The Impact Of Internet Marketing

The Impact Of Internet Marketing Internet marketing is also known as digital marketing, web marketing, online marketing, or e-marketing. As the name states, it is the advertising of products or services over the Internet. However, it also implies marketing through the wireless media and through e-mail. Electronic Customer Relationship Management (E-CRM) systems are also categorized under Internet marketing. IM can be creative, as well as, technical through its design, development, advertising, and sales over the Internet. In the past ten years, the Internet population varied a lot (Sandelands, 1997); an estimation of about 50 percent increase of the World Wide Web (WWW) per month and the numbers of websites double every 53 days (Gilbert, Perry and Widijoso, 1999). A 60 percent of large companies and 30 percent of midsize companies were estimated to make use of the Internet for marketing purposes by the year 2000 (Crain, 1994). In 2003, the first generation of internet users was fresh graduates fast to get the concepts of online commerce and shopping. The WWW is an electronic technology which is an effective means for marketing hotels and it also develops customer relationship in the long-run (Gilbert, Perry and Widijoso, 1999). The Internet allows firms to open a Web site in an electronic mall, have their products available to millions of potential customers and only in a short time period. GE, IBM, Ford, Kraft, and Proctor Gamble were the first to register domain names (Herbig and Hale, 1997). Because Internet grew in only five years (Lagrosen, 2005) and there are no barriers for time or location, internet marketing has become the new era in E-commerce with petty variable cost per customer (Deighton, 1997). Marketers use full color advertising that appeal similar to both -young and old- to attract people all over the world. The Internet is now considered as a much greater resource than traditional means of marketing (Herbig and Hale, 1997). All industries have subject matter experts (SMEs) (Marquis, 2001) who are responsible to unify and apply knowledge from different vendors and sources to solve industry problems. To prepare a Web site merging SME knowledge with other reference sources is one of example of Internet model, (Strauss and Frost, 1999), to retain and attract customers (Heinen, 1996). A well designed Web site can lead to an interesting, low cost means for sales promotion to worldwide customers (Hamill, 1997). Marketers should also refer to the AIDA model-Attent ion, Interest, Desire and Action- to successfully attract customers by introducing the right marketing on Internet (Lagrosen, 2005). 2. Objective of Study The generalized objective of the research is to assess the contribution of internet marketing on effectiveness of marketing and customer relationship management operations in specific reference to Indian organizations and Multi National Corporations (MNCs) operating in India. In the light of the above, the research attempts to have the following specific objectives: 1 To study the impact of internet marketing in attracting buyers to the websites/organizations. 2 To study the impact of internet marketing in retaining buyers of the websites/organizations. 3 To study the impact of internet marketing in maintaining customer loyalty towards the websites/organizations. 4 To study the impact of internet marketing in providing brand experience to the customers of the websites/organizations. 5 To study the impact of internet marketing in maintaining CRM for the customers of the websites/organizations. 3. Scope of Study its Limitations The proposed study would include selected organizations in India, which have used internet marketing for enhancing effectiveness of marketing operations. The impact of internet marketing on attracting buyers, retaining buyers, maintaining customer loyalty, providing brand experience and maintaining CRM would be assessed through structured research techniques. There are some limiting factors that can be called inherent in a research of this nature. These factors advise the following precautions to be observed in understanding and comparing the results. 1. The entire population of the organizations will not be covered under the study. An attempt to study the nature of the population through the limited sample will be made. All the limitations of a sample study shall apply to this research. 2. The values will be sampled from literature, but the problems of representative sample of such values may remain unresolved. 3. The assessment of relative impact of internet marketing is not wholly objective. Evidently, the research would provide rather inadequate basis for generalization about the entire organizational world. 4. The methodology for identification, grouping and measuring of several variables is only one of the different possibilities and is not a perfect one. As such, in an explorative study on assessment of relative impact of internet marketing, these weaknesses are unavoidable and one will have to use the findings with ones maturity and insight to arrive at logical conclusions. 