Use of Internet as a Brand Building Tool

Download or read book Use of Internet as a Brand Building Tool written by Richards Macdonald and published by GRIN Verlag. This book was released on 2013-04-22 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Communications - Multimedia, Internet, New Technologies, grade: A, The University of Chicago, language: English, abstract: The emergence of the Internet has provided a powerful marketing medium for all businesses, whether big or small, new or old. It has enabled all types of businesses to promote their brands easily. The Internet explosion in the past few years has changed the entire business processes and outlined the future business operations. The changes are visible in almost all business operations, and they have initiated rethinking of supply chain networks, reconfiguration of products and services or revamping of business models. The most significant change has been noticed in the promotional activities and in the use of the Internet as a brand building tool. The Internet has offered new opportunities, making traditional business practices outdated. It provided the opportunity to reach a wide range of audience and create never-before possible propositions. It also provided a new tool for promoting business, interacting with people and building relationships. It has also empowered customers with information and many options, and has changed the fundamental concepts of interaction between companies and customers. These tremendous changes in customer relationships, customer service and branding require new strategies and tools for brand building. The Internet has enabled new entrepreneurs to create new and strong brands, thus leaving established brands behind. Internet companies like Amazon.com, Yahoo!, eBay, and America Online (AOL) have established strong brands in a short span of time, whereas the traditional companies have taken decades for the same. Figure 1 below exhibits the time taken in years by the Internet companies in reaching $100 million mark.