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