5. The findings of the study may be expected to hold good for top-level and middle-level executives involved in internet marketing in India. 4. Hypothesis The basic hypothesis of the study is that internet marketing positively affects marketing operations. Some of the specific hypotheses are listed below: 1 Higher attraction of customers is positively correlated with usage of internet marketing. 2 Higher retention of customers is positively correlated with usage of internet marketing. 3 Higher loyalty of customers is positively correlated with usage of internet marketing. 4 Better brand experience of customers is positively correlated with usage internet marketing. 5 Better Customer Relationship Management (CRM) is positively correlated with usage of internet marketing. 5. Research Methodology The proposed study is to assess the impact of internet marketing on effectiveness of marketing operations. The functioning of the organizations, which have adopted internet marketing, will be compared against functioning of the same organizations, when internet marketing was not in practice. The backbone of this research is to establish and sustain a clear link between conceptual framework and empirical analysis. The main importance of this consideration comes from the belief that unless the conceptual framework and empirical study are highly integrated, each one of them individually would present a partitioned and distorted image of the research points. For that this study will depend on: Conceptual framework: depending mostly on the secondary data. Empirical study : depending mostly on the primary data. A combined research strategy based on survey and secondary will be carried out in the research by using structured questionnaires and interviews as a primary data collection methods. Suitable statistical techniques like Weighted Mean Analysis and Chi Square Test would be used to analyze the collected data and the conclusions would be drawn for making the recommendations. The proposed study is intended to be carried out for Indian organizations and MNCs operating in this country. The data for the study will be mainly generated through structured questionnaires to be filled up by different managerial personnel and secondary data (research reports) would also be used, wherever necessary. 6. Review of Literature The Internet plays an important role in many companies marketing communication strategies, accounting for $18.5 billion in total spending in 2005. Online advertising now ranges from directory listings of the early days to the more recent multimedia ads enabled by video streaming. Although online advertising technology has advanced to a great extent, consumers reaction toward online advertising did not improve over the years. To the contrary, banner ad click-through rates have steadily declined. Some intrusive online advertising formats have stimulated intense negative reactions from consumers (Edwards, Li and Lee, 2002). Despite its start as an interactive advertising format that should draw consumers, online advertising now faces the danger of becoming another push media and being rejected by consumers as with traditional advertising. These developments run against the trend of integrated marketing communications (IMC). IMC purports the coordination of marketing activities to form a purposeful dialogue with stakeholders (Duncan 2002), which implies the participation of consumers and a need to take consumer preferences into consideration. As a result, two-way interactive communication with consumers should be at the center of marketing communication efforts (Duncan and Moriaty, 1998). The same thinking is reflected in relationship marketing, which treats consumers as a partner in the marketing process and advocates a more intimate approach to marketing (Vargo and Lusch, 2004). This suggests that, for advertising to be truly effective to todays more wary and demanding consumers, it needs to put consumers back into the equation and empower them while getting the message across. This issue is especially critical to online advertising, as it is considered the most interactive form of advertising and has the potential o f leading the advertising industry toward the right direction. While traditional marketing strategies focus mostly on conveying information to consumers and persuading consumers, recent theories argue for a much more active and powerful role of consumers in marketing (Stewart and Pavlou, 2002, Vargo and Lusch, 2004). Consumers are no longer just receivers at one end of the communication continuum but instead actively participate in the marketing process, including the development and distribution of advertisements. As a result, consumers co-construct the meaning of marketing messages and develop a more effective personal relationship with companies. Reflecting this line of thinking, Duncan and Moriaty (1998) argue that the key to communicating effectively with consumers is a two-way exchange built on balance, symmetry, and reciprocity. This calls for attention to consumers needs and preferences in marketing communication. It advocates building long-term relationship with consumers at their willingness rather than pushing products to consumers to create near-term sales. Evidence of