Electronic commerce, commonly known as e-commerce or E-Commerce, consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. The amount of trade conducted electronically has grown extraordinarily with wide-spread Internet usage. A wide variety of commerce is conducted in this way, spurring and drawing on innovations in electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. Electronic commerce that is conducted between businesses is referred to as business-to-business or B2B. B2B can be open to all interested parties or limited to specific, pre-qualified participants. Electronic commerce that is conducted between businesses and consumers, on the other hand, is referred to as business-to-consumer or B2C. At the Event Management Company these business models are very important us. Through B2B we take bookings from other businesses to stage events and also we buy our materials for staging events online through this medium. Using the B2C we can sell our business to the customer allowing them to choose what event and speciality needs they are looking for. E commerce has helped us as we are able to conduct business 24/7 365 days a year. We also have access to a global marketplace, speed of messages and an opportunity for us to reduce costs by bypassing wholesalers. Porter's Five Forces
Porter's five forces analysis is a framework for the industry analysis and business strategy development. It uses concepts developed in Industrial Organization economics to derive five forces which determine the competitive intensity and therefore attractiveness of a market. How these Forces have determined our current position in the market? 1. Buyer Power
When buyers have many choices there power increases but when choices are few and...