Saturday, March 31, 2012

Increase in E-commerce

I did a research paper for my Mcom class -- I actually posted it on my blog this week, but I wasn't able to copy over the graph I made showing the Revenue for Amazon. I found this one online so I was able to copy the URL. I have no idea who made this one or the sources, but all I need is the visual showing the increase--it looks quite similar to the one that I made. Mine was made from the numbers that Amazon reported--I got it directly from their financial statements.

The point is: LOOK AT THE INCREASE! It is amazing to see what has happened in the past ten years. E-commerce has skyrocketed. This is a major part to the changing dynamics of Business in the current digital revolution or "information age."

I find it interesting because the question remains: If you were to be a business person, what would you do--depend on the small retail-style,walk-in business or would you go straight to E-commerce? With the dominance of E-commerce and the change that we have seen in the business world, is it possible to open a new business 'shop' and have success?

Thursday, March 29, 2012

Tradition in Business is Like... Pumpkins!?

How do traditions in businesses impede the creative atmosphere required for today’s new economy? The need for innovation and change is nothing new; in fact, it is at the helm of business throughout much history, but the need for innovation in today’s new economy is more crucial than ever. However, successful businesses aren’t necessarily the ones that have eliminated all traditions; the harm possible from traditions in businesses may well be illustrated by the following story:

“Each Halloween we all rush to the pumpkin patch and then proceed to carve the same way. We cut the lid off the top, make a huge mess while scooping out the filling, and burn ourselves as we try to place the lit candle down the hole.
"Why not carve from the bottom?"
Think about it: Carve a hole in the bottom, and the mess comes out easily using gravity to your advantage. You now get to enjoy an original design feature of the pumpkin—the handle on top—for transportation. When lighting, place the candle on the carved base and then gently place the pumpkin over the top—no more second degree burns. If you stop to think about it, this is pretty much the ideal way to complete the task.”

The easier way to carve the pumpkin is clear, the problem is that most of us never stop to think about it! In our business lives, we follow routine with blinders on, refusing to challenge conventional thinking. We assume the status quo to be correct, and in doing so miss the opportunity to use creativity to drive progress. Don't let you or your business get stuck doing something the harder way because of a tradition or program--let your creative minds always be challenging processes in a healthy way that will cultivate an atmosphere of innovation, improvement, and success.

Wednesday, March 28, 2012

New Times, New Technology, and the Digitized Economy

            Sitting on an operating table in an Asian hospital and receiving a surgical procedure from a doctor in the United States might sound absurd, but such procedures actually happen via robots and other technological mediums. Technology has advanced to influence just about everything in the modern world. More specifically observed are the changes that technology has caused in the world of business. As the digital revolution has evolved, practices of business and services have followed suit. Most certainly, digital technology has provided new channels and opportunities for business transactions, however, challenges in adaptation and competitiveness have proven to be a major participant in today’schanging field of business.
            Digital technology has had an impact in the business world as it has become more readily available to consumers. The accessibility of this technology once was limited to designated locations where internet connection and computer convenience were possible. Over time, mediums of technology have developed from specific locations to usability directly in consumer homes and hands. In the past few years, sales of digital devices such as computers, ipads, and smart phones, have drastically increased. The ubiquity of Wi-Fi and 3G networks, as well as the number of devices available to access these networks, ensures that consumers can quickly and easily access the Internet, regardless of space, time, or location” (Grewal4). Along with the increasedconsumers’ accessibility, the convenience of the internet has also enabled traditional business to expand.
            New channels, such as electronic commerce, have created a new type of business playing field that has transformed the way of doing business. “E-commerce is defined as buying and selling products/services over the Internet and the use of computer systems to improve overall company efficiencies” (Oudan 19). One current example of an electronic commerce company is Amazon. This company has emerged to be a main-stream source of business transactions. Amazingly, the sales made for Amazon are without any physical store locations or face-to-face buyer/seller interaction. All sales revenue comes from business transactions over the internet. The reason companies, such as Amazon, use electronic commerce and other digital-mediated services is possibly because “of cost reductions . . . flexibility and convenience [for the customer] . . . [and] the increase in availability” (Schumann 137).Although companies have been able to access more channels to reach out to consumers, accompanying challenges have threatened almost every business in operation.
            Consumers’ability to both access product informationand communicate with others quickly by digital medium has forced businesses to compete at a higherlevel. One of the challenges businesses face is that “. . . consumers have a powerful new tool: computer software programs and web services to appraise the quality of goods and services” (Chitakornkijsil 121). The use of computer programs and internet sources can cause a business to rise or fall very rapidly because reviews of service provided are posted online and readily available. Another challenge businesses face is creating value in price because of the ease in accessing prices all around in comparison. Finally, the use of social media is a challenge for businesses becauseconsumers are able to quickly converse with others; they can be influenced strongly by others’ opinions and experiences. Businesses now have to learn to adapt and create methods of success.
            Businesses can prevent digital setbacks by learning customer values in the modern world of digital technology.In public and private domains, a shift in customer values has surfaced because of the self-service technology that has been available. Critical to business practices and processes is to understand “the new values of choice, control and convenience” (Griffy-Brown 32).To their advantage, businesses can use the internet to track information about consumer search tactics, spending, and even referral habits(Grewal3).
            Vast change has met the business world and challenged companies’ status-quo practices. Further research and learning from others will aid business individuals, present and future, in finding success. Although challenges have risen, opportunities have as well. When properly educated and practices of the digitized economy obtained, people in today’s business world will overcome challenges easier, and technology will be accepted as a gateway to continual opportunity.

