The Internet has nearly destroyed some industries and severely threatened others. The Internet
has also created entirely new markets and formed the basis of thousands of new businesses. The
Internet has enabled new products and services, new business models, and new industries to
rapidly develop.
Because of the Internet, competitive rivalry has become much more intense. Internet technology
is based on universal standards that any company can use, making it easy for rivals to compete on
price alone and for new competitors to enter the market. Because information is available to
everyone, the Internet raises the bargaining power of customers, who can quickly find the lowestcost
provider on the Web.