Online or digital strategies use online marketing channels to achieve various goals. In this case, the team member proposes a new online strategy whereby your shop, LES, could list products as priceshearch.com, a price comparison website that allows consumers to view the prices of many web shops and retailers.
When discussing economic profits, we must know that this kind of business considers producing goods and services while factoring in the alternative uses of a company’s resources. Achieving sustainable economic profits might be achieved through more market opening and adopting new marketing strategies. There are a lot of companies on the market, and it is very hard for small retailer shops to be fully competitive with their prices.
Strategy is often very useful for small retailers, and their online activity can be spread through various platforms, company websites, e-mails, and advertising in general ways. There are many new opportunities to raise through a digital partnership with other digital companies, and such, in this case, is pricesearch.com.
As we can see benefits in adopting the new online strategy proposed by the LES employee, we can see that it might also create extra costs. These extra costs might occur in more working hours by new digital engineers operating through pricesearch.com, and there might be extra costs in buying a new computer and other technology equipment. But, if we compare benefits and costs, we can see that adopting a new online strategy would be a great chance for a small electronics retailer like LES.
After discussion, we determine that adopting a new online strategy will enable LES to achieve sustainable economic profits.