the need to attend to consumers needs and preferences can be gleaned from research on the general attitude toward advertising and advertising avoidance. Studies in these areas show that advertising forms that are forced onto consumers without regard to their choices are generally received negatively (Shavitt, Vargas and Lowrey, 2004). Ads in such forms are more likely to be avoided (Speck and Elliott, 1997) and tend to have adverse effects on brand recall and subsequent attitudes (Mehta, 2000). These negative effects have been attributed to the intrusiveness of ad exposure, the disruption of normal communication, and the ensuing annoyance (Shavitt, Vargas and Lowrey, 2004, Speck and Elliott, 1997). Supporting these academic findings, the advertising industry has witnessed in recent years the steady decline of dependence on TV commercials, an advertising form that has been consistently rated as the most negative by consumers due to its intrusive and pushy nature (Mittal, 1 994, Shavitt, Vargas and Lowrey, 2004). Advertisers are now resorting to much softer approaches such as product placement in TV programs and are shifting their focus to less offensive media such as print media and the Internet. Taken together, academic and industry evidences both point to a need to incorporate consumers communication preferences into advertising. As a newly emerged advertising medium, the Internet has the most potential for incorporating consumer preferences into the advertising process and overcoming the negative denotation that comes with traditional media advertising. It is an interactive medium that allows two-way communication between consumers and advertisers (Hoffman and Novak, 1996). With a diverse set of online advertising tools, advertisers can engage in effective multi-stage communication with consumers. For example, with the initial help of banner ads or search engine listings, companies can pull interested consumers to their websites for rich product information and immersive brand experience. The use of online communities can further deepen consumers identification and relationship with the brand. At each step of the process, consumers can actively participate by offering feedback to companies and by controlling the information they receive. Some online advertising formats, such as search engine advertising, del iver highly targeted advertising messages to consumers right when they need the information. All of this contributes to potentially better understanding and incorporation of consumer needs and preferences, which should lead to more effective marketing communication. The same characteristics of the Internet media also present unique challenges to advertisers. The interactive capability of the Internet endows consumers with more control. As a result, they tend to be more demanding and to be less tolerant of forced communication from advertisers. The more goal-oriented and high-involvement nature of Internet media use also means that disruption by advertisements will create more annoyance among consumers. Since some online advertising formats such as interstitials force consumers to deviate from their main goals to respond to the ads, they have been found to create reactance among consumers and to lead to negative perceptions of the advertiser and the advertised products (Edwards, Li and Lee, 2002). This equivocal nature of interactive communication is reflected in the interactivity literature. Although some existing studies have found interactive ads to be more persuasive than non-interactive ads (e.g., Fortin and Dholakia, 2005, Sundar, Kalyanaraman and Brown, 2003), other studies have revealed no or even negative effects of interactivity on persuasion (e.g., Bezjian-Avery, Calder and Iacobucci, 1998, Coyle and Thorson, 2001, Lohtia, Donthu and Hershberger, 2003). Consequently, researchers have pointed out that interactivity may not be advantageous across all consumers and/or all situations (Liu and Shrum, 2002). These conflicting findings show the intricacies of interactive communication and a need to consider how individual consumers may react to interactive advertising messages differently according to their own needs. The key consideration for an online advertiser is to maximize the benefits of the self-selected and interactive nature of the online media, and in the meantime avoid offensive and excessively interactive advertising messages to consumers who do not want to interact. The first step toward this direction is to understand how much consumers are willing to use the Internet in an interactive fashion (rather than as a passive information source as with traditional media) and what drives their desire to do so. In academic research, perceived value is an important component of the Technology Acceptance Model proposed by Davis, Bagozzi and Warshaw (1989) found that perceived usefulness is the most important predictor of peoples intention to use a new information technology, and this finding has been replicated in various other settings, including consumers adoption of online tools and consumers intention to shop at an online store (Gentry and Calantone, 2002, Koufaris, 2002). Within the arena of dyadic