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Essay / Research Paper Abstract
The internet has changed the way business takes place. Increased information flow has reduced the inequality or asymmetry if information, resulting in a more competitive environment form many goods. This 7 page paper shows how this has happened with the sale of books and the emergence of companies such as Amazon. Prices have fallen, choice has increased and traditional bricks and mortar bookstores have had to adjust the way they compete. The bibliography cites 8 sources.
Page Count:
7 pages (~225 words per page)
File: TS14_TEbooks1.rtf
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Unformatted sample text from the term paper:
phenomenon of moral hazard in some markets. This may be in favour of the consumer, as seen in the insurance markets, or in favour of the dealers or sellers as
seen in many retail markets, where consumers are unaware of the information and choices. In the past this has lead to higher process and consumers were unaware that goods could
be bought at a lower price, due to less knowledge or less access to a market. The internet has changed this, increasing information flow reducing asymmetry of information and also
the barriers to trade. There are many markets where both traders and consumer have benefited, the travel sites, the financial trading cites and online banking facilities, computer component suppliers and
one of the most visible market with some well known names has been the sales of books. Amazon.com, along wit the regional variations, such as Amazon.co.uk only became profitable
in 2003 (Amazon, 2003). Other companies have sought to compete with the company, but have either failed, and changed their marketing strategy, or ended up forming a strategic alliance, For
example, Waterstones, the well known bookstore in many high streets now gains commission form Amazon. This can be seen by going to the www.waterstones.com site. The site will come up
with the sign Waterstones working with Amazon, and a page that is typically Amazon.co.uk. The reason the changes have occurred has been partly due to the way the value
chain has changed. The asymmetry of power is broken down with the creations of the virtual value chain (Baran, 2001). Porter described what he saw as a value chain
(Porter, 1985). He divided this into five separate sections; inbound logistics, operations, outbound logistics, marketing and sales, and service (Porter, 1985). These different activities are also linked
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