Auction:
This is an auction online (held over the Internet). It is when bids are made and people pay the bid to get the object. Types of online auctions include: English auctions, Dutch auctions and Reverse auctions.
Non-internet alternative:
Going to the auction place itself.
Target Audience:
General public who are willing to bid for a product.
Benefits:
Enhancements/Improvements:
Ensure all bidding websites are secure.
Fitness for purpose:
I think online auctions are good as you can buy cheaper items and plus it’s easier to get the product, rather than going to the auction place. However, the downside of this type of auction is the fact that you cannot view the product personally. This doesn't make online auctioning fit for its’ purpose.
Non-internet alternative:
Going to the auction place itself.
Target Audience:
General public who are willing to bid for a product.
Benefits:
- Reduces the time and cost of their purchasing process.
- People can easily find their product online, which is easier than going to another country to look for the product you want.
- There can be low prices, which allow buyers to save their money.
- You cannot personally view the product before buying, so you don’t really know the condition of the product.
- There may be a set bidding time for the product.
- There can be risks with payment.
Enhancements/Improvements:
Ensure all bidding websites are secure.
Fitness for purpose:
I think online auctions are good as you can buy cheaper items and plus it’s easier to get the product, rather than going to the auction place. However, the downside of this type of auction is the fact that you cannot view the product personally. This doesn't make online auctioning fit for its’ purpose.