The World of Business: Technology, Innovation, and Marketing

This essay discusses the impact of technology, innovation, and marketing on the world of business. It highlights the importance of these aspects in today's competitive market. The businesses are required to research on the current and past trends of market and make prediction regarding the future so that such offering is produced which is aligned with needs and requirements of market.

For Specific Purposes

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
CONCLUSION ...............................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Businesses are considered as the entity which is involved in practises of carrying on
trade, commerce and manufacturing. Their sole purpose is to earn profits and generate revenues.
Nowadays, it has become difficult to run the business due to end number of competitors
operating in the market. There are different kinds of business organizations which varies on the
basis of its ownership, liability and structure (Ulin, 2019). This essay is based on the topic the
world of business.
MAIN BODY
The businesses in today's world is no longer a practice of the bargaining. With the
evolution of technology, traditional concept of business has been eliminated and the
organisations are involved in implementing such precise strategies which can help them in
dominating the market. The key to success of the business mainly depends on few aspects which
includes innovation, technology, marketing, etc. The sole purpose of business is always to
maximise profit but now that the technology has taken an edge, it has affected many aspects of
society right from driving cars to watching mobiles or communicating with peers. The increase
in technology in the world of business have given more power to the consumers and the increase
in the level of competition is meant as implementing practice to understand the need of studying
and researching on customers so that a perfect offering is brought from business.
For example, one aspect which has changed the world of business is big data which is
high velocity data mainly utilized by business so that a specific information is understood and
studied regarding behaviour and pattern of the consumers. This helps in analysing the new trends
and needs of consumers (Valter, Lindgren and Prasad, 2017).
Innovation has also become one of the key area of business nowadays as it helps in
staying ahead of the competitors. The businesses are required to research on the current and past
trends of market and make prediction regarding the future so that such offering is produced
which is aligned with needs and requirements of market. Earlier, there was only traditional
means of business which involves producing such offering which are required in market but
nowadays, innovation is the key to success for business as it helps in offering such product or
service which can help in battling the competition.

The marketing is also one such vital area of business as it helps in becoming successful
in modern era. Th more aggressively a company market its product, the more chances of success
increases as it helps in creating the brand value which is essential for attracting potential
customers and retain the existing one. It has set a new trend in market as the social media and
other digital mediums have set the benchmark for other companies or new entrants to make their
existence in market (McKenna, 2020).
Hence, it can said that the business in today's world is all about technology, innovation
and marketing as it has changed the way businesses were run in the past few decades. Now it is
the time of brand, technology, innovation and fast paced working.
CONCLUSION
It is concluded from this essay that the world of business has seen a rapid growth and
changes in today's time as a shape has been given to the businesses in which it works.
Technology, innovation, marketing are all aspects of business which has moulded the way
works. Nowadays, the main concern of business is not generate maximum profit but to take
competitive edge in market which will ultimately help in generating high revenues and
profitability.

REFERENCES
Books and Journals
McKenna, E., 2020. Business psychology and organizational behaviour. Routledge.
Ulin, J.C., 2019. The business of media distribution: Monetizing film, TV, and video content in
an online world. Routledge.
Valter, P., Lindgren, P. and Prasad, R., 2017, October. Artificial intelligence and deep learning
in a world of humans and persuasive business models. In 2017 Global Wireless Summit
(GWS) (pp. 209-214). IEEE.