communication and relationships, value perception is considered a key contributor to the decision to engage in interactive relationship-oriented behavior. Sheth and Parvatiyar (1995), for example, proposed that consumers are more prone to engage in relational market behavior if the behavior brings values such as efficiency and risk reduction. In an online environment, Ko, Cho, and Roberts (2005) found that consumers needs for convenience and social interaction and the perceived ability of the Internet to fulfill such needs have a positive impact on consumers interaction intentions. While perceived value is a motivator of online interaction, perceived risk can deter a consumer from interacting online. Following Stone and Gronhaug (1993), perceived risk is defined as subjective expectations of loss as a result of interacting online. Research on traditional communication demonstrates a link between perceived risk and an individuals willingness to interact. When individuals perceive a certain situation to be uncertain and risky, they are likely to withdraw socially and exhibit a reluctance to engage in interaction (McCroskey, 1984, Neuliep and Ryan, 1998). Risk is a central topic to online marketing (Olivero and Lunt, 2004). On the Internet, face-to-face communication is replaced with screen-to-face communication. This virtual nature of the Internet brings uncertainty and risk to online communication and may prevent consumers from interacting more online. For example, an advertiser may attempt to elicit interaction from a consumer by sending a promotional email linking to additional information. But if the consumer perceives clicking on such email links as risky, he or she is unlikely to take the further step even if there is some interest in the product. Indeed, studies by industry, government, and academic resea rchers all recognize perceived risk as a big obstacle to the expansion of e-commerce (Federal Trade Federal Trade Commission, 2000, Grabner-Kraeuter, 2002, Miyazaki and Fernandez, 2001, Olivero and Lunt, 2004). The research has shown that the degree of an individuals privacy and security concerns vary with the individuals education (Burke, 2002), Internet experience (Miyazaki and Fernandez, 2001), and his or her general propensity to trust (Lee and Turban, 2001, Uslaner, 2000). The different degrees of concern can lead to variations in perceived risk and thus lead to different levels of willingness to engage in online interaction. Time-pressedness refers to a consumers general lack of time in completing the tasks in daily life. Lack of time is a common syndrome of todays fast-paced lifestyle. This time-pressedness, felt to different degrees by different consumers, can have a double-edged effect on consumers usage of the Internet. Consumers may use the Internet more because of its timesaving benefits (Alba, Lynch, Weitz, Janiszewski, Lutz, Sawyer and Wood, 1997). For example, instead of consulting daily newspaper and TV for availability of products and services, consumers can quickly research a large assortment of products on the Internet. The constant availability of the Internet also appeals to consumers with a tight schedule. However, two-way communication is highly engaging and time-consuming (Liu and Shrum, 2002). In studies of interactivity, researchers have demonstrated that the speed of a communication constitutes an important dimension of how interactive the communication is. A more synchronized communication leads to higher satisfaction and more positive attitude toward the communication target (Liu and Shrum, 2002). Industry research shows that consumers who have a faster broadband Internet connection engage in a wider variety of activities than consumers with regular dial-up connections (Horrigan, 2003). Some of these activities, such as email and online chatting, are especially communication-oriented. Such differences between broadband and dial-up Internet users can be attributed partially to the fact that a constant-on broadband connection provides greater convenience than a dial-up connection. Not only does it provide the consumer more opportunities to interact online, its high connection speed also allows richer communication formats such as voice chatting and rich media advertising . This makes the Internet a better choice for substituting or complementing other communication channels (Daft and Lengel, 1986). 7. Chapterization Scheme Chapter 01 Introduction The first chapter of the proposed research would be devoted to the history of internet marketing and would review the transformation of marketing from traditional to customer centric internet marketing. In particular, this chapter would discuss various possible contributions of internet marketing towards fulfillment of strategic goals of organizations with special reference to India. This chapter would elaborate the research plan and objectives. This chapter would also outline the hypotheses and conclusions. Chapter 02 Research Methodology This chapter of the proposed research would be devoted to establish and sustain a clear link between conceptual framework and empirical analysis. There would be special emphasis on integrating conceptual framework with