Goods vs Service Essay Example | Topics and Well Written Essays - 500 words

Goods vs Service - Essay Example ned that technology is altering the manner in which some of the giant companies perform their businesses, fostering new strategies and thereby revolutionizing the research-and-development process (Brynjolfsson & Schrage, 2009). It is worthy of stating that digitalization as well as networking are the two main components of the modern day society. Through digitalization the different mediums are combined based on the technology which enables a huge amount of data to be transmitted and processed. With the help of networking, virtual communities are being formed over the networks, focused around the internet. With the greater advancement of the technology there has been transformation in the structure and processes of the business world. With the help of intranets and e-mails the processes are being enhanced. It can be stated that the conventional way of shopping is being replaced by the contemporary ways where the consumers are capable of making order over the internet sitting at their homes. The payments can be made with the help of the credit cards and therefore the requirement to visit the store by the buyer is eliminated to a great extent. Prior to purchasing the product, the customer is capable of havin g access to the bulletin board with the assistance of the personal computers for the purpose of viewing the product review and can as well contribute in forums in order to gain the required information from the actual users of the product (Kato, 2007). The technology can also be used by the organization to customize the product and customers services. For instance, it is through information technology that a firm may shift from ‘delivery from stock’ to ‘making an order’ or may shift from ‘selling function’ to ‘renting function’ (Ives & Mason, 1990). Therefore, it can be mentioned that the technology is altering the characteristic of the services and the manner in which the firms tends to interact with the customers. The advancement in the