Information Technology (IT) has revolutionized the way organizations conduct business by enabling small and medium businesses to level the playing field with larger organizations. Small businesses use an array of technology based on everything from computer server stations to portable mobile devices to expand competitive advantages in the global economic marketplace and marketing environment. So, small & medium business organizations owners are considering implementing information technology (IT) in their planning process for streamlined integration. Thus, this process is leading to future business expansion locally as well as globally. This decision allows proprietors to create smooth business operations using the most effective information technology available. On the other hand, the Internet has further linked the overseas suppliers of goods and services and their buyers. During the e-commerce era, internet traffic is increasing day by day, and e-commerce business is in the hyper growth stage. Information technology tremendously helps to boost the expansion of the current and future of marketing environment; communication technology became faster than ever. Though, globalization creates a little challenge for multinational companies to share resources and knowledge across a number of businesses inside and outside the country. Outsourcing and freelancer ease this challenge because multinational companies recruit talent freelancers and outsource their projects to the highly expert vendors and then the works are done through the team of people very effectively and efficiently.
Impact of information technology in the development of global marketing:
Information technology (IT) systems and computer science are used by business organizations to perform various tasks. Some use IT to provide for the basic processing of transactions, while others enable customers, distributors, and suppliers to interact with the organization activities through various communication technology systems such as the internet and intranet. The term of information technology (IT) systems in an organization are composed of four distinct parts which include an organization, data & information in an organization, and information technology and information technology systems within an organization. The important impacts of information technology in the development of global marketing world are described below. Also, several areas of global marketing environment in which businesses are taken into consideration and discussed how IT has already helped or can help these businesses in particular areas in future.
There are different types of e-commerce such as:
B2B model is the buyers, sellers, and transactions involve only organizations. It covers a broad spectrum of applications that enable an enterprise to form electronic relationships with its distributors, resellers, suppliers, customers, and other partners. This is the type of e-commerce that deals with relationships between and among businesses. B2C model, here transactions take place between consumers and business houses. Here individuals are also involved in the online business transactions.
C 2 B model, here individuals who use the Internet to sell products or services to organizations and /or seek sellers to bid on products or services they need. These transactions involve reverse auctions, which empower the consumer to drive transactions. C 2 C model which is used by consumers to sell their product/services directly to other consumers. This type of e-commerce is characterized by the growth of electronic marketplaces and online auctions. M-commerce (mobile commerce) is the buying and selling of goods and services through wireless technology. The advantage of this model than others is delivery over wireless devices becomes faster, more secure, and scalable.
Information Technology (IT) and Corporate Marketing Strategy
Information technology (IT) takes in business processes related to information technology or communication technology including decision making. For example, IT adoption would include having an organizational intranet, having enterprise resource planning (ERP) systems installed, using e-mail for the type of external communications, Video conferencing with vendors or suppliers and so on. The formulation of an effective marketing strategy in business for a business firm is not merely an easy task. Strategic and organizational requirements for person-system- organization fit is, therefore, becoming an important area of competitive advantage through deepening computer science related engineering skills, knowledge of technology, rigid financial backing, learning new technological skills and information, building up the competencies and capabilities for organization design that can distribute and serve a large customer base. The Internet is creating a wider global market place which is totally free from any geographical boundary. E-business or e-commerce is just a virtual mouse click away no matter where devices are physically located; allowing desired online buyers to compare shop from several alternatives globally. Actually, the information technology (IT) has not changed the fundamentals of marketing strategy it is still regarding wining in both the competitive edge and in the capital markets.
Information Technology (IT) and Cultural Diversity in Marketing Environment
In the global map there are European, American, Asian, African countries, they are having cultural distance; which means the distinction between a country and its cultures. The cultural and distance has become a very vital factor in global marketing environment. Organizational cultures have become more and crucial to the development of globalization and virtual organizations. Cultural distance intensifies the role of IT adoption on globalization. In recent years, the interpersonal relationship is becoming more and more important HR factor for organizational effectiveness of technological innovations. Moreover, significant recruitment opportunities for both men and women in many countries around the world can be achieved by enabling firms to access an increasingly global client base. Besides, the employer can train their employees in the respective field using information technology such as via Webinars or e-learning, etc. It is very true that employee development is a pillar of the enterprise-value framework for advanced global companies, equal importance to shareholder support or customer loyalty. IT & computer science nowadays can play a very pivotal role in knowledge sharing particularly in an environment of cultural diversity. Regarding this referred an example of IBM’s Think Place program, catalyst where human resources post ideas on an intranet site within their own network and invite comment or support advice from other people. This approach could be adopted to nurture the ideas within the organization and their own atmosphere.
Information and communications technology (ICT) are increasingly part of our daily life and a digital driver of economic growth, social stability, and sustainable development. ICT has no borders between cultures, countries, regions, and sectors. It is universal and cross-sectoral. Due to Increased access to ICT, internet services (broadband) particularly with high speed, aids to deliver improved business operational services and financial services, as well as social services, such as health and education. It brings efficiency, effectiveness through minimal prices and it reduces the cost of these services and helps to save money and time, and in turn, enables a positive marketing environment which is beneficial to private sector investment or in other sense public-private partnership that can be possible nationally or internationally.
