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1. An entire different scenario will be created with the introduction of internet in business model. Since organisations are transforming to digital age for remaining competitive therefore, they have to adopt an innovative model of business. A tremendous change is been introduced by internet and these changes are taking place at a faster rate within the organisation. The impact of Internet changing the business model can be described by seven megatrends globally and in all industries. The megatrends incorporate:
Companies have every sort of tools as well as assets for becoming competitive as well as achieving success in market of internet. The organisations are ready for incorporating the internet structure within the business model for achieving competitive advantages. As people prefer interactivity with whom they are conducting business therefore, internet market has growing demands in recent times (DaSilva & Trkman, 2014). Organisations are adapting the interment market by implementing strategies. The strategy like manufacturing product by providing more experience that is personal to customers. The business model will change as in-place of inwardly focused organisations that are traditional to their approach we can find extended enterprise. The business model can also changed where companies having circumscribed relationship with clients and suppliers will be replaced by electronic relationship and hierarchical chain been replaced by virtual teams.
2. According to my opinion, not every company need to utilise social media like Facebook and Twitter in order to enhance their marketing and service to the customers. However, utilisation of social media can be very much beneficial to other companies. Customer services should be provided with face-to-face conversation with customers, as it is very much difficult to conduct it through social media. The concept of social media can help start-up organisations largely. Start-up companies can use the concept of social media for achieving their faces as well as their names (Tiago & Verissimo, 2014). The platform of social media is much cheap than other methods of advertising as well as traditional marketing. The start-up can perform product promotion utilising sites of social networking. In these social networking sites, they can determine their potential customers by displaying their products on social networking sites.
On the other side social media like Facebook and Twitter assists the organisation in determining the products required by customers. Advertising and marketing through social media helps the customers to visualise the product but they are not able to touch the products and judge the products. Business like restaurant chain can achieve benefit through social media by showing the customers the size and the decoration of rooms (Hays, Page & Buhalis, 2013).
The method of social media should not been applied by larger and reputed companies. The companies that have been already established in the market need not advertise through social media as they have already attained their face value and fame that are required for smooth running of business.
DaSilva, C. M., & Trkman, P. (2014). Business model: what it is and what it is not. Long range planning, 47(6), 379-389.
Hays, S., Page, S. J., & Buhalis, D. (2013). Social media as a destination marketing tool: its use by national tourism organisations. Current issues in Tourism, 16(3), 211-239.
Tiago, M. T. P. M. B., & Veríssimo, J. M. C. (2014). Digital marketing and social media: Why bother?. Business Horizons, 57(6), 703-708.
Westerlund, M., Leminen, S., & Rajahonka, M. (2014). Designing business models for the internet of things. Technology Innovation Management Review, 4(7), 5.
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