Discuss about the Strategic Management and Competitive Advantage.
E- Business simply states that the company or a person is running business by using predominately electronic or internet process. This consists sharing of different aspects of business information by any electronic device between government agencies, customers, suppliers or any other business for conducting as well as executing transactions in business as well as customer’s performance (Laudon and Traver, 2002). Today, internet e-commerce has become the basis for the trendy form of business in all over the world. Consumers are enhancing understanding regarding computers and are turning to the internet for locating as well as for purchasing products and services. The internet is helping firms for a rich source of goods and organizational information which utilize it easily as well as provide rapid, better and cheaper products or services to their consumers. Internet e-commerce is reconstructing industry value chains as well as decreases the space for creating a strong competitive environment.
With the help of internet e-commerce intermediaries getting replaced which have historically bridge the gap between a company as well as its consumers. Internet e-business is actually about delivering various information, commodities or services through computer networks, electronic data interchange (Ascenso, 2006). Internet e-business contains various applications of technology for facilitating the computerization of business transactions. Internet e- business is a technique which meets the motives of company, management as well as customers for cutting service costs and at the same time improving the standard of products and services. Internet e-commerce even provides the potentiality to purchase as well as sell commodities on the internet through online services; it also provides important information regarding the products.
E- Business is a process that encompasses transactions which center on purchasing as well as selling products for generating revenue and also those transactions which support revenue generation like benefitted conversation among business partners as well as offers customers service and sales support. Internet e-business is actually divided into two classification that are business to business as well as business to consumers (Hine, 2013). Business to business states the selling of commodities and services amongst company as well as the computerization of system through integration. Business to consumer commerce includes transactions as well as interactions amongst organization and its consumers (Warkentin, 2002).
E-business explosively develops mobile commerce, it also enhance the majority of all consumers buys products by online research or occur online. It also facilitates the traditional retailers for succeeding their businesses in e- commerce, by using tablets or smartphones as a shopping material is now becomes a trend for catching up to the real e-commerce giants. The various organizations also gets help in increasing revenue, provides quick delivery, also reduces administration costs as well as develops customer service mobile commerce (Gupta, 2006). Apart from this the most important facilities provided to the companies are increased time for business, quite cleared information and reduced errors by improving time response. As technologies are progressing the possibility of e business are hugely develops with dynamic growth. Apart from this one of the most significant growth of e- business as it reduces transactions costs from international e- commerce.
Compare and explain various types of e-business infrastructure technologies, business models, and payment and security systems in a corporate setting.
The infrastructure technology covers the media needed for moving information which involves telecommunications, internet, private corporate networks and many more. But the most significant technology which actually defines the electronic business are Electronic data interchange, electronic mail, product data exchange, bar codes, internet the most important and electronic forms (Glover, Liddle and Prawitt, 2001). Electronic data interchange is referred as the exchanging of information regarding structured business by computer to computer in a quality electronic format. Various types information gathered on one computer which is translated through software programs into innovative electronic data interchange format for broadcasting to one or more than one trading designs. The trading partners mean both computers transfer the information by utilising software programs into a format that they can understand. Internet is the most important source as internet is a reorganized world network of billions of varied computer and their networks. This type of network can also communicate by talking with each other as they have decided to utilise a mutual communications protocol which is known as IP (The Internet, 2009). The internet is actually a technique or a tool for communications matter amongst various individuals and industries. The network is developing day by day rapidly as well as more and more individuals are gaining access to the internet.
The potentiality allowed by e-business technologies are motivating the creation of trendy business models which the firms can applied on. Various e-business models are modifying the path value is delivered. Companies’ applied e-business should take on more than of the models. Each of the models is being applied in business to consumers as well as business to business environments. The major successful E-business company take on multiple business models simultaneously (Shaw, 2003). There are various types of models such as E- business storefront, trust intermediary, infrastructure provider and E-business enabler. The E-business storefront model is the object in the E-business in which business occurs and margin is created as well as value is removed by utilising existence and new digital marketing channels. E- Business actually has a dot.com identity. This model is the online equivalent to traditional process of selling commodities and services. Trust intermediaries are the model which creates trust amongst the purchaser as well as the seller. Trust intermediary generally has two types of intermediaries that are trust enabler and payment enabler.
E-business also provides various systems of payments are credit card, digital cash, smart cards, electronic wallet and electronic checks (Currie, 2004). Electronics wallets are the system of payment which gathers person’s credit card numbers on their hard driven in a coded form. Smart cards are the debit and credit cards with microprocessors potential of holding more information that the traditional magnetic strip. This card is of two types that are electronic purses and relationship based smart credit cards. Electronic purses are wallet sized smart cards combined with programmable microchips which stores amount of money individual to utilise rather than cash for everything from purchasing clothes to pay flipkart rates. Relationship based smart cards is an increment of presenting card services which a financial institution for delivering its customers through chip-based card.
