MANSFIELD UNIVERISTY SCHOOL OF BUSINESS AND ACCOUNTING DEPARTMENT OF MATHEMATICS NAME : JACOB MBEWE STUDENT ID : 20230053 COURSE CODE : BUS101 COURSE NAME : BUSINESS ICT LECTURER : MR. J BANDA QUESTION: Discuss the market niche and its importance to the business Introduction Because of the widespread usage of computers, the internet, and telecommunications networks, information technology (IT) may be considered the backbone of all sectors. Profitable items and services are produced by the business sector (Nikoloski, 2012). The market niche in business has been the integration of (ICT) in everyday business transactions. Nikoloski (2012) argues that any technology used to produce, process, and transmit information that is crucial to company performance is referred to as information technology. Information technology is vital to the business sector as a management tool for optimizing information processing in order to profitably manufacture goods and services. Drnevich and Croson (2013) agree that customers, more than ever, have easier access to information, allowing them to support their consumption decisions regarding what they are looking for in a more precise way. As a result, the current market environment forces allow companies to seek at least one competitive advantage in (ICT), in order to struggle for both survival and success. Companies must be one step ahead of their competition, which means they must have a clear view of the present as well as the imagination to envision the future. Advantages of the niche in business Information technology facilitates and successfully manages, manipulates, stores, recovers, shares/communicates, and transmits little and big amounts of information/data.
