a) Analysis of the online market space is a key part of developing a long-term digital business plan or creating a short-term digital marketing campaign. How can marketers analyze online market space?

b. Outline the elements of the digital business environment for an organization and explain their relevance to the organization.

c. Describe some alternative revenue models for a website from a magazine publisher

 

Answer

Question (a)

Answer:

How  marketers analyze online market space

1. They Decide on goal.
They may be performing a market analysis for a variety of reasons, including gauging your competitors or learning about a new industry. Whatever your motivation is, it's critical to figure it out as soon as possible in order to stay on track throughout the process. Begin by determining whether your goal is internal - such as increasing cash flow or enhancing business operations - or external - such as obtaining a business loan. The type and amount of research you conduct will be determined by your goal.

2.They  Learn about the current situation of the industry.

It's critical to offer a clear overview of your industry's present situation. Include where the industry appears to be headed, utilizing measures like size, trends, and predicted growth, as well as plenty of facts to back up your conclusions. You can also do a comparative market analysis to figure out where you have a competitive advantage in your market.
 

3. They  Determine who your target customer is.

It would be a waste of effort to attempt to get everyone interested in your product, and it would be a waste of time to attempt to get everyone interested in your product. Instead, conduct a target market research to determine who is most likely to want your product and concentrate your efforts there.

4. They try to Know who are their competitors.

To be successful, they must have a thorough grasp of your competitors' market saturation, what they do differently from you, and their strengths, limitations, and market advantages. Begin by making a list of all of your major rivals, then go through the list and perform a SWOT analysis on each one.

5. They Examine the information they've gathered.
After you've gathered all of the data you can and double-checked that it's accurate, you'll need to analyze it to make it helpful to you. Organize your research into parts that make sense to you, but be sure to include divisions for your goal, target market, and competitors.

Question (b)

Answer:

Elements of digital business environment

1. Have an online presence

How and where the community and other businesses view your business online is referred to as your online presence. Your online presence consists of the following:

-A campaign mini-site, a commercial website, or a mobile website

-profiles on social media (LinkedIn, Facebook, Twitter, YouTube, etc.)

-advertisement profiles for businesses (e.g. on sites such as Yellow Pages Online or TrueLocal)

-Other businesses' websites may contain links, information, reviews, or stories.

2. Internet marketing
Digital marketing is the use of Internet resources and tools to promote your business. Websites, microsites, mobile apps, and social media platforms are all utilized in digital marketing. Online banner ads, search engine marketing, Facebook advertisements, LinkedIn advertisements, blogs, guest blogs, newsletters, email marketing, mobile banner ads, and ebooks are all examples of these.

3. Interaction with customers

Giving clients access to your business by whatever means they desire - a mobile device, a desktop computer, a regular phone call, or social media - is what customer contact is all about. Customers should be able to find the information, service, or product they are looking for with minimal effort.

-You could utilize a customer management (CRM) system to help you with your customer engagement:

-collect and organize information about your customers

-Contacts, callbacks, and deals may all be tracked.

-Keep track of the results of your traditional and digital marketing campaigns.

-Connect your accounting software to your client information.

4. Safety on the internet
Small businesses need to be especially concerned about online security since their virtual assets — the data and information kept on computers and file servers - are typically the most precious, and often irreplaceable, assets. The following are examples of online security:

-Accessing and keeping company data, using digital technology, and dealing with client information are all -policies that employees must follow.

-System backups in the cloud (For more details, see 'Cloud computing' below.)

-Software and payment mechanisms that are secure.

6. Interaction with suppliers

Being part of the digital economy gives you access to global and national marketplaces, as well as the capacity to conduct supplier interactions more efficiently and effectively.

Your company can benefit from sourcing suppliers online, especially if your suppliers have adopted digital solutions to provide their products, services, and quotes online as well.

Relevance of the organization

The ability to tap into a global market. Traditional marketing approaches cost more money, but you can save money and reach more clients for less. Get to know your audience and allow them to get to know you on a personal level, which can aid in brand loyalty. You can track the results of your marketing activities right now.

Question (c)

Alternative revenue models for a website from a magazine publisher

Answer:

1. Access to content via subscription: In this revenue model, users can access a variety of papers for a month or, more commonly, a year.  In this case, the consumer must pay a subscription fee to have access to the website's contents. A subscription, rather than selling individual things, sells recurring (monthly, annually, or seasonal) use or access to website material. A membership may be renewed on a periodic basis and automatically activated, with the cost of a new period being automatically paid for by a pre-authorized charge to a credit card or bank account.

v. Businesses benefit since they are guaranteed a consistent and predictable revenue stream from subscribers for the term of their agreement.

2. Article access on a pay-per-view basis: In this scenario, payment is made for a single visit to the website article. A publisher "unbundles" its standard magazine into single pieces or reports and sells each piece of content independently online in the pay-per-view model. Consumers search the article inventory in the same way they search for things online, and they only pay for what they order. Customers can get immediate assistance by downloading or employing print-on-demand capabilities. Documents may be managed by a digital-rights or restrictions-management system in more advanced versions, which restricts files from being copied, forwarded, or printed more than once.

3. site display advertising:  Ads may be provided by the site's own ad server or, more typically, by a third-party ad network like Google AdSense. It's a basic marketing formula used to figure out how much an ad campaign will cost to reach 1,000 potential buyers.

4. Affiliate Commissions:

The affiliate network is an online distribution system based on the compensation principle. Links to partner-websites are used by magazine publishers to sell their products and services. Commissions are only paid for actual revenue or verifiable accomplishment in this pay-for-performance approach. A code that identifies the affiliate is included in an affiliate link. Clicks, leads, and sales are all tracked in this way.

Refrence:

Kwok, L., Tang, Y., & Yu, B. (2020). The 7 Ps marketing mix of home-sharing services: Mining travelers' online reviews on Airbnb. International Journal of Hospitality Management, 90, 102616.

Park, Y., & Mithas, S. (2020). Organized Complexity of Digital Business Strategy: A Configurational Perspective. MIS Quarterly, 44(1).

Daidj, N. (2020). Publishing Industry: What Is the Future of Newspapers, Magazines, and Books?. In Sustainable Business: Concepts, Methodologies, Tools, and Applications (pp. 1696-1717). IGI Global.