In 1969 a guy named Peter Drucker coined the term "The New Economy" to describe what he saw as the shift from a manufacturing based economy to a knowledge based economy in North America. He described the shift from a primary focus on engineering and manufacturing, to a primary focus on information gathering, analysis and marketing.

The greatest single factor contributing to the New Economy is the proliferation of computers. Our ability to gather, create, store and share information has surpassed our ability to actually put all the information we have to use.

Writers are saying that the computer revolution is over. We have enough computing power now to do all the information gathering and analysis tasks we want fairly easily and efficiently. The Internet, has made sharing information a reality. During the 90’s the growth of Internet use sparked whole new ways of doing business. Just like in any revolutionary period, thousands of companies tried to exploit the Internet as a revenue generating tool.

At the beginning of the new millennium, the initial battle for dominance on the Net is over. The first round has gone to the big, established brick and mortar businesses, banks, big retailers, big manufacturers…the guys with big bucks. But the Internet now is just an extension of the old way of doing business. Websites are basically brochureware. They are the new direct mail. As the novelty of Internet disappears, consumers are starting to trust online shopping and are readily using the Internet for research, communication and business. 

The challenge over the next few years will be to understand emerging technology, and to see how it can be used to increase the profitability of any business. Not all businesses can be virtual retailers like Amazon, Dell, Wal-Mart and the like.

The battle over the next few years will be for customer attention. How do we get and keep a customer’s attention when there are so many businesses and products competing through so many channels and points of contact?

The key is information. What information do we need about the customer? What information does the customer need from us to make a buying decision? As bandwidth increases, new opportunities for revenue and cost cutting appear

This course will explore trends, techniques and changes in the way we must do business in the New Economy. It will look at the way business is done on the internet now, and hopefully, generate some insights on how we need to change to stay ahead in the future.

The course, by its nature can change as we go along, I encourage students to experiment and to share ideas. Its all new and Internet Marketing will be a major tool in all aspects of marketing. Internet Marketing will have profound effects on: retail, Marketing Research, Selling, Advertising, Direct Marketing, International Marketing and Product development.

In the first half of the course we will look at the impact of existing and future technology on the way we do business. The focus will be on how we can gain Share of Attention through an understanding of what information customers want, and how they want to do business.

In the first half, student groups will develop a Personal Portfolio website to learn the basics of web design and to develop a typical Internet plan.

In the second half of the course, we will look at the mechanics of the virtual store. How to set up, how to promote, but more importantly, how to include eCommerce strategies in the Marketing Plan.

Students will develop a plan to market a virtual store. This store might be their retail store, a personal business interest, or a proposal for an existing business who might want to enter the eCommerce realm.