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14.2 Harnessing technology for global business success

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Business Fundamentals was developed by the Global Text Project, which is working to create open-content electronictextbooks that are freely available on the website http://globaltext.terry.uga.edu. Distribution is also possible viapaper, CD, DVD, and via this collaboration, through Connexions. The goal is to make textbooks available to the manywho cannot afford them. For more information on getting involved with the Global Text Project or Connexions email us atdrexel@uga.edu and dcwill@cnx.org.

Authors: Vlad Malamud, Yevgeniy Rotenberg

Editor: Douglas Allen

Reviewers: Dean Murray Young (Thompson Rivers University, Canada) Timothy B Folta (Purdue University)

Contributing authors: Wesley Scott Cables, Ricardo Cubillos, Mike Davis, Vesselin Dotkov, Loiuse Doyle, Barbara Gabhauer, Glenna Gagliardi, Melissa Harrison Hiatt, Katie Holtmeier, Alisa Jeffrey, Alexia Jennings, TimPitner, Ashley Randall, Dag Johan Sundby, Nathalie Tryon, Jeffrey Wiant, Sarah Wilson

Over the last decade, the Internet has revolutionized the way companies do business. For an entrepreneur, the Internet is a great tool for doing business both internationally and domestically. Information about competitors, market trends, and global industries is also easily accessible and can help determine the path that an organization takes.

A keyboard, a mouse, a printer, a cell phone, a headset, a desktop, and a PDA, all connected to a notebook.
Technology has become a critical aspect of a company’s operating environment

Types of technology

Internet

The Internet is one of the most cost effective ways to promote products and services around the world. No other advertising medium reaches as many people as the Internet. Using specialized software and other tools, it is now easier than ever to build and run a successful website without a high level of computer skills. Typical information found on a company’s website includes a description of the firm, a profile of the management team, products and services offered, and the way customers can contact the company.

Phone, fax and sms

Companies in less industrialized countries may not have viable access to the Internet due to a lack of infrastructure. For entrepreneurs facing this issue, phone, fax and SMS text messages are alternative ways in which to do business. Doing business via phone and fax is not difficult. Companies can send marketing materials or receive orders via fax. The use of phone for marketing and sales options is also very useful. Cold calls for marketing are still effective; likewise orders can be made and received over the telephone. Sending and receiving SMS text messages is rapidly becoming a feasible alternative and allows for immediate communication.

Technology for the business entrepreneur

There are multiple ways to implement and leverage technology into a business. If Ms. Shahira chooses to do this, there are inexpensive alternatives with growing benefits for her and her company. By using new techniques to run and establish her business, Ms. Shahira would be able to compete on a greater scale with companies in her industry.

Questions & Answers

Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
Widad Reply
can you send the book attached ?
Ariel
?
Ariel
What is economics
Widad Reply
the study of how humans make choices under conditions of scarcity
AI-Robot
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn Reply
U(x,y) = (x×y)1/2 find mu of x for y
Desalegn
what is ecnomics
Jan Reply
this is the study of how the society manages it's scarce resources
Belonwu
what is macroeconomic
John Reply
macroeconomic is the branch of economics which studies actions, scale, activities and behaviour of the aggregate economy as a whole.
husaini
etc
husaini
difference between firm and industry
husaini Reply
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from Qd  120 3P to Qd  90  3P and the supply function has shifted from QS  20  2P to QS 10  2P . a) Find the effect of this change on price and quantity. b) Which of the changes in demand and supply is higher?
Toofiq Reply
explain standard reason why economic is a science
innocent Reply
factors influencing supply
Petrus Reply
what is economic.
Milan Reply
scares means__________________ends resources. unlimited
Jan
economics is a science that studies human behaviour as a relationship b/w ends and scares means which have alternative uses
Jan
calculate the profit maximizing for demand and supply
Zarshad Reply
Why qualify 28 supplies
Milan
what are explicit costs
Nomsa Reply
out-of-pocket costs for a firm, for example, payments for wages and salaries, rent, or materials
AI-Robot
concepts of supply in microeconomics
David Reply
economic overview notes
Amahle Reply
identify a demand and a supply curve
Salome Reply
i don't know
Parul
there's a difference
Aryan
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
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Source:  OpenStax, Business fundamentals. OpenStax CNX. Oct 08, 2010 Download for free at http://cnx.org/content/col11227/1.4
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