A new wave is emerging and the grand rules of the “industrial age” are changing very rapidly replaced by the information technology and knowledge based solutions. Mass production is giving way to JIT production, the rules of marketing is changing from traditional methods to information based techniques. The “Third Wave” or the 'Information Age " is in the making and is changing the very foundation of our business culture. With this change in transition, the international business and trade sector is expected to go through a major refocus in terms of its strategies, methods, procedures, techniques, and competition. Adjusting to this new wave of information age, the world is entering into a new phase of global competition with ever-changing standards and quality that is defined by the consumers and the end-users. This competition is giving rise to the globalization of market forces. With the addition of the technological revolution of the nineties, competition has intensified to a degree that inefficient and old structures are crumbling.