Research Question: Internet is believed to boost the efficiency and effectivenes

Question

Research Question:

Internet is believed to boost the efficiency and effectiveness of any business.

i. Do you agree with the statement? If yes/No, justify your answer giving the reasons.

ii. Using the ICDT framework, apply the framework on any company and write how would Internet help in the four areas as specified by the ICDT framework.

(Note: Refer to book chapter 4 of Jelassi for details of the ICDT framework.
ICDT( Islamic Center for Trade Development ) ).
****No handwriting please.*****

-The word count for this assignment must be between 500 to 1000 words for the research question

- use their own word.

-Student must apply Harvard Referencing Style within their answers.

-Student is allowed to cite 10% from the word limit (1000-word limit means 100 words can be cited).

Explanation / Answer

1. The world is going digital and there is a new technological innovation every day across the globe. The usage of internet has skyrocketed and the smartphone has become a must-have commodity for the people. The companies that were successful doing business offline now want to have an online presence and this tendency is very normal. The e-commerce giants like Amazon and Alibaba are worth billions of dollars and their entire business is dependent on the internet. The internet gives the company the flexibility to try multiple things at the same time and see what works better for them. The advent of latest technologies like machine learning, artificial intelligence, augmented reality, virtual reality, and cloud computing are all based on the internet. The internet gave way to all the technological innovation in the 21st century. Using the internet companies can make use of latest tools and technologies and reach their target audience efficiently without many human errors. The business process can be well connected with the flow of information from one system to the other. This makes the information easily accessible to all and the businesses can rely on the information for their decision-making process. Companies like Amazon and Booking.com are known for their ability to make use of the internet and use the data acquired from the internet. They have managed to build an empire based on the internet. The business processes like sales, marketing, logistics, operations, finance, and HR have become very efficient and reliable.

2. The ICDT framework mainly talks about the information, communication, distribution, and transaction.

I would like to take Amazon as an example and explain how they can use this framework to explain how the internet can help the company grow in these 4 areas.

The information field mainly deals with the sharing of the information in an efficient manner with both the customers and the stakeholders in the company. The information created over the internet will help in improving the confidence of the customers and also in keeping all the stakeholders of the company on the same page when it comes to running the business. The company can use the information to qualify the leads generated and move them to the next level in the sales cycle. The information will also talk about the customers of the company and how the company can meet their demands using various online channels.

The communication field mainly deals with the various communication channels Amazon can use to communicate with the target customers and also convey the marketing message. They can keep the email marketing, online communities, social media channels, and SEM as the major communication channels. These are the most commonly used and most efficient channels of online communication. The company can reach a wider audience at the same time without many obstacles and the performance will also be excellent.

The distribution field deals with the sales and distribution channels used by the company to deliver their products and services. There will be both inward and outward movement in the distribution channel. The good can be delivered to the customers and in some instances, it might apply to the employees of the company.

The transaction field talks about the information gathered from a customer during the transaction and what kind of information is provided to the customers from the company as well. The customers usually leave their names, address, phone number, email address, credit card information, and company. This information will be recorded on the transaction page and it can be used to study the customer behavior and also the spending habit. The company can use the data to customize their marketing and sales approach to that particular person.

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