Electronic commerce as the concept of marketing Essay

Electronic commerce as the concept of marketing - Essay Example Electronic commerce as the concept of marketing Information technology plays an important role in the development and growth of industries of any economy.. Incorporation of information technologies has changed the business process of all the industries whether they are small-scale or large scale. It has entirely changed the aspects of market competitiveness in terms of products and processes. The amalgamation of information technology into business sector recompenses for size and distance and enables companies to expand and to work in a global market. Using new innovative tools and techniques of information distribution, they can no longer be isolated from international market. Such technologies includes electronic/video conferencing, mailing, tele-conferencing, electronic commerce, electronic networking etc. Internet is pool that can be used to access any kind of information without compensating on quality, legal and regulatory requirements, fiscal regulations and opportunities. It becomes very simple and easy to attain, collect any kind of information on technologies and markets with the use of various networking components. The acquired information can be used as a source of analysis to increase the productivity, profit and market share of the enterprise. The information is accessible with in a few seconds.Evolution in the world of computing and in the era of communications takes the form of global information networking. The net result of this innovation is that it decreases the cost, the time for collection the required valuable information no matter how far that information is. Along with this, the ability to collect, analyze and the frequency of transmission of data has enhanced extremely. Local knowledge can be assimilated, distributed among economic agents and then can be merged with global knowledge to give the valuable piece of information. The net effect of all these activities and use of communications technology has drastically decreased the transaction costs; expedite the triumph of scope with the familiar rapid and continuous customization. Such transmissions undermine authoritative controls since the hoarding of information is no longer possible. For all the Internet's promise as the consummate commercial marketing vehicle many companies are skeptical of their ability to accurately judge the return on their cyberspace investment. The development of internet-based technologies opens endless opportunities for Marketers. Drawing coop concentration to the ethical facet of the use of web-based technologies in the area of business might comprise of differentiating force for proactive firms. So, eCommerce is everywhere whether it is e Mail and messaging or shopping cart or order processing system or domestic or international payment systems. But in this rapidly changing environment of e business, business executives need to react immediately and sufficiently by converting their traditional business strategies to e-commerce processes. In doing so, they must assess opportunitie s and threats by examining closely the economic, demographic, political, cultural and technological factors that affect businesses trading online. Economic Factors With the emergence of whole world as global market, the significance of e