Management Info Systems Individual Work wk8 Essay

Management Info Systems Individual Work wk8 - Essay Example In reality, however, internet markets are more similar to traditional markets than they are different. Hence, successful e-marketing strategies, such as traditional ones, rely on the creation, distribution, promotion and pricing products that are required by the customers and not just developing a brand name or lowering the costs associated with online transactions (Morley & Parker, 2009). Electronic commerce is believed to have developed from three main stages: Innovation, consolidation and reinvention (Pyle, 1996). The innovation of electronic commerce is the phase that occurred in the period lasting 1995-2000. This era was typified with a great excitement in both the traders and their customers particularly due to anticipations that electronic commerce would increase the ease at which quality information on business systems as well as commercial goods and both parties (Pyle, 1996) could attain services. The phase of consolidation began in 200 and was characterized by an increased number of classical business organizations utilizing the Web for purposes of enhancing their business transactions. The last phase, reinvention, of electronic commerce had its advent in the year 2006 when there was a bolstered utilization of social networking and Web 2.0 applications in electronic commerce. This led to an increase in the number of new models of business being created. Whol e during the innovation stage the emphasis of commercial organizations was on attaining market shares and visibility, the consolidation stage was characterized by an increased desire to establish commercial ventures that were successful (Whinston, 1997). The emphasis in the present day is placed on the ability of electronic commerce to encounter a growth of audience and social network. Morley and Parker (2009) claim that this model comprises of the

The differences between macroeconomics and microeconomics Essay

The differences between macroeconomics and microeconomics - Essay Example For example, the objective of study microeconomic theory is to understand the factors related to the optimal allocation of resources whereas, the objective of macroeconomics is to study the factors related to employment and development of scare resources in the economy. Although microeconomics objective is to focus on individual units in the economy and macroeconomics objective to focus on entire economy, both of these fields are contributing to the study of economy and individual behaviours in the economy. The difference between microeconomic theory and macroeconomic theory is that microeconomics focuses on the economic behaviours of individuals including business firms, consumers and resources owners whereas, macroeconomics focuses on economy as a whole and deals with aggregate levels of output, economy, national income and prices (Salvatore, 2006, pp.8). According to Professor G. Thimmaya (cited in Jain & Khanna, 2010) the core difference between the two fields is that price is th e major determinant of problems in microeconomics whereas, income is the major determinant of problems in macroeconomics. In other words, the decisions taken in microeconomics are primarily based on price such as factors of production whereas, the decisions made in macroeconomics are based on income such as total consumption and total investments. Wessels (2006, pp.101) argues that in macroeconomics, the economy is studied as a whole whereas in microeconomics, the economic actions of people including individual firms and the individual households are studied. Wessels explains the difference between the two branches of economics. He argues that if in microeconomics the function of... This essay presents a modern theoretic analysis of the differences and similarities between microeconomics and macroeconomics. Various differences between macroeconomics and microeconomics are identified in the essay however; the primary difference is related to aggregation and objective of the two fields. Both these fields are strong interrelated and concepts and theories of microeconomics are necessary to study concepts in macroeconomics. Economics is the examination of mankind in the normal business of life; it analyses the actions of individuals and society which are closely associated with the achievement and utilisation of needs of well-being. The two branches of economics are microeconomics and macroeconomics. These two fields differ in their scope and objective. The core difference between the two fields is that price is the major determinant of problems in microeconomics whereas, income is the major determinant of problems in macroeconomics. Both subjects have different objectives. The objective of study microeconomic theory is to understand the factors related to the optimal allocation of resources whereas, the objective of macroeconomics is to study the factors related to employment and development of scare resources in the economy. Microeconomics and macroeconomics are substantially related with each other. Major chunk of modern macroeconomics theory involves the applications of microeconomics because the aggregate outcomes in macroeconomics are usually rooted from the decision making theories of consumers and firms