Effects of technology in todays business world

Thanks to the digital revolution, today's business community has entered a fresh millennium of connectivity, networking and marketing. Now the business enterprise world is a lot more developed and advanced and invention of new digital machines and digital systems has made this possible. Technology is currently confusing with every aspect of life and has brought up a ground-breaking change in the marketing process. Customers can get their job done by hiring the perfect product in a larger comfort easily. Old marketing practice needs to be completed along with technical merge to adopt with the changing market environment.

Old business perspective has been evolved by the entrance of advanced networking and information technology. Business as well as marketing becomes more strong and effective when peer-to-peer (P2P) romance is firmly set up and henceforth intranet and extranet is there to keep the people and companies to linked with one another. People is now able to be linked with the huge and endlessly growing "information repository" using internet. Wireless technology has further enhanced the connection. Today's economy is standing upon the basis of technological growth and connection.

The market is backed by information system. Information can be seen, updated, modified, customized and dispatched via internet very fast. With the help of the information about countless compiled through specialized tools, software's and using sites, marketers will offer now more new individualized products or can update the preceding ones consequently. For example, a company, named 'Dell Computer systems' offers the customers to inform them their need-specification about computer components and provides them a by hand configured one within an extremely short time. In so doing, they are also able to talk to their customer one to one and build up a strong romance with them.

Changes in Business practice

The changes in technology and market are offering a new group of customs, beliefs, cultures as well as tactics for business firms. Such as,

Marketing groupings are being produced to address the needs of different customer groups. This means a move from being product-centered to being customer-segment focused.

Companies are adding a concentrate on estimating individual customer life span value and offering them the merchandise, designed according to the idea extracted from the evaluation of individuals' preferences to make a good profit out of it.

Companies now pay focus on marketing scorecard with a view to interpreting what's happening to their market share, their rate of customer loss, satisfaction of consumer, quality of product relative to competition and other methods.

Since the past due David Packard of Hewlett-Packard observed, "Marketing is much too important to leave to the marketing team. " Each employee has an effect on the customers and should value the clients as the source of the company's prosperity".

To create a goal brand, companies are now relying more upon performance somewhat than advertising.

New overall economy companies put much emphasis on customer retention than on customer acquisition.

An increasing amount of companies are making customer satisfaction a major concern.

In brief, today's market is perfect for traditional consumers (those who do not purchase online), cyber consumers (who purchase online), and hybrid consumers (who performs the same). Hence most companies will desire a presence for these offline and online to supply to these cross types honorable consumers. Organizations need to rethink and revise their overall company strategy and within that, their marketing strategy.

Ecommerce

According to Patricia Seybold, a management consultant, e-business is the hallmark of the opportunity and customer service will be its banner. Those that don't focus on the value of e-commerce in prolonged the business world will be significantly exaggerated, and the ones who misjudge the importance of it will perish.

Technological revolution of the marketplace has allowed a greater change and customization of the products, services and promotional text messages than more aged marketing tools. They have helped the merchants to build up and keep maintaining a good marriage with the consumers. Doing commercial business deal via EDI was the first step to work with technology in marketplace. Once in a while new technologies come along and replace the relatively old one or merging with it, create a fresh aspect and paves the best way to new opportunities. Competition drives new technology and vice versa.

E-commerce is a successively progressing and expanding sector. It includes added a fresh dimension in the marketplace to meet up with the consumers' ever-changing requirements. It creates the consumers' way of shopping and buying easier and consumers from any remote control place can simply access the website, choose their things and get started shopping. Due to comfort and easiness, it is becoming a fundamental element of daily lives for a few consumers.

Moreover, for a few products, online purchasing is more suitable. Online sellers can operate non-digital goods efficiently and may make a good revenue from it. These products may include embarrassing items or may be bought from distant places.

Every now and then market researches and studies are conducted extensively by collecting consumers' information observing their activities. A point-of-sales system provides information to stores which helps greatly in supposing buyer needs and reaching the goals.

Technology gives the consumers ability to analyze on the products they cherish to buy. With this new technology, they have got the energy they never really had before- the energy to examine and recheck the products endlessly along with videos and demos also to compare prices from a large number of other sellers within an extremely short time. Distributors also take good thing about the e-commerce since it generally does not need any live salesman and s/he will keep it available for business purpose 24/7 hours. Additionally, even suppliers with small capital can set up an international or global reach with a straightforward website. For instance, local and nationwide market in many countries conduct their business up to night but an online store like e-bay is open 24/7 hours and people can visit and shop here at any time.

E-business has made the international business door available to all. Internet has improved the way of business through targeted advertising. Companies can point certain consumers/customers to their business site specifying some keywords and each one of these are possible by using Google. As for example, Amazon. com is sponsored by Yahoo and for that reason people, looking for buying products, will be redirected to that site.

Despite the importance, overall flexibility and potentiality of the e-commerce and e-business, people have taken additional time to adopt with this new environment than expected. Of several reasons behind this fact, ease of access and availability are the major key matter. Though it could be accessed from remote control places, yet its convenience and availability are really lows in the indegent, under-developed and developing countries. There's also transfer and delivery problems. Security concern comes to mind whenever people go for just about any money-costing occasion like shopping and buying over internet. We frequently see such reports of online bankrupting credited to either security inability or virus strike in a variety of renowned organizations and that's enough to scare off of the people and awaken their fear of insecurity. As a result many consumers restrain their shopping or buying, even after having good impression on the product, just thinking about the safety of the amount of money. They feel awkward to use the charge card due to matter about theft and scam.

Mostly marketers are unwilling to look through the eye of the client rather they look through their point of view and try to know their customers' deeds instead of their needs and wishes. When marketers tailor a product to meet the need of typically described consumers from a geographic portion, it is uncertain if the individual will choose the product or not. It only expresses the likelihood of purchasing. New products have to be released and developed for sure and marketers are too good at it but it is unproductive to consumers if it can not meet their requirements.

Lack of instant gratifying response on behalf of vendors often decreases the buyer amount and amount of tourists. Even social status of the consumer and the communal facet of online and offline shopping influences the consumers profoundly. Many consumers choose talking to salesman about the personnel or to their cohorts for real which are not quite the same in online auction.

Steps have to be taken to put into action the marketplace segmentation on the market place effectively to prevent the downturn. Failing to understand certain repercussions will eventually lead to that situation. One of these is the failing to understand absolutely free themes. Failing to do this will injure the consumers' sense and push back the customers.

Products have to be improved but if one fails to realize the competitive situation and is unable to predict environmental response, the market show will surely collapse and it'll raise problems in future. That's what happened to the polythene industry in Bangladesh. Polythene bag was very much used and produced amply but abruptly recognition against global warming and environmental pollution was awakened in people's head and people started to surge against using polythene carrier and eventually polythene industry came to prevent.

Both over-estimation of resource competence and under-estimation of their time requirements are detrimental to marketing plan. Improper co-ordination, lack of ability to follow a plan and inadequacy of e-valiability will downturn the marketplace. Failure to obtain mature management and staff dedication is another key source. Customers' requirements have increased profoundly combined with the access of new technology in the marketing over the years. Consumers plan to get it available constantly and if indeed they don't, even for once, they'll go for alternatives. So to grab the interest of the buyer and retain it, availability of the products must be guaranteed.

There are also quality and business to business (B2B) connection issues. To maintain pace and compete with others, quality of products needs to be ensured combined with the consumer service. Normally, retailers will lose their talk about.

RED could be conclusions.

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