Business Virtual Marketing Strategy Samples †MyAssignmenthelp.com

Question: Discuss about the Business Virtual Marketing Strategy. Answer: Introduction Virtual marketing is very common in the business world in the recent years. However, virtual marketing is an example of the modern technology that enables the investors to maximize their business performance (Okahashi et al. 2013). Search engine positioning, website indexation, online advertisement, social media marketing and content development are the major parts of the virtual marketing. Social networking devices are used rapidly in the virtual marketing to meet the business objectives. In order to implement new changes in a business virtual marketing strategy is developed. Internet marketing is the core area of the virtual marketing that is applied by the organization to advertise their products and to deliver messages in the public domain. This current study deals with the effect of virtual marketing on the business performance and the potential factors of virtual marketing will be critically addressed in the literature review section. Project objectives Establishment of the project objectives is crucial to carry out the whole project In order to get desired outcomes development of specific objectives are necessary to carry out a research (Yoo et al. 2015). To understand the changing demand of the customers over the time To critically evaluate the impact of the virtual marketing strategies on the business performance of the organization in near future To critically evaluate the effect of the virtual marketing strategies in the improvement of the entire industry. Scope of the Project This project aims to carry out an in-depth analysis of the virtual marketing and its impact on the business industry. This project will be helpful to understand the significance of the virtual marketing in business performance. Therefore, challenges regarding the virtual marketing will be addressed through this project. Improvement of the existing knowledge regarding any topic can be done through analysis of a research project (Iqbal and Ali 2014). This present project focuses on the changing demands of the customers. Hence, virtual marketing is beneficial to meet the current needs of the consumers by taking online feedbacks from them. On the other hand, the business industries will be able to gain knowledge about the virtual marketing strategy and its importance in business. This project also gives an overview of the effectiveness of the virtual marketing on the future development of the business organization. However, rapid application of the virtual marketing in various industries is a common trend in the recent years (Lau et al. 2014). Hence, this research project will be helpful for the business owner to increase their knowledge about the application of virtual marketing based on the customer demand. Literature review Virtual stores are generally developed in the high traffic areas like bus stand, markets and the places where consumers gather for their daily work (). Tesco is a well-known retail sector that established their virtual store in Seoul that is the busiest station. Due to the popular business, Tesco can easily increase the number of customers, on the other hand, virtual stores easily attract the customers towards Tesco's business Yoo et al. 2015. Products those are displayed in the virtual store are not the actual product. However, the poster is designed based on the pattern of the actual product. Customers scan the product in the virtual store and the product is added to the basket of the internet server. Hence, when the payment is done a notification is sent by the home plus app to the delivery executives and they deliver the product to the right place at right time. According to the statistics, Tesco has increased 130% of its sale through the online marketing. Themanagement of any business organization needs to understand the current requirement of the consumers while using the virtual marketing to increase their sales (Lau et al. 2014). As for example, Tesco needs to identify the appropriate technology and strategy of the virtual marketing. Due to routine bound life and hectic working schedule, the customers are not able to give proper time to their shopping. However, virtual marketing or online marketing allows customers to spend quality time in their shopping by observing different products on different shopping websites. They do not need to go shop and their transportation cost is also saved. On the other hand, the physical stores are opened for a limited time while through the virtual marketing customers are able to get 24 hours service for their shopping. Tele-presence experience is a part of the virtual technology and organizations use such technology as the virtual marketing strategy. In comparison to other communication techniques, virtual communication technologies are more advanced in nature (Esposito and Evangelista 2014). However, other communication techniques include e-mail, text message and telephonic message while virtual communication expands the marketing activities of business organizations and purchasing behavior of the customers for a particular product or service. In order to maximize virtual communication in the customer's domain smart phones, the internet is used rapidly. Many apps are installed in the smart phones through which consumers access virtual communication properly. Such advanced apps enable consumers to maximize their shopping activities from any place and anytime. This current study focuses on the relationship between two consumers and relationship between an organization and the consumers in the contex t of the online marketing or virtual marketing. Development of the virtual environment in an organization enables them to understand 2D and 3D concepts in order to develop a materialistic and geometric display of their products (Chen et al. 2013). However, product display is an important part of the virtual marketing as attractive display easily gains customer attention. However, it is important for the organization to develop virtual objectives to identify the interaction style of the customers with such virtual objectives. TV computers and web cam are the examples of virtual objectives. Such objectives allow consumers to get a better shopping experience. On the other for the virtual marketing, it is crucial for the organization to personalize the virtual technology. However, virtual technology serves as an assistant of shopping for the consumers. Such virtual technology gives in-depth information regarding the product or service of an organization to the customers according to their choice (Mata and Quesada 2014). Apart from thi s spatial interaction is important to control and monitor the strategies of virtual marketing in an organization. Virtual community plays an important role in virtual marketing. However, the virtual community can be referred as the typical group of consumers having common choice and purchasing behavior (Chaffey et al. 2013). Different virtual media generate such virtual community and contemporary groups are the suitable example of the virtual community. According to the research, virtual community influences strategies of virtual marketing. On the other hand, the trustworthiness of virtual community is associated with identifying the problems regarding online information and other policies of virtual marketing in an organization. Social structure and model plays an important role in influencing the virtual community to change their purchasing behavior towards a product or service in the context of virtual marketing (Turban et al. 2015). However, each consumer belongs to a specific group and specific culture in a society. Through the virtual communities, choice of such specific group can be determined on a social networking site. Such virtual communities and loyal customers can act as the effective tool for virtual marketing in the context of any organization. It is important for any business to make a comparison between the virtual shopping and the real world shopping as for example, Tesco has both