The Industrial Age company is a traditional company, which believes in uniformity, stability, permanence, security, and competition; however, the Information Age company is totally contrasted. The Information Age company focuses on diversity, cooperation, flexibility, motivation for cooperating, and communication by using information over e-commerce. The impact of control of information and how it is creating super valuable companies like Apple, Google and Facebook can be seen during these days. Each company controls massive amounts of data on consumers, creates products that leverage that information, and delivers services that are therefore irresistible.
An article called “, Knowing When To Reinvent,” was composed by three company leaders, one being a CEO, to inform other company leaders about potential fault lines that have caused many companies to have downfalls. However, to prevent economic downfalls, the authors compiled a list of the downfalls and how to avoid them. Many companies have taken what seemed to be drastic measures to be successful in a changing marketplace. The thesis outlines the five fault lines within the article which are: customer needs, performance metrics, industry position, business model, and talent and capabilities (Bertolini et al., 2015).
Technology has taken an overwhelming presence within American societies today. Careers, education, volunteering, advertising and now even fundraising can be done solely from one’s computer. With this relatively new trend, companies must take advantage of the time clients spend online to further their own organizations. There are three simple techniques that companies should utilize and implement to profit from the new technological era.
In modern society with technology being so closely tied to having a competitive advantage, a lot of industries compete to keep up to date with new developments. The invention and increased use of computers, internet, and phones have all made a major impact on organisations around the world.
Most factors affect ones not only the businesses but our society as well, the way it can be affected is on high-speed Internet, computers, cell phones, and video games. Most of our society is used to these technologies in which I believe that the more technology advances the more our society wants to learn about it and want to be involved with it. However, the technology has advanced in every aspect and will continue to advance in which it has been a great help in every way to the government, economy, legal, social, and our society. Some of these factors can contribute to success more than others on how an organization manages the size, complexity, structure, multiple providers, and about measuring the outcomes of identifying the ongoing improvements to the technology and understanding technology is the key to success.
The article “When Giants Fail - What Business has learned from Clayton Christensen” has revolved around a simple question “Why is a success so difficult to sustain”? He explained how big and rich companies at the peak of their power one year and a few years later they will be struggling.
Many companies in the age of information are slow to adapt along with the rapidly changing technologies. A prime example is of refusing to adapt is Blockbuster. During the height of Blockbuster they operated over 9,000 stores, now they only own 50 and are officially defunct. In the early 2000s Netflix attempted to sell Blockbuster their business and were laughed out of the boarding meeting. Now Netflix boasts $5.05 Billion annually while Blockbuster has been nearly wiped out. Improving hardware and software is key to obtaining a sustainable and profitable business.
Reliance Industries shut all of its 1,432 petrol pumps in the country after sales dropped to almost nil as it could not match the subsidized price offered by public sector competition. The company owned less than three per cent of the 36,936 petrol pumps in the country. Of the total retail outlets, state run Indian Oil, Bharat Petroleum and Hindustan Petroleum own 34,304 pumps, while the remaining belong to private sector Essar Oil and Shell India.
Large corporations such as Wal-Mart or Home Depot often come under criticism for putting mom-and-pop shops out of business. While this may be a valid criticism, the consumers neglect to realize that they play the biggest part in shutting these businesses down. Consumers across the country are always looking for the best deals or the lowest prices, and in most cases the larger corporations are where products can be found at the lowest price. Many small business owners and the populations of small towns dislike large corporations moving into the area because they believe it negatively effects the local
Southwest Airlines encourages respect, innovation, a caring attitude and strives to adhere to all labor and employment laws which includes respecting privacy and equal opportunity. With a strong concern for avoiding corruption and avoiding anti-competitive behavior, they work hard to maintain accountability of all business practices. An example of this is the promotion of competition to provide consumers low air fares and a variety of high quality air service offerings across the US. This shows their devotion to the community they serve and maintains the company culture.
This report is based upon the book The New Small: How a New breed of Businesses Is Harnessing the Power of Emerging Technologies, written by Phil Simon. The book was published by Motion Publishing and is copyrighted 2011 by Phil Simon. Phil Simon is the author of the Why New Systems Fail and The Next Wave of Technologies along with a few other management books. Phil consults companies on how to optimize their use of technology. While not consulting, Phil speaks about emerging trends and technologies. His contributions have also been featured in several technology-oriented media outlets. Simon currently resides in Las Vegas, Nevada.
Furthermore, organizations have to adapt to the desires of the market, even if that means competing with themselves. Technology has the prospective to be disruptive of markets and companies while at the same time that it is benefiting consumers. Executives, managers and leaders should strive for entrepreneurial greatness and innovation, not to just determine preference among existing options. Marketing is not the art of selling products, as Kodak thought; smart marketing is about providing a company’s customer base value satisfaction. This would allow the company to remain relevant to their customer’s needs. In an age in which the consumer is in charge, the marketing strategy shall not be from the perspective of products and services alone.
In modern society, technology has affected in every area and industries, and helped develop more advantage than tradition industries without technology. E-commerce, Customer Relationships Management (CRM) and online sales etc. are widespread use in many organisations around the word (Philip Kotler., 2013).