Global Business in the Internet – Assignment Example

The paper "Global Business on the Internet" is a wonderful example of an assignment on a category. Business in the 21st century faces enormous and incredible changes. One can easily guess that the most fundamental changes are connected with Internet which is likely to become the core concept of life in the future, as it is extremely hard to find a person nowadays who have never heard of the Internet and does not have an e-mail or a blog. We are currently facing a Great Internet Revolution, and it has become apparent that global business on the Internet can – and will – grow more and more popular and bring more and more profit. Internet and e-commerce allow businesses to meet the new challenges, among which is business globalization. The emergence of Internet technologies makes it possible for international businesses to reach out for their clients in the remotest areas of the globe, start dealing in cyberspace, and thus save their money. Modern businesses are increasingly more often using e-commerce as a key element in their operational activities. Web-generated retail sales amounted billions of dollars and euro in each separate country, customers also use vendor websites to examine products and services before purchasing them in a conventional outlet, and along with boosting business with consumers, e-commerce has become a basis in maintaining successful communication between suppliers and partners. Automation of purchasing and sales processes enabled enterprises to respond more quickly to changing business requirements. In turn, this has noticeably increased business-to-business revenue. The Internet can be used for carrying out market research, supporting the suppliers and clients, exchanging commercial information and creating joint ventures. With the help of the Internet, companies are also capable to develop new products, accept orders, receive the necessary correspondence and official documents, conduct the specialized information search in the appropriate organizations (for example DIALOG Information Services Inc., Data-Star, Dun & Bradstreet, Lexis-Nexis, and others) and even sell their products. Large companies utilize the Internet for global communication during the realization of large-scale projects that demand the integration of several departments and subsidiaries. In contrast to passive marketing model that descends to the customer, the Internet allows accomplishing the interaction between suppliers and consumers. In such a case consumers become suppliers as well – for example, they supply information about their necessities. Since the Internet represents an absolutely new communicational environment unlike the conventional information media, traditional marketing techniques cannot be applied in their current form. While studying the model that uses traditional information media for advertising, it was revealed that utilization of the Internet enables potential customers to make decisions independently whether it is necessary to acquire the proposed information and not to be the passive auditorium as with traditional marketing. Every company that participates in electronic business should make its impact into the development of new ideas and methods for electronic commerce. In such a way, the new role of Internet marketing is the creation of “altruistic” relations between competitive companies, i.e. all traders are reinforced with each other. According to The Economist, “markets are sending traditional companies two useful signals. One is that they ignore the Internet at their peril. The second is that merely adding a website on to an existing business is not enough: the whole business needs to be redesigned around the cost-saving, communication-easing properties of the net. Most companies must become Internet firms if they are to survive.” (Dotty about dot.commerce, 2000). That is why, it is not enough anymore for the modern global business to apply the existing marketing principles, as the new environment anticipates the development of new approaches to advertising, sales, accounts with clients and other aspects of commercial activity.