virtual marketing and real-world shopping thus they can identify the differences if such two marketing (Rix et al. 2016). Virtual shopping highlights a relationship between the consumer choice and the technological advancement, which maximizes the effectiveness of virtual marketing. Literature problem This current literature highlights on the different aspects of the virtual marketing and its application in business. However, there is less account of the factors of virtual marketing that influence the organization to adopt virtual marketing. However, it is important for a research to exhibit the factors that are associated with the virtual marketing (Creswell and Poth 2017). This current literature has provided the information about the Virtual marketing while there is no clear account of the factors of virtual marketing. On the other hand, it is important to give a clear account on the purpose of the literature review and it should not be just the summary of the knowledge about the topic. However, it is important to give a detail justification of the current knowledge regarding the topic (Litosseliti 2017). In the present literature, review there is less account of arguments, as a result, this section is not being sufficiently critical in nature. A literature review refers to the original contribution of the knowledge of human being. In the previous literature, the researcher has demonstrated the facts in a simple way that seems like the repetition of the previous findings. Hence, this current literature review needs more evaluation that is critical to the virtual marketing in business context. Gaps opportunity This current literature review focuses on the virtual marketing and its impact on the various business sectors. However, in the first section of the literature review, it has been found that the virtual marketing is a cost-effective process that enhances the business. There is a good relationship between the consumers and the virtual technology. In this study, instrumental relationship with the virtual technology and the consumers are briefly discussed. Apart from this, a gap is developed based on the different viewpoints of the authors in this section. Based on this further research can proceed. However, there is less account of the factors of virtual marketing that makes a gap in the literature review section according to which the further study will be conducted. Hypothesis Hypothesis 1: The virtual marketing is beneficial for the business industry Hypothesis 2: The virtual marketing is not beneficial for the business industry Research Questions Primary Questions What are the impacts of virtual marketing strategies on the organizational performance? Secondary Questions What is the effect of virtual marketing on the improvement of the entire business industry? What are the changing demands of consumers over the time? Research design and methodology Qualitative research method Qualitative research methodology includes positivism philosophy, deductive approach and descriptive research design method. Reliability and validity Reliability and validity is a great part of the research methodology that needs to be considered during the data collection (Brannen 2017). In this research, it is important to make the information confidential that is collected through the qualitative method. According to the Data Protection Act 1998, no personal question should be asked to the participants. Validity refers to the validity of the information, which is collected through qualitative method. Sampling techniques Sampling technique is an important part of the research methodology as based on it the data has been collected (Levitt et al. 2017). Probability and non-probability are the two types of sampling methods. Probability method has been used as the sampling technique in the data collection method. Sample size In this qualitative method, 5 managers from different MNC are selected for the interview. However, perceptions of such managers over the virtual marketing are gathered through the interview process. Data collection method In the qualitative research, methodology data has been collected through the interview process. However, this is an old and reliable method to gather data from the concerned persons. Hence, in this qualitative process interview is a good method to t reliable data regarding the virtual marketing strategies and its impact on the business industry. Variable Specifications This current research has two variables one is dependent and other is independent. However, this study highlights the impact of virtual marketing strategies on the future development of the business organization. Hence, virtual marketing strategy is the independent variable and development of the organization is the dependent variable. Quantitative Research Research design Quantitative research methodology includes positivism philosophy as this research philosophy highlights on the factual knowledge (Jagdale et al. 2017). The deductive approach has been selected in the quantitative methodology. Therefore, the descriptive design has been selected in this quantitative research. However, the descriptive design includes various aspects of a selected phenomenon. However, a descriptive research design focuses on the issues related to the collection of data. Therefore, this design allows the researcher to describe the situation in a proper way. Hence, the descriptive design is associated with the explaining, describing and validating the findings of the research. Research instrument In this quantitative research, the questionnaires are considered as the research instrument. However, the questionnaire is a good practice in the research as it enables a researcher to get valid data from a huge population or some concerned persons (Hammerschmid 2017). In this quantitative research, the survey has been conducted. Analysis of quantitative data Quantitative data analysis includes data that is collected from the survey of a large population. However, in this study quantitative data is analyzed through using tables, charts, and graphs. The graphical representation is a vital part of qualitative data analysis. Sampling and sample size Probability method has been selected as the sampling technique. Therefore, 20 employees from two different MNC are selected for the conducting the survey. Design of survey question Well-structured questions are designed to conduct the survey. However, no personal questions can be asked during the survey that may affect the sentiment of the participants. Validity and reliability of the collected data It is important to collect valid data from the quantitative data collection method. However, participants may give diplomatic answers that affect the reliability of the collected data. Therefore, the collected data should be valid otherwise; it will affect the research method. Research limitations Time constraint is one of the major areas of research limitation (Lage and Ancutiene, 2017). However, due to lack of proper time the researcher was not able to collect the data in a proper way. Therefore, the information that is collected for the secondary analysis in the literature review section is hard to access. Some journals are not valid and these are excluded. Some financial barriers also affect the research study. Some journals are paid versions that are too difficult to access for the researcher. Therefore, some journals are not published in the recent years, as a result, these are discarded by the researcher. Time schedule Figure 1: Gantt chart (Source: Researcher) Conclusion The above study is associated with the use of virtual marketing and its impact on the future development of the business sectors. However, it has been received that virtual marketing is a common trend in the recent years and many companies use it to develop their business. In the present day, the business is technology oriented for this reason the traditional marketing is replaced by the virtual marketing in order to gain the competitive advantages and the enhance the sales revenue generation. 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