Session 4 commences: A peep into the wheels within wheels business models of various firms and the use of web and mobile for marketing.

           For sustenance in today’s competitive market, every firm needs to create value for its customers and maximize its profitability through a competitive advantage. We looked at how the business models (product based and customer based marketing strategies) and the changing environments (use of technology affecting the upstream and downstream impacts) are bound to affect the performance. We also looked into the various present and future public online networks and discussed in detail the scope of mobile technologies.

           It was heartening to see the power of internet. Through the net your business has the whole world as its market. You catch more eyes through Email marketing and search engine postings. Out of the three information dissemination modes, the web has a higher level of trust than mass media as shown by surveys. Market segmentation becomes easier and is especially effective for geographic and demographic segmentation. By using the net, the company can also gather information regarding its buyers like their tastes and location by implementing login features. These data can be used to give personalized attention to the customer and forging stronger customer relationships and thus can create loyalty. The trouble of haggling is also absent.

           In the course of the discussions we found out that 1. Customer value; 2. Scope; 3. Pricing; 4: sources of revenue generation; 5. Connected activities; 6. Capabilities; 7. Implementation; 8. Sustainability of the firm were instrumental in determining the business model of a firm. The success of the business model can be found out by looking at the margins, market share and revenue share growth rate. With the 3G technology coming into market, companies have to look for mobile and web services to remain in the market.

           To sum up in a nut shell I found out that as the internet proved to be a boon to the people in finding there age old friends and classmates, the strides in the business world through mobile and E commerce had been even greater. The article on dotPhotopro.com will give you further insights. Later in the week we have the so called movie fest where our elevator speeches in flash will be screened. The class is dismissed with an air of uncertainty as no one is sure whether what they have in store is suited to the occasion.