Impact of internet on formation of marketing strategy

The Internet is revolutionizing the way business is conducted and its use is becoming increasingly critical to the success of business firms. The Internet is becoming such a pervasive tool that every company will be using it in some way or another in a few years. It is a powerful tool that a business can use to obtain a competitive advantage. It offers many opportunities for businesses to grow in sales and reduce costs. In this paper we provide a number of Internet-based marketing strategies in the various areas of the marketing mix. This paper fills an important gap in our understanding of how to integrate the Internet in marketing strategy formulation. We argue that the Internet should be viewed as part of the firm's long-term marketing strategy and it should be integrated with all other means of formulating and implementing strategies in a way that it conforms to the principles of a sound business strategy. It can be concluded that marketing strategist should use the ideas presented in this paper to formulate more effective Internet-based marketing mix strategies.