According to HowStuffWorks, information technology gives companies the ability to organize large databases, personal schedules and various other forms of important information. Information technology has impacted the way most businesses conduct business and has contributed to the increase of e-commerce and outsourcing.Know More
Information technology enables the rapid transfer of information to any location in the world. With the advent of information technology, personal computers and communication devices, such as smartphones, have become the primary tools for conducting business. Information technology also gives companies the ability to outsource employees from remote locations and reduce costs associated with traditional staffing techniques. A company can outsource employees to perform tasks, such as computer programming and customer service, using various platforms on the Internet.
Information technology also provides entrepreneurs with access to all the tools needed to start and grow a business. According to the Houston Chronicle, small business accounting, marketing and communication have been revolutionized by advances in computer, network and communications technology, and companies in a range of industries continually adapt to take full advantage of technological developments. The Internet also provides a platform where small companies can compete with larger companies and use cost-effective online marketing strategies to expand their customer base. In addition, the availability of advanced video and graphics editing software means that small businesses can create professional marketing materials to advertise their products or services.Learn more about Business Resources
Elasticity of supply is the ability of the supply to change when other market forces, such as price and demand, change. If a supply remains unchanged when these other factors do change, it is known as an inelastic supply. Perfectly inelastic supply is a supply that is incapable of change regardless of the instability of surrounding market forces.Full Answer >
People engage in business for several reasons, but the most compelling reason for many is to earn a substantial income. Entrepreneurs have income limited only by the practical opportunities in the marketplace, as opposed to the salary maximum established by an employer.Full Answer >
International business is important because it gives domestic companies access to new markets, potentially increasing sales and profitability. Operating internationally can also help a company lower expenses through direct access to cheaper materials and labor.Full Answer >
A business solution is a combination of ideas used to help a company achieve its objectives. A business solution comes in terms of marketing, payroll, auditing, accounting market research and analysis, among other essential business activities. Businessmen set up companies to solve specific business problems. They specialize in a given niche depending on the problems in the market. A business problem is a need that a company strives to provide.Full Answer >