Chitakornkijsil, P. (2012). MORAL MEANING IN GREEN MARKETING AND SOCIALLY RESPONSIBLE MARKETING. International Journal of Organizational Innovation (Online), 4(3), 113-128.
Grewal, D., Roggeveen, A. L., Compeau, L. D., & Levy, M. (2012). Retail value-based pricing strategies: New times, new technologies, new consumers. Journal of Retailing, 88(1), 1-6. doi:10.1016/j.jretai.2011.12.001.
Griffy-Brown, C., Chun, M., &Koeppel, H. (2011).Using customer-facing technology to create new business value: Insight from the public and private sector into the changing value equation.Journal of Technology Management for Growing Economies, 2(2), 21-33.
Oudan, R. (2010). Strategic decision-making in the emerging field of E-commerce. International Journal of Management and Information Systems, 14(2), 19-26.
Schumann, J. H., Wünderlich, N. V., &Wangenheim, F. (2012). Technology mediation in service delivery: A new typology and an agenda for managers and academics.Technovation, 32(2), 133-143. doi:10.1016/j.technovation.2011.10.002.

Thursday, March 22, 2012

Adapting to the New Economy: An Annotated Bibliography

My research process has been centered heavily around Google Reader. I have a large "business folder" that includes many business article and info websites that I have subscribed to. This was the start of my research, but then was added to largely by my research through the BYU databases of scholarly journals. I found many more people and resources to search through by that medium. I also spent some time searching people and pages on Google+, although it can be time consuming and sometimes frustrating, It is incredible what we can access and learn through the internet.

Our business group is doing our ebook chapter about how the digital world has created a major shift and has even revolutionized the world of business. We have coined "the new economy" as a term that describes the new world of business via digital technology. I have been doing my research specifically about how business owners/producers and consumers can adapt to the new economy. This bibliography centers around the aspect of adaptation in the new economy that the digital revolution has created.

Further Reading:

Oudan, R. (2010). Strategic decision-making in the emerging field of E-commerce. International Journal of Management and Information Systems, 14(2), 19-26.
In this Scholarly article, Oudan talks all about E-commerce, that is, business via technology. He explains how it has changed the form of business and clearly shows how we truly are living in a "new economy." Oudan supports a lot of the ideas that we have about technology in the business world and its effects. He also gives examples of what people have to do to adapt and change-- specifically supporting my part of our ebook. [I found this using the BYU library database. I did a specific search for scholarly articles using the key word phrase "adapting to technology" and decided upon this article because it is most inclusive of all the ideas we are addressing in our chapter.]

 Millison, Doug; Moon, Michael. Firebrands: Building Brand Loyalty in the Internet Age, (Aug 14, 2000)
This book is written for business owners and is encouraged to be distributed among specific people within their business. The strategies needed to have a thriving business in the changing world of business are outlined; the book also highlights "branding" so that your company establishes itself in the world of e-commerce. I chose this because much of the adapting process requires knowledge about the skill set and methods for getting your business name established in the new economy of the digital age. [I found this book by searching Google Books. I chose it because from that search, it was the most current book I could find and most relevant.]

Papa, W. H., & Papa, M. J. (1992). Communication network patterns and the re-invention of new technology. Journal of Business Communication, 29(1), 41-61.
This Scholarly article goes into detail about communication within a business. Papa explores the effects of changing technology and the need for employees to adapt and change; of course, they aren't going to be able to make the necessary changes without being able to communicate the changes that need to be made. This article is for business owners who want their employees to be on top of the changing new economy. I chose this because it is, I believe, key information for readers interested in entering into or adapting their running business to the new economy. [I found this using the BYU library database. It was found using the "adapting to technology" search as well for scholarly articles.]

Thought Leaders:

Robert Scoble ( Scoble is a tech geek. I love reading his posts because he is not ashamed about what he does or his deep interest in technology. You can read more about him and where he grew up here: ( I chose him as a thought leader because in order to adapt in the new economy, business men have got to be up with technology and know the websites to go to and how to use resources available. [I found Scoble from a Google+ search for people and pages using the key word "adapting to technology in the business world"].

Marsha Collier ( Collier is very well known in the e-commerce world of business. She is very well accredited and is open to give speeches, forums, or do consulting work for businesses. Collier has established herself in and made contribution to the ebay platform--how to be involved on such digital business grounds as ebay. I chose her because the adaptation to the new economy must require knowledge about online buying and selling--she is open and willing to share and is full of great knowledge. [I found Collier from a Google+ search for people and pages using the key word "adapting to technology in the business world"].

Jeff Clavier ( Ranging from local Silicon Valley keynotes or panel discussions to international conferences, Clavier shares his passion for building Internet startups, angel and VC investing, innovation and entrepreneurship. Jeff has produced a number of technology conferences and was a founding co-chair of the SDForum Search Special Interest Group. His influence can help people who are just about to enter the business world and he can contribute much to integrating business and technology. [I found Clavier from a Google+ search for people and pages using the key word "adapting to technology in the business world"].