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From...
Educated Internet consumers change market dynamics
June 9, 1998 - Web posted at 4:00 PM EDT
by Mark Glaser, Tom Watson and Jason Chervokas
(IDG)
-- It goes without saying that the Internet is an audience- and customer-empowering
medium. But it seems like old-line media and business types are having
a hard time coming to grips with their new, in-your-face relationship
with the audience. A Wall Street Journal article about Dean Devlin, producer
and co-writer of Godzilla. It seems that Devlin's production company erected
a promotional Web site for the movie, using discussion boards to drive
interest in the movie before release. After the release of the flick,
discussion on the boards apparently turned nasty, with message-posters
ripping the movie. It was too much for Devlin who began returning fire
over the Net. But when Devlin got word that the Journal was planning to
excerpt his flame war with the fans, he got cold feet. On Friday the discussion
board area was shut down.
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The Wall Street Journal also ran an excellent analytical piece in its column "The Outlook." Written by Bernard Wysocki, Jr., the piece looks at the impact of Internet comparison shopping on national and international pricing of consumer goods from clothes and airline tickets to cars. It suggests that Internet price wars, the efficiencies generated by digital telecommunications and software devices like electronic shopping agents could essentially commodify consumer goods. It's among the most considered and hard-nosed looks at this issue.
"To economic theorists, perfect market information tends to make prices converge," writes Wysocki, who has the savvy to note the economic effect of consumers who comparison shop online but complete their purchase offline.
Quote of the day is in Wysocki's piece and comes from Kenneth Orton, president of online travel agency Preview Travel. Says Orton, "There is nothing more terrifying than a consumer who knows everything about the pricing of your product."