Traditional Markets and Digital Markets
1. Definition on Traditional Markets and Digital Markets 4
A. What is Traditional Markets? 5
B. What is Digital Markets? 5
2. Advantages of Traditional Markets 6
3. Disadvantages of Traditional Markets 7
4. Advantages of Digital Markets 8
5. Disadvantages of Digital Markets 9
6.Conclusion 10
7.References 11
Compare and contrast traditional markets with digital markets
Definition of Traditional Markets and Digital Markets Traditional markets : Traditional market is a physical market brings buyers and sellers together in the same location and a medium that allows buyers and sellers of a specific good or service to interact in order to make an exchange. It is a product-based and formal. This kind of market is traditionally operating, and countless such markets are still in operation around the whole world. Digital markets : Digital market is a market that do not have a physical operation between the process of buying and selling otherwise using the non-physical markets ( internet or electronic markets) In digital markets, buyers can purchase goods and services through virtual market. In digital market, the buyers and sellers do not meet or interact physically, but the transaction process is done through internet. Examples- eBay , air tickets.
What is Traditional Markets Traditional markets are physical retail markets, and can be local markets or shopping centers and shopping malls, labor markets, international currency and commodity markets, stock markets, for the exchange of shares in corporations, illegal markets such as the market for illicit drugs, arms or pirated products. Traditional markets are preferred by most people because it provide the functions of touch, feel, visual, and more reliable. For example, importing a car from oversea buyers may like to see whether it has any invisible damages or conditions though car sales centers( traditional market)
A. What is Traditional Markets? 5
B. What is Digital Markets? 5
2. Advantages of Traditional Markets 6
3. Disadvantages of Traditional Markets 7
4. Advantages of Digital Markets 8
5. Disadvantages of Digital Markets 9
6.Conclusion 10
7.References 11
Compare and contrast traditional markets with digital markets
Definition of Traditional Markets and Digital Markets Traditional markets : Traditional market is a physical market brings buyers and sellers together in the same location and a medium that allows buyers and sellers of a specific good or service to interact in order to make an exchange. It is a product-based and formal. This kind of market is traditionally operating, and countless such markets are still in operation around the whole world. Digital markets : Digital market is a market that do not have a physical operation between the process of buying and selling otherwise using the non-physical markets ( internet or electronic markets) In digital markets, buyers can purchase goods and services through virtual market. In digital market, the buyers and sellers do not meet or interact physically, but the transaction process is done through internet. Examples- eBay , air tickets.
What is Traditional Markets Traditional markets are physical retail markets, and can be local markets or shopping centers and shopping malls, labor markets, international currency and commodity markets, stock markets, for the exchange of shares in corporations, illegal markets such as the market for illicit drugs, arms or pirated products. Traditional markets are preferred by most people because it provide the functions of touch, feel, visual, and more reliable. For example, importing a car from oversea buyers may like to see whether it has any invisible damages or conditions though car sales centers( traditional market)
References: Blackwell, J. (2007) Overview of Traditional Marketing. [online] Available at: http://ezinearticles.com/?Overview-of-Traditional-Marketing&id=3741281236 [Accessed: 27 Feb 2013]. Econsultancy (2013) Future of Digital Marketing. [online] Available at: http://econsultancy.com/my/events/fodmdk [Accessed: 27 Feb 2013]. En.wikipedia.org (n.d.) Market - Wikipedia, the free encyclopedia. [online] Available at: http://en.wikipedia.org/wiki/Market [Accessed: 27 Feb 2013]. En.wikipedia.org (2009) Digital marketing - Wikipedia, the free encyclopedia. [online] Available at: http://en.wikipedia.org/wiki/Digital_marketing [Accessed: 27 Feb 2013]. Jcizzo.com (n.d.) Traditional Commerce. [online] Available at: http://jcizzo.com/the-traditional-commerce.html [Accessed: 27 Feb 2013].