empirical study. The research tools, data collection tools, data analysis tools would be elaborated in this chapter. The sample size, sampling method and justification for usage in research would also be elaborated. Chapter 03 Attraction and Retention of Customers This chapter of the proposed research would differentiate between Business-to-Business (B2B) and Business-to-Consumer (B2C) marketplaces. This chapter would further describe how and why customers purchase online and why consumers are attracted to particular suppliers. Online and off-line customers would be compared in order to understand reasons for observed differences. Various antecedents of the online experience would be addressed to determine influences on satisfaction and buying behavior. Web site efficacy (usefulness and ease-of-use) would be addressed in light of its importance in customer satisfaction and retention for online shopping. The chapter would conclude with insights for internet marketers to attract new buyers, satisfy, and retain them. Chapter 04 Customer Loyalty This chapter of the proposed research would discuss the importance of an integrated framework for understanding the impact of corporate image, customer trust, and customer value on e-customer loyalty in a B2C e-commerce context. This framework would incorporate cognitive and affective components in order to gain customer mind share, nurture emotional ties, and influence future purchase decisions. Chapter 05 Brand Experience This chapter of the proposed research would make a case for the importance of branding efforts by reviewing major approaches to brand development in both offline and online marketing environments. The concept of Interactive Brand Experiences (IBE) would be created and explored via the use of marketing tools, such as personalization, co-creation, purchase-process streamlining, self-service, brand community, rich media, product self-design, dynamic pricing, and customization. This chapter would deal with two major challenges involved in integrating branding efforts in online and off-line spaces: (1) identifying the appropriate techniques and the media best suited to deliver them and (2) executing seamlessly at all touch points in the process. Chapter 06 Customer Relationship Management (CRM) This chapter of the proposed research would elaborate how the Internet has emerged as a powerful electronic customer relationship management tool. This chapter would emphasize that this tool is of practical use only when consumers are willing to provide the type of information that is of value to the internet marketer. Consumer willingness to provide personal information is a cornerstone of customer relationship management. This chapter would explore how consumers self-confidence in using the Internet impacts their willingness to provide personal information online. Chapter 07 Analysis and Interpretation of Data This chapter of the proposed research would analyze the collected data and would also interpret the findings after application of statistical tools. Chapter 08 Summary of Findings, Conclusions, Limitations and Further Scope of Research This final chapter of the proposed research would summarize findings, draw conclusions and elaborate on limitations of the proposed research. This chapter would present a futuristic look at internet marketing in the decades to come through future research. In particular, this chapter would highlight the needs of organizations towards adoption of internet marketing in congruence with business strategies. In addition, this chapter would offer some valuable suggestions for the internet marketing professionals of the future. References Alba, Joseph, John Lynch, Barton Weitz, Chris Janiszewski, Richard Lutz, Alan Sawyer, and Stacy Wood. Interactive Home Shopping: Consumer, Retailer, and Manufacturer Incentives to Participate in Electronic Marketplaces. Journal of Marketing 61, 3 (1997): 38-53. Bezjian-Avery, Alexa, Bobby Calder, and Dawn Iacobucci. New Media Interactive Advertising Vs. Traditional Advertising. Journal of Advertising Research 38, July/August (1998): 23-32. Burke, Raymond R. Technology and the Customer Interface: What Consumers Want in the Physical and Virtual Store. Journal of the Academy of Marketing Science 30, 4 (2002): 411-432. Coyle, James R., and Esther Thorson. The Effects of Progressive Levels of Interactivity and Vividness in Web Marketing Sites. Journal of Advertising 30, Fall (2001): 65-77. Daft, Richard L., and Robert H. Lengel. Organizational Information Requirements, Media Richness and Structural Design. Management Science 32, 5 (1986): 554-571. David C. Gilbert, Jan Powell-Perry and Sianandar Widijoso (1999), Approaches by hotels to the use of the Internet as a relationship marketing tool, Journal of Marketing Practice: Applied Marketing Science, Vol. 5 No. 1, pp. 21-38. Davis, Fred D., Richard P. Bagozzi, and Paul R. Warshaw. User Acceptance of Computer Technology: A Comparison of Two Theoretical Models. Management Science 35, 8 (1989): 982-1003. Deighton, J. (1997), Commentary on exploring the implications of the Internet for consumer marketing, Academy of Marketing Science, vol.25 No.4, pp.329-46. Duncan, Tom, and