Improved Communication and Increased Productivity in Business Information technology helps small; medium businesses improve their communication processes. Emailing, texting, websites and apps, for instance, facilitate improved internet communication with consumers. Using numerous types of information technology communication methods allow companies to saturate the economic market with their message. Here, some companies may also receive more customer feedback through these electronic communication methods For Example, Chapman’s way of course evaluations. Technology also improves inter-office communication as well. For example, social intranet software gives employees a centralizes portal to access and update internal documents and contracts and relay relevant data to other departments instantly. These methods also assist companies to reach consumers through mobile devices in a real time format. The small & medium businesses can increase their employees’ productivity throughout the use of information and computer technology and market the products worldwide. Modern computer programs and business software usually allow employees to process more information than manual or conventional methods. Global business owners can implement business technology to reduce the amount of human labor in business functions. This allows small & medium businesses to cut additional labor costs along with employee benefits. For example, by placing employee-performance appraisal information in an online framework, managers can easily create successful objectives for their employees to reach in the desired level and sustain company goals. Thus, world business owners may also choose to enlarge their business operations using information technology rather than employees if the internet technology will provide better production output in time.
The business information technology allows companies to outsource business functions to other businesses in the national and international business environment. Outsourcing service can help companies to do their projects through lower costs and focus on completing the business function via the desired time frame on what they have skills best. Also, companies can hire international marketing freelancers from different online marketplaces; the employer can hire them on an hourly basis or fixed contract basis with their own budgets. Employers may save money, time and their stress but they should monitor timely manner and instruct them on how to do work successfully and effectively. Small business owners may consider outsourcing some operations if they do not have the proper facilities or available manpower. Outsourcing technology also allows businesses to outsource the function to the least expensive areas possible, including foreign countries. So far, IT Graduates or Software & Hardware Engineers are coming into the international market; many jobs opportunities are creating for themselves. They are giving their best innovative efforts and designing new software and develop computer applications and mobile apps, phone hardware, these would superbly be developing the total IT business internationally. Also, global marketing environment create these IT advantages for the development of their business niches. With the help of IT, an international collaboration for business entrepreneurs with new business owners or existing business owners can create a successful business venture in recent times. In this area, business entrepreneurs may search their business partners from across the world via LinkedIn, Skype, Email, Twitter, whatsapp, Viber, Imo and others.
Automation and future global marketing atmosphere
As large-scale innovation in automation has traditionally been limited to the production side of global society, the information technology (IT) will have far reaching implications in future. Amazon’s automated online grocery store, eliminating the need for cashiers, and marketing executives physical hardworking has been one of the first major and very advantages tech triumphs of the era. The online store has proven itself very successful as an efficient option for global shoppers in its primary location. The current cost of this technology, conversely, puts it out of the reach of pretty much any other store. As the technology continues to develop, consumers can imagine that pressure sensors & cameras that automate pay and alleviate long lines in stores will be coming to groceries and pharmacies close in the next few years. The innovative visual conversations between buyers and sellers in order to buy-sell goods and services in the forthcoming years. This is buyers and sellers price bargaining scopes. This can be truly possible if 6G, 7G, 10G Internet connections with fastest and speedy internet network be available to international internet users through cellular phones as well as via computer networks.
Facilitating Global Marketing Business Monetization through Globalization
Due to rapid upgradation and improvement of Information technology (IT) and globalization, marketing businesses have been able to monetize more than past. In the past era, these facilitate were entirely absent; consumers had to walk on foot or via vehicle spending more time and money into a business center or shopping mall and pay hard cash for a purchased product. After that, they could telephone call in order to confirm an order to buy a desired product or service. In today’s time, with the help of the internet, online shopping became a better option for shopping lovers. At present, gratitude must go to the technological scientists as they gave global users which uses widespread array of smartphones and tablets which are Wi-Fi and internet enabled; where businesses using social media advertising options easily and can offer their targeted customers to buy their goods or services through a wide variety of mobile apps. Ultimately the retailers, international restaurants, travel, and tourism agents and even online gaming companies offer consumers all the better option to pay through mobile apps in a fastest and highly secured medium.
Digital Currencies and Cryptocurrency in Global Marketing Businesses
After the invention of Bitcoin’s in Coin market, the meteoric price jumped in the year 2017 and in current year Bitcoin, Ethereum (ETH) , Ripple(XRP), etc., major tech players have begun to take cryptocurrencies seriously because these digital currencies are very useful to transact via online to buy-sell products or services. Together with major preliminary Coin Offerings that have hit major news outlets like Ethereum (ETH), less important coin companies are developing Stable coins that provides all the pros of cryptocurrency transactions except the quick price fluctuations in the entire global coin market through cryptocurrency system. As these coins are useful to exchanges even it seems there are quick fluctuations in prices, expect these assets to be typical methods of payment in recent years which will help marketing environment a lot.
The most successful organizations will optimize the usage of all their IT and human resources, for competitive advantage. To ensure smooth service or operation in risky zones, human made robots will be used first in more industrialized situations. On the other hand, while human made machines are very excellent for consistency, efficiency, performance, predictability, and safety; they can’t match human skills in ingenuity, novelty, art, creativity, emotion, and to address variability and provide context. As we gain access to nearly infinite information from multiple sources, digital ethics will be the solution in risk management. With everything connected in the information technology (IT) and billions of human made smart machines like drone, robots, automated (self-driving) car or vehicle, the opportunities to do the wrong thing such as ignoring privacy, favor machines, steal data, information, etc. will constantly be there though computer scientist do not want these to be there.
Conclusion: Due to the rapid expansion and revolution of Information Technology (IT), the globe has now become a global village as many small, medium and large countries are united and entered under one umbrella. International borders and communication barriers are going to vanish. Information technology (IT) is an immense truth of the modern century, and it has a great impact on the global marketing environment arena. Multinational organizations which are implementing IT based international marketplace like Amazon, eBay, other internet-based E-Business, E-Trade, and associated technologies are enjoying a competitive advantage over the organizations which do not do the same business through Information Technology (IT).