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Benefits, Costs and Risks
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Book Review: Trading and Electronic Markets | CFA Institute Enterprising Investor

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Is your question one of these? How much will it cost? How do I pay? Can delivery be arranged? How long will it take and how much will it cost? Where can I purchase, which shops? Do you have stock? Can you quote me? May I buy in bulk and do you offer discounts for bulk buying? How to purchase For a product displaying a "Add to Cart" button the product can be purchased directly on PriceCheck's Marketplace.

For a product displaying a "View Offer" button clicking the button will direct you to the product on the associated shop's online store where you may complete the purchase. Cost The price displayed for the product on PriceCheck is sourced directly from the merchant. The price of the product can be seen on PriceCheck.

How to pay Our listed shops offer various methods of payments which are displayed on their websites.

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We only partner with reputable online stores, so think trust, think reliability and think the best possible prices. Delivery For a product displaying a "Add to Cart" button the product can be purchased directly on PriceCheck's Marketplace. We are pleased to offer our customers door-to-door delivery by courier anywhere in South Africa.

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Ebook Electronic Markets: Benefits, Costs And Risks

For a product displaying a "View Offer" button clicking the button will direct you to the product on the associated shop's online store. Yes, delivery can be arranged as shops offer various delivery methods. All of our shops use the South African Post Office or reputable couriers to deliver goods. Unfortunately, PriceCheck can not clarify how long delivery will take, or how much delivery costs. However, some shops do display an estimated delivery time and cost on their site.

So if the merchant has a processing time of 3 days, we add 5 days to that for the courier and display it as days for delivery. We do not source products. Our platform features offers from merchants who have signed up with PriceCheck. You are welcome to search for the product on our website and make contact with any of the merchants featured on PriceCheck for more information regarding their offers. Yet, marketing is also unnecessary, or at best perfunctory, at the other end of the spectrum.

Two traders on a stock exchange floor can hardly be said to market to each other when they trade bundles of stocks or shares.

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The price contains all the information the parties to the transaction need to do the deal. The market is simply too efficient in these areas for marketing to work well—almost paradoxically, it is true to say that marketing is not effective when markets are efficient. Bringing the two concepts the Pareto distribution of the customer base, and the exchange spectrum together may help us understand pricing strategy more effectively, particularly with regard to the effect of the Web on pricing for both sellers and customers.

The objective of firms, with regard to the Pareto distribution, should be to:. It is thus incumbent upon managers to understand the forces that may impel markets towards a preponderance of C customers, and products and services towards commodities. Technology is manifesting itself in many such effects, and the Web is an incubator at present.

On a more positive note, technology also offers managers some exciting tools with which to overcome the effects of market efficiency and with which to halt, or at least decelerate, the inevitable degradation of the customer base. These are the issues that are now addressed. While firms attempt to migrate customers upward in terms of customer value, and to broaden the range of marketing effectiveness on the spectrum of exchange, there are forces at work in the market that mitigate in the opposite direction.

While these forces occur naturally in most markets, the effect of information technology has been to put them into overdrive. These forces are now discussed.

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Information search by customers is a fundamental step in all models of consumer and industrial buying behavior. Search is not without sacrifice in terms of money, and especially, time.

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  8. A number of new technologies are emerging on the Internet that greatly facilitate searching. These vary in terms of their ability to search effectively, and also with regard to what they achieve for the searcher. Of course, some are well along the road to full development and implementation, and others are still on drawing boards. However, all hold significant promise.

    These tools are described briefly in Exhibit 2. More significantly, the more sophisticated tools, such as true bots and agents, will seek out lowest prices and even conduct negotiations for lower prices. Nobel prize winner in economics, Ronald Coase, introduced the notion of transaction costs to the economics literature. Transaction costs are a set of inefficiencies that should be added to the price of a product or service in order to measure the performance of the market relative to the non-market behavior in firms.

    Of course, there are also transaction costs to buyers, including consumers. The different types of transaction costs, examples of these for customers, and how the Web may reduce them are illustrated in Exhibit 3. Obviously, some of these transaction cost reductions are real and monetary; in other cases, they may be more psychic in nature—such as the relating of poor service over the Internet on bulletin boards as a form of customer revenge and this in turn can reduce transaction costs for other customers.

    Particularly in consumer markets, suppliers tend to make prices while customers take them. A notable exception would be auctions, but the proportion of consumer goods purchased in this way has always been very small, and has been mainly devoted to used goods. There are a number of instances on the Web where the opposite situation is now occurring. On-line auctions allow cybershoppers to bid on a vast range of products, and also services such as airline tickets, hotel room, and tickets.

    Already, many are finding bargains at the hundreds of on-line auction sites that have cropped up. Onsale buys surplus or distressed goods from companies at fire sale prices so they can weather low bids. At a higher level of customer price making, Priceline. In the case of airline tickets, for example, customers name the price they are willing to pay for a ticket to a destination, and provide credit card details to establish good faith. Priceline then contacts airlines electronically to see if the fare can be obtained at the named price or lower, and undertakes to return to the customer within an hour.

    Caterpillar uses its Web site to invite bids on parts from preapproved suppliers.