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Questions and Answers
Explain the concept of e-business and its scope.
E-business, or electronic business, refers to conducting business activities over the internet or any other computer network. The scope of e-business is vast and includes all types of business functions such as production, finance, marketing, and personnel.
What are the four classifications of e-business based on the parties involved in electronic transactions?
The four classifications of e-business based on the parties involved in electronic transactions are B2B (business to business), B2C (business to customer), C2C (customer to customer), and Inter B commerce (interaction and dealing within the firm).
How do businesses aim to create value in the form of goods and services?
Businesses aim to create value in the form of goods and services by meeting growing competition, quality standards, low prices, fast order processing, and better customer care, while taking advantage of emerging technology.
What are the three strong trends that have shaped business?
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Define B2C commerce and provide an example of such a transaction.
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Study Notes
E-Business Overview
- E-business refers to the integration of internet technologies into business processes, enhancing operations, customer interactions, and the delivery of products and services.
- Scope includes various activities such as online retail, supply chain management, electronic payments, and customer relationship management.
- E-business has transformed traditional operations, enabling global reach, reduced costs, and improved efficiency.
Classifications of E-Business
- B2B (Business to Business): Transactions between businesses, such as a manufacturer selling to a wholesaler.
- B2C (Business to Consumer): Transactions directly between businesses and consumers, like online shopping at an e-commerce site.
- C2B (Consumer to Business): Consumers selling products or services to businesses, such as freelancers providing services to companies.
- C2C (Consumer to Consumer): Transactions between consumers, often facilitated by platforms like eBay or Craigslist.
Creating Value through Goods and Services
- Businesses enhance value by developing innovative products that meet customer needs and preferences.
- Efficient service delivery, personalized experiences, and high-quality customer support contribute to customer satisfaction and loyalty.
- Utilizing data analytics helps businesses understand market trends and consumer behavior, leading to informed decision-making.
Trends Shaping Business
- Digital Transformation: Adoption of digital technologies to improve processes and customer experiences.
- Sustainability: Growing focus on eco-friendly practices and products that address environmental concerns.
- Globalization: Businesses operate on a worldwide scale, expanding their market reach and leveraging international opportunities.
B2C Commerce Example
- B2C commerce involves consumers purchasing goods or services directly from businesses.
- Example: A customer buys clothing from an online retailer like Amazon or Zara, completing the transaction through an e-commerce website.
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Description
Test your knowledge of business trends and emerging technology with this quiz. Explore topics such as outsourcing, internationalization, globalization, and e-business.
