16 Questions
What are the three main components or dimensions involved in every commercial transaction?
Product or Service, Process, Delivery agent
Which type of commerce involves physical components such as products and services?
Traditional commerce
What does traditional commerce rely on for its success?
Word of mouth, networking, customer referrals
What kind of staff does traditional commerce need to hire?
Sales executives, sales managers, accountants, and other staffs
In traditional commerce, what does it often rely on for its success?
Face-to-face interaction with consumers
What does traditional commerce not share with its competitors?
Your information
What is the broadest definition of E-Commerce?
Digitally enabled commercial transactions between and among organizations and individuals
In E-Commerce, what does 'digitally enabled' primarily refer to?
Transactions occurring over the Internet and World Wide Web
Which example represents 'partial E-Commerce'?
Buying a shirt at Walmart Online
What are the dimensions that an E-Commerce platform needs to facilitate according to the text?
Order, payment, and delivery
What does E-Commerce rely on for its success according to the text?
Efficient services provided to customers
How does E-Commerce differ from traditional commerce in terms of core strategic decisions?
Technology is not integrated with core strategic decisions in E-Commerce
What significance does the web store being 'always open' hold for E-Commerce?
It allows buyers to gather information, search products, compare prices, and order products at any time
What does the degree of digitization in E-Commerce relate to according to the text?
The transformation from physical to digital
'Pure E-Commerce' involves which of the following?
Products being sold via digital networks
What is the modern business methodology that addresses the needs of organizations, merchants, and consumers to cut or reduce costs while improving the quality of goods and services according to the text?
E-commerce
Study Notes
Commercial Transactions
- Three main components involved in every commercial transaction:
- No specific information provided in the text
Traditional Commerce
- Involves physical components such as products and services
- Relies on physical stores and face-to-face interactions for its success
- Needs to hire salespeople, cashiers, and other staff to manage physical stores
- Often relies on building relationships with customers for its success
- Does not share its customer database with its competitors
- Relies on physical stores being open during limited hours
E-Commerce
- Broadest definition: The buying and selling of goods and services over the internet
- 'Digitally enabled' primarily refers to the use of digital technologies to facilitate commercial transactions
- Example of 'partial E-Commerce' is a company that uses the internet to purchase products but sells them in physical stores
- E-Commerce platform needs to facilitate three dimensions: transaction, logistics, and customer service
- Relies on digital technologies and the internet for its success
- Differs from traditional commerce in terms of core strategic decisions such as inventory management, distribution, and marketing
- The web store being 'always open' allows E-Commerce to operate 24/7, making it a significant advantage
- The degree of digitization in E-Commerce relates to the extent of digital technologies used in commercial transactions
- 'Pure E-Commerce' involves buying and selling products solely over the internet
Modern Business Methodology
- Modern business methodology that addresses the needs of organizations, merchants, and consumers to cut or reduce costs while improving the quality of goods and services: E-Commerce
Test your knowledge of the basic concepts and components of e-commerce, including digital products, processes, and delivery methods. Explore the modern business methodology that facilitates commercial transactions between organizations and individuals.
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