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T1 - Changing Markets & New Opportunities

Decline In Some Traditional Market Sectors

High Street shops that do not have a website setup on the internet have slowed in growth, whilst shops that are solely designed and created for online shopping, have seen a massive upturn in growth. Some High Street shops have seen the positive outcome of using the internet and have created a website where their customers can now shop online, as well as in store.

Amazon and eBay are examples of online only retailers that have had a big influence on retail competition and has shown what the internet is capable of when used effectively for business uses.


The Need For Organisations & Businesses To Take Advantage Of New Markets & Opportunities

Organisations and businesses should aim to take advantage of new markets and opportunities if they are all a suddenly doing poorly within the market. They should investigate what successful organisations and businesses are doing to be as successful as they are and try and take advantage of any new opportunities to boost their market and possibly gain a competitive edge.

Not taking advantage of those new markets and opportunities could severely impact the organisation or business in the long term and could lead to closure.


Balancing Growth Against Decline In Some Areas

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Potential Provided By Developments In IT

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Opportunities & Challenges Reperesented By 'Big Data'

Modern day technology produces large amounts of data at a fast rate, so organisations need hardware and software that can process and analyse all that data very quickly. This data can be used by an organisation to gain information on how people are using their services and what parts they are using the most.

Using that information has made it easier for supermarkets/online retailers to save money by ordering and stocking items that are more popular with their customers.

For organisations to use big data to save money, they need to setup systems that can quickly store and process massive amounts of data. This data then needs to be analysed and made understandable, so an organisation can use it effectively.


References

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