This paper explores the major business functions in this information age. The rate at which information is moving into this society has revolutionized different sectors of the economy. The business operations and functionalities have been swept away by the internet capabilities and major online services available over the internet. This study analyses different kinds of literature and contributions by different authors and researchers. Their work is analyzed, criticized, and investigated critically. The major area of focus is the e-Business Sector. Khamadi (1992) asserts that the reason for conducting literature reviews is mainly to aid the researcher in tackling the problem under study. The investigations previously conducted by other researchers help the researcher learn methods of problem-solving. It may suggest a solution to a particular problem that is common to the study done. Exposure to new approaches and ideas helps the researcher to familiarize with an area of study.
The concept of E-Business is a common term in different economies in the world. Every kind of organization and institution has utilized the internet to exploit the prevalent unexploited market niche. Armstrong & Kotler (2004), says that with e-Business features coming into the market, organizations and institutions have better ways of carrying out their business activities more efficiently and effectively. Read, B. (2005) points out that the current technology use and internet use in the business sector make the overall business practices easier and cheaper. This also leads to new markets and products distributed to consumers without the need for customers traveling to the producers.
(Shelly & Vermaat, 2005) describes the Internet as a wide-reaching group of networks that connects millions of organizations, government agencies, educational institutions, and individuals. They mention that one-half billion people all over the world make use of the Internet every day for different reasons. This is true since the internet has made communication possible for different places irrespective of their spatial differences. (Shelly & Vermaat, 2005, pp. 11-12) gives the following reasons for the spread of the internet. First is the Talk with and meet other people around the globe, secondly, utilizing a wealth of information news, and lastly research results of online shopping for goods and services of their choice.
E-commerce is most likely one of the important subjects between sorts of studies in e-Business and marketing. By seeing the people’s interest through the Internet, a lot of studies regarding business and the Internet have been done to distinguish the main factors influencing buying decisions. These comprise the psychographic and demographic characteristics of customers and the excellence of products or services (Armstrong & Kotler, 2004).
In E-Commerce, there is comprehensive accessibility of the Internet for the exchange of transactions between consumers and the different producers. This is the major reason for the development of electronic commerce (e-Commerce) in major economies. Laudon & Laudon, (1999, p. 25) argues that “Electronic commerce is the course of action of purchasing and selling goods and services electronically with computerized business transactions using the Internet, networks, and other digital technologies”. They say that it includes actions behind those market transactions, advertising, customer support delivery, marketing, and payment. This is true since the birth of e-Commerce has reduced major business operations from paper societies to paperless societies. This ends up speeding ordering, delivery of goods, and payment for goods. (Businessweek. 2009) outlines the reduced expenses seen in the business sectors. “E-Business is the utilization of the Internet and other digital technology for organizational communication and coordination.” (Laudon & Laudon, 1999, p. 25). The internet and the web have turned out to be a medium for electronic commerce (e-commerce) where business is reduced to a small village. In most simple words, eCommerce means carrying out business online (Norton, 2001, p. 371). This idea as given by Norton has since been disapproved. This is because e-Business has gone beyond just business but it is carrying out effective business online. It also means creating virtual markets online. E-Business has been seen as an online marketing tool where marketing is done through the web. This is also called we-marketing or internet marketing. Where search engines are used, it is referred to as Search Engine Marketing (SEM). This is the marketing and distribution of products and services over the Internet.
The revolution caused by the internet has created a business media in this information age. Through internet-based business, communication is well established since the response from either side can be achieved by simply using the internet. Marketing through the internet not only refers to the business through the Internet. It also involves using e-mail for messages, wireless media for areas where wires cannot penetrate, and management of customer-related data through relational online databases.
To conclude, E-business and commerce has become the need of every organization and economy in this information age. This research chapter presented a detailed analysis of their online business and management of online customers as in the internet world. This research has explained in detail the business working structure on the internet.
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