Essay 4 Assignment: Write a 500 word essay based specific ways in which the inte

Question

Essay 4

Assignment:

Write a 500 word essay based specific ways in which the internet has changed the way businesses operate in the global marketplace, for example global wage arbitrage. Issues of global regulation and oversight might form the basis for an essay; likewise, increased sales opportunities or decreased costs might form the basis for your essay.

Please note that essays do NOT require citations, nor do they require a works cited section.

Here's a Google search string to get you started:

ways in which the internet has changed the way businesses operate in the global marketplace

Please keep in mind that this essay represents your opinions, so there are no right or wrong answers per se. For grading purposes, the key factors are the word count (500 required), correct submission in the appropriate format, and effective writing.

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Explanation / Answer

5 Ways Technology Has Changed the Way We Do Business

In technology, it’s not about the last 10 years. It’s about the last 3 years. In the past 3 years, the rate of change in regards to technology has increased drastically. Businesses processes have changed and made organizations more efficient. At the same time, technology has opened lines of communication, allowing businesses to communicate and collaborate beyond borders with ease. Collaboration is the future of business competitiveness as companies become more innovative, connect to people better, and overall act faster in the "flattened" marketplace of today's global, internet economy.

1. Technology has made business faster
It is undeniable that technology has made business move much faster than before. Personal computers and the Internet have revolutionized the way we work. E-mail interactions have replaced memos, phone calls, and faxes. Smartphones can connect you with your entire business network while you are out of the office, allowing you to respond quickly.

2. Technology has allowed for far-reaching collaboration
The Internet has allowed geographically dispersed teams to virtually meet from anywhere in the world. Conference calling, video conferencing, e-mail, cloud computing, Skype, and instant messaging have flattened the world. Additionally, with social networking sites like LinkedIn, businesses can connect to an even larger business network. The result is greater productivity and a wider blend of talents, abilities, and viewpoints.


3. Technology has flattened the marketplace
In the same way that technology has allowed for collaboration beyond geographical borders, technology has also reduced the barriers to entering markets around the world. This allows buyers and sellers from around the world to connect and do business.

Marketing Online

It is no longer surprising to see that businesses have put up websites. Since almost every consumer surfs the web, it is only a smart move to make your business available on the web too. In this day and age, when the competition is at a global scale, a business must stay on top of their customers’ needs and wants and deliver them. Businesses have put up surveys, questionnaires, feedback forms, subscription options and a platform for comments on their website so they can monitor what these needs and wants are.

Advertising Online

The internet has given businesses a chance to reach almost all parts of the world. By putting up a website, banners and with the use of SEO, a business can establish a strong presence online and therefore reach millions of potential customers worldwide.

Research Made Easy

Research is very important for any business. The internet can be very helpful when researching new ideas for products and new ways of making products as well as pricing information. Any business who wants to dominate their industry would wisely use the internet to research their competition and get to know what they are up to. The internet will also be very helpful when one is planning to put up an expansion of their business for a particular location. Information on the locality’s population, its needs and ideal products and services best for the area can be gathered from the web.

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