Assignment:
Topic 1
Prompt: How might a company's internet presence improve information problems? Can a company's internet presence worsen information problems? Give an example of a company that has an internet presence. Does the company's presence on the internet improve information, or is the information made worse? Explain.
How might a company's Internet presence improve information problems?
A company's presence on the Internet can improve their information problems by utilizing their Internet presence to increase their market knowledge (Keat, Young, & Erfle, 2013). The issue many companies have is that economic optimization works under the assumption that tastes and preferences remain constant but with the utilization of their internet presence they can keep up to date on the changing trends within the market place negating their competitors ability to make decisions with "better" market information or asymmetric information along with a pulse on market signaling (Keat, Young, & Erfle, 2013).
Can a company's Internet presence worsen information problems?
A company's internet presence can sometimes worsen their information problems by allowing competitors to poach market information gathering techniques from their internet presence and utilizing them to increase or improve their own presence (Schiff, 2013). Furthermore, a company's Internet presence especially in the form of social media can create a "tsunami bandwagon effect" if not monitored and strategically controlled in regards to their public image (Schiff, 2013). This can create an effect where market information gathering strategies are heavily influenced by a negative public perception without an objective experience of the product or service (Schiff, 2013).
Give an example of a company that has an Internet presence. Does the company's presence on the Internet improve information, or is the information made worse? Explain.
The company I decided to use was one from personal experience. Mt. Hood in Oregon is an exceptionally beautiful area with many ski camps and resorts. I ended finding one of the roads and gave it a try. I had a good personal experience with it without having scouted them online. When I did finally look into them to recommend them to someone, their Internet presence was horrendous. Their website is archaic and problematic to register with and collect emails with for newsletters and special offers affecting their ability to gather information about prospective clientele (Staff, 2015).
References
Keat, P., Young, P., & Erfle, S. (2013). Managerial Economics: Economic Tools for Today's Decision Makers. New York City: Pearson Education, Inc.
Schiff, J. L. (2013) 15 Big Social Media Mistakes Companies Make and How to Avoid Them, CIO Online Magazine, web retrieved Oct 7, 2015.
Staff (2015) Mt Hood Summer Ski Camp, web retrieved Oct 7, 2015.
Topic 2
A companies Internet presence is very important, especially in this current age where everyone is using the Internet on a daily basis. This includes both inbound and outbound marketing as in displaying ads and online key words for search engines (5 Tips on How, n.d.). This is very important because without an online presence the company is falling behind the competition. This can also improve information problems by telling your clients what is going on in your company, or things to look forward to in the near future. Another important reason to have an Internet presence is the ability to quickly communicate with your clients, and inform them of goings on at your company or changes that need to be made (Thorpe, 2013). All of this can be done relatively easy and efficiently.
A company's Internet presence can worsen information problems with the Internet by posting things that and saying things that your customers may not know about your company, but will find out if you have Internet presence (Kirk, n.d.). This is an interesting concept because when you think of things that could improve your business adding ad space to the Internet is always high on the list. Also another way that a company can have a negative impact on information is by having a bad or subpar website. One of the reasons for this is the fact that smaller business don't have the IT staff that larger companies have and it makes it more difficult to have an effective website to convey important information (Thorpe, 2013).
A company with an Internet presence is the company that my Fiancé works for called NCM & Associates, based out of Kansas City, Kansas. The company is small automotive consulting firm, and they have a website that they attempt to convey information to their clients (NCM, n.d.). The website is very difficult to maneuver and difficult for the clients to do anything on, according to Hilary Richardson, "Most of the clients end up calling into to the company for information that is supposedly on the website it is just difficult to find." So NCM & Associates has an Internet presence, but since the website it difficult to navigate and get any information from I would say that it makes the transmission of information more difficult than not having a website. And in fact may cause some time for the clients because they could be searching the website and have to call in anyway. So they may have just called in from the beginning and saved themselves the hassle of looking.
