Business Research on Decision Making Essay
Possible business venture for 60614 Community.
Starting a business venture is a very complicated process that requires proper assessment in some area. Most businesses have failed while others have succeeded because of a number is reasons. It means that when coming up with a business venture, certain strategies, tactics and competencies are usually assumed to be relevant. Among these issues include the market factors. A number of factors related to market functions are associated to firm success or failure.
Consumers in that given area should be considered since market forces are determined by demand and supply curves. For example the number of people in a given area will determine the rate of which a particular goods or products will be brought. The living standards of the people in a given area depending on their salaries may also influence the types of goods bought in the market. For example an area where people earn high income will automatically have high purchasing power. In addition to this most of goods that will be purchased will also be of high value.
Many companies and business operators worldwide have developed electronic commerce. Most people nowadays prefer shopping online since they are catching up with the new technology.
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An area may comprise of many people but the number the purchasing power is low. At the same time another area may have few people whose monthly earning is high. This shows that their purchasing power will be high as compared to the case where there are many people who are unable to buy more goods. Monthly earnings of customers are very important in determining the kinds of goods to be bought. This paper therefore presents why the development company has to pick on the electronic business for 60614 community.
The introduction of Internet and the use of computer software in carrying out business have created numerous changes in the global market and in companies dealing in E-commerce. The Internet has been used in various United States (US) to create new business in the environment, transform old ones and coordinate global production networks. Shopping is nowadays being done online with an increase in service delivery. Thus implies that the new information technology has brought a lot of challenges and competition in the global market. The Internet therefore has opened ways for business models that would have been unthinkable for years back.
However despite the advantages the use of new technology in business has brought a lot of negative effects have also resulted from the introduction of the use of Internet. Most of the buyers (customers) have ended up buying products that might be unavailable or expensive locally. Other consumers also have negative attitude towards making orders and shopping online. This has therefore made the global business environment to become sophisticated because of the variation in the economic development, culture, and historical and technological innovation of different areas.
Why choose on electronic commerce
It requires an area where those with high education level live. 60614 community is an example. Shopping online or over the Internet can only be successful if those involved are informed. High literacy level is also required. The E-business is also known to be very expensive so the consumers in the area should have high income in almost every household. Culture of people is also a factor. People in 60614 community are believed to be civilized that is not behind in terms of technology use. Purchase power of the people is high.
The concept is starting an electronic commerce depends on: purchasing power of the consumers that is income per month. Educational level; whether they have some knowledge on IT. Availability of buyers is another factor that should not be ignored.