This research investigates the evolution of Internet marketing strategies in a longitudinal, exploratory study. The key research questions are “How does Internet strategy evolve over time, and what factors seem to drive this evolution?” To investigate these questions, we conducted in-depth interviews of senior managers at three manufacturing companies (Reebok International, Saturn, AB Dick) competing in different industries. By comparing past and current practices, we find that applications of Internet marketing strategy involve more than just e-commerce. Our research indicates that firms are using the Internet for creating value chain efficiencies, reducing costs, and enhancing customer and channel relationships. © 2004 Wiley Periodicals, Inc. and Direct Marketing Educational Foundation, Inc.