Formulate and critically evaluate the impact of e-business strategies on organisational processes and outcomes
Internet e-business communities as well as providers are changing the regulations of competition and at the same time mobilizing resources as well as individual for accomplishing new stages of functioning. E- Business is quite rapid which becomes a significant beginning for the organization to determine one which effects various aspect of business is continuous (Wind and Mahajan, 2001). E- Business is modifying entire regulations as well as models. E- Business affects the value chain method in the exchange of products, services, information and money. Consumers are becoming more authorized as well as product development method becomes more cooperative as well as market technologies become more targeted. E- Business is utilization of information as well as communication techniques for supporting the business performance. Commerce is one of the most significant parts for practically every business so the concept of electronic business is topical in today’s world (Rontchevsky, Chevrier and Pisoni, 2014). E- Business is concentrated on the utilisation of IT in accomplishing external relationships as well as performance of business with the consumers or other firms.
E- Business is actually a part of the e-business strategy which contains huge ranges of methods which covers the entire value chain as well as maintains online customer care service with business entities. By applying e-business strategies in the business the organizations targets to exploit the availability as well as worldwide reach of internet. With their help, it is possible now to perform quite closely with the suppliers and partners. It also helps the company for better understanding about the desires and demands of their customers for satisfying them. Even internal as well as external data processing methods are quite effective. Now a day usually various organizations try to create utilisation of the benefits which e- business provides. Furthermore, without this concept or components of business, it is not possible to hold the competition as well as to be accomplished in the majority of fields.
The growth and improvement available in the field of e –business creates its combination optimal as well as affordable. Incorporating electronic business in the firm almost always has an important impact on different aspects as well as operations of the company which causes various changes in the areas like technological infrastructure, strategy planning, customers’ services and human resources. Electronic business is an actually trendy way in order to conduct, execute as well manage business transactions utilising telecommunication as well as computer networks (Sampson and Sampson, 2008). Electronic business is predictable for improving the competitiveness as well as productivity in order to participate in businesses by extraordinary access to online world market area with billions of consumers as well as thousands of services and commodities. The original motive of is to make electronic business over the internet for the everyday business performance which is junction of the software industries, media and telecommunications.
Demonstrate the technical research skills to assess existing and emerging e-business technologies to transform organisations for competitive advantage
E- Business is basically modifying the way of business as well as the way of economic. E- Business forces organizations for identifying trendy ways for expanding the markets in which they compete. Also for attracting as well as retaining customers by adapting services and commodities to their requirements and for restructuring their business methods for delivering services and commodities more effectively and appropriately. Many organization functioning e- businesses are still in the brand building as well as investment phase and still to make profit (Barney and Hesterly, 2006). Various companies uses porter’s five competitive forces model for observing strategies help to respond to the five competitive forces and also accomplish a competitive advantage.
According to Porter, the organizations improves its business strategy for obtaining competitive advantage over its competitors which are the threat of new competitors, the threat of substitute products, the bargaining strength of suppliers, rivalry among presented company into the business, the bargaining strength of purchaser. Organizations access these five competitive forces in order to try to improve the market at those areas where the forces are weak. The organization positions itself in order to be least helpless to competitive forces during exploit its unique benefit. Organizations can also accomplish competitive advantage by changing the competitive forces (Mahnken, 2012). The company enhances its bargaining strength over their consumers as well as over their suppliers by enhancing their consumers switching costs as well as by declining their own costs for switching suppliers. The five competitive forces provide a strong base in order to develop business strategies which gather strategic offers.
E-business strategies ruminates the impact of Internet on marketing mix and competitive forces and also recommend strategies for achieving a competitive advantage. First, major strategy in E-business is the product strategy. On the internet, customers can easily gather data regarding the commodities and services without even to travelling to store to examine the products and to compare the prices. Due to which, customers now depend on commodities suppliers to aid them in the search (Dominici, 2009). In E-marketing, a complete examination of the product is done without spending or incurring any cost. Another technique is the introduction and development of niche products. It responses to the threat of product substitutes and also counteracts to the new entrants of the market.
Internet also enables consumers to compare prices, goods, and services through providers. For example, consumers by logging into the price comparison sites can easily compare the prices of the products and the services (Dencic-Mihajlov, 2013). To overcome these problems, organizations have to implement proper pricing strategies. Internet hugely effects the competition regarding the price and can eliminate sellers’ profit. Providers can recruit price discrimination strategy which will make it challenging for purchasers to compare the pricing of the alternative and substitute products. For this, two different pricing strategies can be implemented by companies, namely, price lining and smart pricing. Companies can also safeguard their profit by attaining cost leadership in a particular market (Sinha, 2010). The major reason behind why many online companies do not attain profits is because they cannot spend a great deal of money for mass marketing to advertise and promote their products to customers.