Sandra E. Moriaty. A Communication-Based Marketing Model for Managing Relationships. Journal of Marketing 62, 2 (1998): 1-13. Duncan, Tom. IMC Using Advertising and Promotion to Build Brands (International Edition), New York, The McGraw-Hill Companies, Inc., 2002. Edwards, Steven M., Hairong Li, and Joo-Hyun Lee. Forced Exposure and Psychological Reactance: Antecedents and Consequences of the Perceived Intrusiveness of Pop-up Ads. Journal of Advertising 31, 3 (2002): 83-95. Eric Sandelands (1997), Utilizing the Internet for marketing success, Pricing Strategy Practice, Volume 5, No 1, pp.7-12. Federal Trade Commission. Privacy Online: Fair Information Practices in the Electronic Marketplace, available online at http://www.ftc.gov/reports/privacy2000/privacy2000.pdf, 2000. Fortin, David R., and Ruby Roy Dholakia. Interactivity and Vividness Effects on Social Presence and Involvement with a Web-Based Advertisement. Journal of Business Research 58, 3 (2005): 387-396. Gentry, Lance, and Roger Calantone. A Comparison of Three Models to Explain Shop-Bot Use on the Web. Psychology Marketing 19, 11 (2002): 945-956. Grabner-Kraeuter, Sonja. The Role of Consumers Trust in Online-Shopping. Journal of Business Ethics 39, 1/2 (2002): 43-50. Hoffman, Donna L., and Thomas P. Novak. Marketing in Hypermedia Computer-Mediated Environments: Conceptual Foundations. Journal of Marketing 60, 3 (1996): 50-68. Horrigan, John B. Adoption of Broadband to the Home. PEW Internet and American Life Project, available online at http://www.pewinternet.org/pdfs/PIP_Broadband_adoption.pdf, 2003. Jim Hamill (1997), The Internet and international marketing, International Marketing Review, Vol. 14, No. 5, pp.300-323. Joseph Heinen (1996), Internet marketing practices, Information Management Computer Security, 4/5, pp. 7-14. Ko, Hanjun, Chang-Hoan Cho, and Marilyn S. Roberts. Internet Uses and Gratifications. Journal of Advertising 34, 2 (2005): 57-70. Koufaris, Marios. Applying the Technology Acceptance Model and Flow Theory to Online Consumer Behavior. Information Systems Research 13, 2 (2002): 205-224. Lee, Matthew K. O., and Efraim Turban. A Trust Model for Consumer Internet Shopping. International Journal of Electronic Commerce 6, 1 (2001): 75-91. Liu, Yuping, and L. J. Shrum. What Is Interactivity and Is It Always Such a Good Thing? Implications of Definition, Person, and Situation for the Influence of Interactivity on Advertising Effectiveness. Journal of Advertising 31, 4 (2002): 53-64. Lohtia, Ritu, Naveen Donthu, and Edmund K. Hershberger. The Impact of Content and Design Elements on Banner Advertising Click-through Rates. Journal of Advertising Research 43, 4 (2003): 410-418. Marquis, S. (2001), Lets not ignore the potential of the Web as a mass ad medium, Marketing, March, p. 26. [14] Boutie, P. (1997), Tales from the Web: What do Marketers Do on the Internet Today? What Works? Why?, European Society for Opinion and Marketing Research (ESOMAR), Amsterdam. McCroskey, James C. The Communication Apprehension Perspective. In Avoiding Communication: Shyness, Reticence, and Communication Apprehension, J. A. Daly and J. C. McCroskey, eds., Beverly Hills, CA: Sage Publications, 1984. Mittal, Banwari. Public Assessment of TV Advertising: Faint Praise and Harsh Criticism. Journal of Advertising Research 34, 1 (1994): 35-53. Miyazaki, Anthony D., and Ana Fernandez. Consumer Perceptions of Privacy and Security Risks for Online Shopping. The Journal of Consumer Affairs 35, 1 (2001): 27-44. Neuliep, James W., and Daniel J. Ryan. The Influence of Intercultural Communication Apprehension and Socio-Communicative Orientation During Initial Cross-Cultural Interaction. Communication Quarterly 46, 1 (1998): 88-99. Olivero, Nadia, and Peter Lunt. Privacy Versus Willingness to Disclose in E-Commerce Exchanges: The Effect of Risk Awareness on the Relative Role of Trust and Control. Journal of Economic Psychology 25, 2 (2004): 243-262. Paul Herbig and Brian Hale (1997), Internet: the marketing challenge of the twentieth century, Internet Research: Electronic Networking Applications and Policy, Volume 7, Number 2, pp. 95-100. Shavitt, Sharon, Patrick Vargas, and Pamela Lowrey. Exploring the Role of Memory for SelfSelected Ad Experiences: Are Some Advertising Media Better Liked Than Others? Psychology Marketing 21, 12 (2004): 1011-1032. Sheth, Jagdish N., and Atul Parvatiyar. Relationship Marketing in Consumer Markets: Antecedents and Consequences. Journal of the Academy of Marketing Science 23, 4 (1995): 255-271. Speck, Paul Surgi, and Michael T. Elliott. Predictors of Advertising Avoidance in Print and Broadcast Media. Journal of Advertising 26, 3 (1997): 61-76. Stephan lagrosen (2005), Effects of the internet on the marketing communication of service companies, Journal of Services Marketing, 19/2, pp. 63-69. Stewart, David, and Paul Pavlou. From Consumer Response to Active Consumer: Measuring the Effectiveness of Interactive Media. Journal of The Academy of Marketing Science 30, 4 (2002): 376-396. Stone, Robert N., and Kjell Gronhaug. Perceived Risk: Further Considerations for the Marketing Dis. European Journal of Marketing 27, 3 (1993): 39-52. Strauss, J. and Frost