An empirical study: the impact of the Internet on traditional marketing principles, strategies and practices in the financial and retailing sectors

Abstract

The purpose of this research is to provide an insight into the impact of the Internet on traditional marketing principles, strategies and practices in the financial and retailing sectors. The growth of the Internet is explored from its modest beginnings through to the diverse opportunities that it offers today’s marketers. The evolution of marketing is also discussed in order to provide the reader with an understanding of its origins and the advancements it has made over the years. A comparison is made between traditional and Internet marketing plans, and traditional and Internet marketing strategies. The key differences between traditional and Internet marketing is then highlighted. The Internet provides numerous opportunities to the marketer and the consumer and it encourages dialogue between both, through various forms of interaction such as e-mail. The marketer has the power to build relationships and develop customer loyalty. The Internet is also one of the most cost-effective methods of marketing in today’s global marketplace. The Internet has affected many businesses. In an effort to demonstrate this, case studies are the chosen research method to identify the impact of the Internet on four different companies, two from the financial sector and two from the retailing sector. An in-depth analysis of all four companies is conducted, concentrating primarily on how the Internet has changed their business strategy, if at all.