i. Transaction Cost
Citing the importance of technology in marketing of various products, the aim of this paper in transaction cost economics is to come up with a suggestion on how various costs and difficulties which are associated with market transactions can be regulated so that a favorable economic structure of running various affairs can be made more economical. Since transaction cost is a cost which is incurred in making an economic exchange, a number of different transaction costs can be used; for instance search and information costs which can be used to determine availability of goods in the market, this is a cheap way of minimizing advertising costs. 12, 16, 23 Other costs to regulate include, Bargaining costs which determine terms of agreement so as to draw up an appropriate contract in search for the best supplier or partner or Therefore, both the transaction cost and the cost of product production is said to be reduced by a wider margin given the advancement in the various fields of information and technology. For instance the cost which can now be used to carry out search expenses can be utilized in other fields or line of production, or in search of better market, investing in other field or even expanding the performance of the new brand to other areas. 36
ii. Collaborate with channel partners
The producers can also utilize user-centered design to reduce costs incurred in their plan for upstream differentiation for instance to pay emphasis to what they want achieved arguing that user is usually carefully crafted to satisfy user needs. 12, 17Even though understanding of various consumer needs and objectives is no doubt vitally necessary, it is also a vital necessity to produce a sufficient information online, through the media or news articles with reputable marketing and advertising record so as to produce a successful upstream progress. Other than understanding of the consumer needs and aspirations on a given brand product, information need to incorporate the various aims and objectives from consumers, producers, manufactures and other stakeholders so that there can be a more expanded market. Citing that there may be some form of disagreements in the above mentioned groups due to inadequate information a system of integration should be introduced to ensure that all the involved sectors can work harmoniously. 28, 35
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