BUSN 70 Lecture Notes - Lecture 28: Crowdsourcing, Marketing Mix, Linkedin
13 Mar 2021
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Digital media connectivity creates opportunities to add services and benefits to products. Businesses can offer more items online than they could in a retail store. Internet can make it easier to learn about and anticipate consumer needs. Fierce competition makes quality product and service offerings more important than ever. Pottery barn - 50% stuff only online smart b/c restrictions on showrooms sizes to show all products. Ratings and reviews have become exceptionally popular. Online reviews influence buying decisions of ~90% of u. s. consumers. Most online shoppers search the internet for ratings and reviews before making major purchase decisions. Despite the ease and obvious importance of online feedback, many companies do not yet take full advantage of the digital tools at their disposal. Smart for business to do this b/c reduces returns (restock fees for the companies) Platform solely based on reviews = yelp where consumers are the only ones able to take reviews down.
