utilizing technology in markets

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Utilizing Technology in Markets
The central idea from the readings is the utilization of technology in markets. All the three reading materials share this idea. For instance, ‘Lecture notes week 3’-Focuses on the concept of online marketing. The online marketing strategy is focused largely on the notes. The history of online marketing, which dates back to 1993 and 1994, is also highlighted. The strategies used in online marketing, impacts as well as various types of online marketing are explained in the notes. ‘Chapter 3 of Information Rules’ also revolves around the idea of the use of technology in communicating with customers (Shapiro and Varian, pg60). Even the title of the chapter ‘versioning information’ shows clear indication of the relevance of Technology in marketing as a whole. Technology is the key tool for delivering information to the customers. The chapter highlights the importance of information when it comes to marketing products. Also, ‘Speculative Microeconomics for Tomorrow’s Economy’ also emphasizes the importance of technology in business. It argues that data processing and communication revolutions have the impact of uplifting foundations of the standard case for the market. All the three readings revolve around the concept of technology in doing business (DeLong and Bradford, pg24).
Seven sub ideas that connect to the main idea
1. Information is like an oyster. It has the highest value when fresh
Customers always require fresh information.

They can quickly pay for such information. Therefore, technology keeps the customer updated on the products. It also helps them understand any new products brought into the market immediately
Customers are always eager for information concerning the market trend.
2. With information technology, even owners cannot be able to exclude other people from enjoying the commodities
Technology ensures that information spread fast and widely. Therefore, in case of online marketing, many people get knowledge on the profits. That means, as far as they are interested, they will access and consume the commodity.
Information also prevents product discrimination. With technology, people from various locations can easily understand the exact price. Therefore it will be hard for the seller to take advantage of markets and discriminate prices. There is usually no rivalry when it comes to enjoyment of information based commodity
The use of technology in marketing ensures there are the broad market and therefore significant amount of sales. That means, due to economies of scale, the producer will charge relatively low prices so that many people can now afford
Also, significant sales motivate producers to produce more, meaning there will be consumer welfare in the end.
3. The use of shop-bots like Bargain Finder in online markets
The technology has facilitated the speed of delivery of products to consumers
It can also take the shipping costs through zip code.
Also, R-U-Sure can install the application on the desktop to view web browsing from users.
There is also competitor’ click the button’ for installing the icon on the taskbar.
4. The use of bidding services like price.com in hotels and air tickets
The ‘priceline.com and ‘NextTag.com’ are designed in such a way that they can invite customers to send the price they are able and willing to pay for a particular commodity.
The collaged has its website for inviting college students so that they can state the commodity they are willing to purchase.
5. The application of Meta auction sites like auctionwatch.com
Various types of price competition are provided here
There is the use of eBay technology for bidding
FreeMarkets online auctions cover a vast market
6. Use of Meta Auction Sites
These sites provide information concerning various goods supplied by online auctions
There is AuctionWatch.com which has become successful
There are universal search options for directing users on sales contained in eBay.
7. Advertising online can derive sale instantly
The use of search engines in advertising helps when it comes to acquiring customer trust and patronage
The transactions can be delivered to the customer after requesting from the online sites
The advertisement is visual and appealing, meaning many people would get attracted to it and become interested in the product.
The fact that online advertising is an ideal channel which promotes brand collateral

Work Cited
DeLong, J. Bradford, and A. Michael Froomkin. “Speculative microeconomics for tomorrow’s economy.” Internet publishing and beyond: The economics of digital information and intellectual property (2000): 6-44.
Shapiro, Carl, and Hal R. Varian. “Information Rules.” Google Books, 2018, https://books.google.co.ke/books/about/Information_Rules.html?id=z0hQ12PrERMC&source=kp_cover&redir_esc=y. Accessed 1 Apr 2018.