Strategic Approach for Marketing

Abstract

The current century is the age of Information. The technological advancement in the field of electronics, computers and internet has entered into every walk of life and revolutionized the era of information in the 21st century. A kind of explosion in the application of information technologies has turned the ambition of managing business electronically anywhere globally into a reality. The term Commerce has been reshaped into Electronic Commerce or popularly known as E-Commerce. E-commerce is the performing of business transactions of trade and commerce electronically, i.e., buying or selling of goods, services and information as a product over the Internet. It is important to mention here that information has also become a product in the present times. Electronic commerce seems possible on the basis of technologies such as online transactions, electronic data interchange (EDI), inventory management systems, mobile commerce, electronic funds transfer, supply chain management, online retailing, online auctions, Internet marketing, electronic bulletin boards and automated data collection systems. E-commerce has grown at an incredible speed in the first decade of the present century that it is no longer a concept now rather a market force to boost up the global economy. In this manner, E-Commerce has enabled new forms of businesses along with novel ways of performing transactions of trade and commerce. Thus E-Commerce has unleashed a new revolution in the global world. Electronic commerce is a technique used to exchange business information across the Internet. The Internet is not a new phenomenon. The Internet has given a boost of E-commerce because it is a low-cost alternative to the proprietary networks. Therefore, it is essential for a business organization to have an Internet connection to its computer system for participating in electronic commerce. The Internet is our extensive and ever-growing connectivity of computers around the world. In other words, the Internet is an international network of networks. It is worldwide information highway.