Develop the ability to work independently and contribute as a member of team employing appropriate interpersonal, professional and technical communication skills.
Working independently is one of the ability that every employees seeks to. Working independently is good for improving and taking forward steps in life. It is essential for the lifelong learning, professional growth and also for long-term career satisfaction. Working independently is very much essential for becoming self-care, self-correcting and self-motivating. It makes an individual to acknowledge and understand what he or she needs to do in order to get ahead in life. Developing the skill of working independently means working the best of your ability, without the help of any external elbowing (Miller, 2013). For developing the ability to work independently and to contribute as a team member, an individual should implement organisational skills in himself or herself. A certain level of organisational skills is very much essential to understand what are the requirements of the organisations and what is the time frame provided for the accomplishment of the task. Individuals should also contain talent of multitasking ability. If a person wants to earn more revenue, they must know how to prepare and organise several things at once. They must run through a continuous cycle of self-promotion while they work (Dafou, 2009). Other major skills that an individual should possess in developing the skills of working independently are the skills of discipline and communication. Discipline will definitely affect the person to decide what the time to work is and what the time to relax is. Individuals should also implement good communication skills in his working nature. Persons should know how to communicate strategically to accomplish their provided task. Other important skills that an individual needs work independently are the ability to compromise to keep their customers happy and the ability to trade with the rejection and not to take the rejection personally.
Interpersonal skills are the skill which we utilize in our daily life in order to communicate with customers and other individuals. Development in the communication skill can help in all aspects of a person life, from social to professional. Engineering in professional interpersonal skills is an important topic for the importance of soft skills for years. Universities and schools have recognised this responsibility and are providing education and knowledge in technical communication. It is a fact that work that involves great trade of technical value in it fails to attract people and are ignored by them as the individuals who accomplish the work fails to communicate with people (Krajicek, 2008). Engineers work with very complicated processes and with huge data. Being a great technical communication person in E-system requires a great deal in understanding the engineering process and data so that they can be able to explain the process and data to audience so that people can understand the importance their importance. In e-system works are brilliant in design and effective communication is very essential to solidify the customer base and to increase the customers’ loyalty towards them. An accurate technical communication skill, need the acknowledgement regarding the customer’s feedback so that organisations can get benefits from it and know the areas where they are lacking.
Interpret the legal, ethical, social and cultural issues that affect the use, design, and implementation of e-business systems
Ethical issues are based on the morals, personal beliefs, and behavior. The ethical issues in e-business system deals with implement contracts in e-business enterprises. It details on how the head administrators of an organization lead the decision making process. Customers should trust that e-business information on the organization websites are accurate regarding the displayed products and services. Consumers trust an e-business system of an enterprise when the websites of the company are protective regarding the credit cards in online payment transactions. E-business systems permit the data to flow between the company and final customers, suppliers and competitors (Mirwoba, 2010). The strategies implemented in e-business system of an organization should be assimilated in IT business initiatives. It should be done to generate revenue via business to business (B2B) and Business to Consumers (B2C) online transactions. In today’s world, all administrators, managers, and employees should safeguard their confidential information and the secrecy of customers.
Ethics means the principals of individual decisions to guide his or her behavior. Today’s e-business has raised new ethical questions for both people and societies as they create opportunities for a noteworthy social change. The ethical issues in e-business have given fire by new the development of internet and e-commerce. Ethical issues in E-system involve the establishment of responsibility for the output of information systems. It also includes the setting of principles to protect the system and also for the safeguarding of person and society (Mirwoba, 2010). Ethical, legal, and social issues of e-system are closely linked with each other. The ethical situation faced by a decision maker is imitated by social and legal debate. The major technological trends that raise the ethical issues are the trend of computing power get doubles in every 18 months. The other major reason for enhancing the ethical issues is the advancement in networking and internet.
Every country is now witnessing the digital revolution and internet has become an integral part for its population. With the decrease in the price with the help of internet, there has been a noteworthy change in the lifestyle of urban citizens (Digital revolution, 2006). The major legal issues in E-Systems are the electronic contracts, data protection, Intellectual property rights, efficient delivery system, supply chain, and advertising. Organizations with e-commerce websites, should lay down their buying and payment process accurately in sequence with absolute clarity. They should ensure that efforts have been made in preventing the unlawful transactions. Cultural issues mean all those aspects that have its impact on the beliefs, opinions, and choices of customer (Wall, 2003). It is mainly referred to the economic globalization, advertising, religion and politics. The cultural issues in E-system are the investigation of e-commerce and customer relationship management. The payment system and logistic network has made its significant influence in the operation of e-commerce. Another major cultural issue in E-business is how language is portrayed in the organizations websites. Organizations should build and solidify its customers trust for their internet sites with a positive attitude. They should also know how to reduce or eliminate the language barrier in order to increase the net revenue.
References
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