References
5 Tips on How to Improve Your Online Presence - Solve a Problem. (2015, May 11). Retrieved October 8, 2015, from https://www.steamfeed.com/5-tips-on-how-to-improve-your-online-presence-solve-a-problem/
Kirk, C. (n.d.). The Most Outrageous and Most Overblown Controversies of 2014. Retrieved October 8, 2015, from https://www.slate.com/blogs/browbeat/2014/12/31/outrages_and_controversies_of_2014_the_most_outrageous_and_overblown_news.html
NCM & Associates. (n.d.). Retrieved October 8, 2015, from https://www.ncm20.com/
Thorpe, D. (2013, November 25). How Much Is Online Presence Helping Small Business? Retrieved October 8, 2015, from https://www.forbes.com/sites/thesba/2013/11/25/how-much-is-online-presence-helping-small-business/
Topic #3
Having an internet presence allows a company to broadcast themselves in such a way that makes it easier for consumers to locate them within the market. Perhaps the largest component of internet presence is the creation and utilization of a company website. A website provides the firm with the ability to provide information to potential customers regarding their products and services, it gives the organization a professional appearance, and it provides the company with the opportunity to sell their products and services online if so desired (Wavelength Media, 2015). In all of these situations, having an internet presence allows a company to improve on various information problems.
However, it is not uncommon for an organization to have an online presence without it receiving the benefit of improved information communication. When an organization opts to have an internet presence, they must do so with the consumer in mind. Specifically as it relates to a website, a firm must address concerns involving the design of the website, the ease of navigation, the availability of information, and overall level of content (Brinker, 2015). When it comes to an internet presence worsening information problems, studies show that a lack of the following are directly responsible for the deterioration: lack of pricing listed, lack of listed services offered, and inability to locate contact information (Brinker, 2015). In order for an internet presence to improve information, the company's website must be setup in such a way that provides pertinent information to a consumer and must provide easy navigation.
The company with an internet presence that I will be analyzing is John Deere Worldwide. While most consumers do not associate John Deere with an internet presence, the firm has actually gone to great lengths to provide a company website that allows both current and potential customers to review information on the various products offered by the company. When an individual looks up the company for the first time, the first page of the website requires the user to select their region, or country, in order for the website to be personalized toward them. Once a region is selected, the user is redirected to the main page of the website which offers insight to the company's products, services, replacement parts, and company background and financials (Deere & Company, 2015). Additionally, the website offers digital versions of owner's manuals for all of their current product offerings, as well as for historical products that are no longer in production. Furthermore, the company's online presence allows a potential customer to evaluate a product based on its specifications and price, because all such details are disclosed on the website. Finally, there is an abundance of photographs tied to each product and service offering, making the aesthetic information about a product easier to comprehend for the user.
One area where this particular company has taken full advantage of their internet presence is with the design and implementation of their own, free-standing website. Many organizations opt to avoid their own website and instead utilize a pre-made template offered to them via social media outlets (Newtek, 2015). By utilizing a website of their own design, John Deere is able to effectively capture the attention of the consumer and is then able to improve upon the way in which company information is related to said consumer.
References
Brinker, M. (2015, October 6). Study Shows That Having A Bad Website Can Hurt Your Business. Retrieved from Mark Brinker and Associates: https://www.markbrinker.com/a-bad-website-can-hurt-a-local-business
Deere & Company. (2015, October 6). John Deere - US Regional Home Page. Retrieved from John Deere: https://www.deere.com/en_US/regional_home.page
Newtek. (2015, October 7). How Much Is Online Presence Helping Small Business? Retrieved from Forbes: https://www.forbes.com/sites/thesba/2013/11/25/how-much-is-online-presence-helping-small-business/
Wavelength Media. (2015, October 6). Having an Internet Presence. Retrieved from Media College: https://www.mediacollege.com/internet/intro/presence.html
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