markets which they are previously omitted. Online advertising offers the multimedia possibility, unlike the newspaper, only offers standing textual and graphic ads whereas online adverts can only be generated statically and dynamically that is including text, audio virtual formats. Internet deals in a wide range of advertising designs such as such ads; socials media adverts and search advertising this improve target opportunities Panta (2007). Having more reviews such as sites stayed, ads click on and user traits this likely for the company to reach an objective group and hence reducing scattering losses, innovation advertising formats like social media advertising such as Facebook and Twitter have enabled businesses to reach to their consumers directly. Online advertising enables the consumer to have a direct reactions towards the advertising companies which it can be one to one communication this will be an advantage to companies with e-commerce platforms where the consumer may place an order directly. In a real sense, online advertising offers more flexibility in regards to payment unlike newspaper prices are evaluated on cost per thousand bases whereas on the internet one can choose the variety of payments module such as performance-based advertising, cost per click. Last but not the list online advertising persuade more consumer to purchase a product or as service as compared to traditional way of advertising since it is less social resources on a distinguished media which create content to aggregate and sort potential consumers. It also enlarges accuracy to match consumers and distributors increasing targeting opportunity hence sinking waste of sending or receiving non-targeted consumers Warrillow (2016). Assumption for a startup business Advantages and disadvantages of consumer reviews The majority of the consumers are connected to the internet. Most small business and entrepreneur are switching towards the digital route and as small enterprise are slow to pick to the trend. The Internet has taken small business beyond their boundaries and allowed businesspersons who have fewer budgets to contest on an international level. Currently with the huge growth of social webs such as blogs, YouTube, Facebook and Twitter the market is flattened. A social web permits business owners to market, post business updates even with limit technical experience quickly hence communicate with customers efficiently. Advertising on the internet is more targeted and measurable which makes it more cost effective form of advertising nowadays thus making the online platform to be the only medium which allows small business to vigorously compete with the big companies. On online marketing, one doesn't need a multi-million dollar marketing budget in order to put together an effective campaign. The Internet provides with shopping carts templates, websites templates and online marketing templates created by such engines such as Google, PayPal and Yahoo which help small stating business with the limited budget to get into e-business as quickly as possible. Advantages Consumers enjoy the access of online tools that allows them to share with friends and relatives of certain product or services being offered. Products and services are now reviewed, ranked, rated, and even evaluated products such as books, films, music and electronic campaigns as well as services being offered such as teachers, holidays, lawyers and health services. The other fact is consumers can purchase the wide range of products and services online such as banking, telecommunication, insurance and travelling service this make consumer background search for information in form of reviews in a convenient and timely manner. Online reviews help the consumer in a situation where they feel less assertive and less knowledge by offering them with the reliable and independent source of peers' feedback and information that helps them to identify fake sellers and avoid paying for defective products or non-standards products. Therefore consumer reviews have been said to be power shift' tool to enable a consumer to generate information rather than having the chain of retailers and service providers. Research have been put in place that consumers puts more weight to user reviews than to what business or independent experts tell them. Consumer feels empowered because sharing of information gives them an opportunity to negotiate between them and services providers. The Internet provides online consumer reviews a forum to learn from the experience of others accessible, anytime they wish and with direct sales pressure Warrillow (2016). Disadvantages One of the major issues concerned reviews which may also apply to the consumer is called bandwagon effect' which used to describe a situation where information provided by other may become influential as means of removing ambiguity and establishing a subject validity. Information and data are aggregated across consumers may facilitate collective intelligence via wisdom of crowds' and these may reciprocate to consumer falling to bandwagon where popularity overrides quality which is equally distributed among the contributors while the specific expertise of certain givers is undervalued. People choices on online platforms can be influenced by others opinion via a system called recommender system' it is a software tool or technique used by people opinions to help others make choice of what to buy, listen to, read and so forth. In addition, it has been discovered that people gather information which has been contributed by other to be more credible these `contribute to user created content whereas it creates social influence to friends with referent information. Such scenarios happen when people are viewing movie ratings online, people tends to rate movies depending on the rating shown on the page Prahalad (2007). Recommendation As online review has become increasingly influential on online shopping review fraud has emerged as the main concern to this process. The key issues to this fraud are to interfere on how people makes the decision on buying products by so they mislead customers such fake reviews such as hotels and restaurants. By adhering to this practice malicious business owners can achieve the high increase in sales by posting false positive reviews for themselves or they post negative reviews on their competitors Needle (2010). To deal with these a modeling collusive fraud on online reviews should be implemented in order to detect collusive reviews fraud. There are more attempts at tackling with such kind fraud such as supervised which was proposed to detect frauds campaigns though this method was challenged due to lack of ground truth on the real world scenario. In both sides, consumer and business should seek thorough statistical solutions that either can unlabeled data which is unsupervised or make collusion forecast as supervised to discredit this kind of behavior. Conclusion An online review enjoys greater flexibility, global reach, measured and specific target groups with substantially fewer investments. The power of the internet with most people connected, online marketing is capable of attracting consumers to take actions on product or services on real-time. Digital advertisement enjoys the high degree of trust and attention holding across all genders, age groups. For any business which wants to maximise its brand impact and favourable action was taken, a business to business (B2B) advertising marketing strategy must have the intelligence of online and print advertisements Mayo (2009). References Jones, L. (2017). Introduction to business law. Needle, D. (2010). Business in context: an introduction to business and its environment. 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