Marketing and Sales Management Level-IV PDF

Marketing and Sales Management Level -IV Based On November 2023, Curriculum Version II Module Title: Conducting Online Transactions Module Code: LSA MSM4 M06 1123 Nominal Duration: 120 Hours Prepared by: Ministry of Labor and Skills November 2023 Addis Ababa, Ethiopia Acknowledgment Ministry of Labor and Skills wish to extend thanks and appreciation to the many representatives of TVET instructors and respective industry experts who donated their time and expertise to the development of this Teaching, Training and Learning Materials (TTLM). Contents Acknowledgment..................................................................................................................i 1 Module Introduction...................................................Error! Bookmark not defined. UNIT ONE: INVESTIGATING ONLINE SERVICE........................................................2 1.1 Online research.........................................................................................................3 1.1.1 Online research to identify suppliers....................................................................3 1.2 Security and privacy.................................................................................................5 1.3 Assessing Products/Services.....................................................................................8 1.3.1 Assessing the authenticity of potential products or services...........................10 UNIT ONE SELF CHECK................................................................................................12 UNIT TWO PERFORM ONLINE TRANSACTIONS.....................................................14 2.1 Performing Products/Services................................................................................14 2.1.1 Securing authentication information...............................................................15 2.2 Online Products/Services........................................................................................17 2.3 Accessing Online Report........................................................................................18 2.4 Completing Transaction..........................................................................................19 2.4.1 Ensuring that products or services are received..............................................21 UNIT TWO: REVIEW QUESTIONS...............................................................................23 UNIT THREE: RECORDING ONLINE TRANSACTION.............................................25 3.1 Maintaining transactions........................................................................................26 3.2 Online Records.......................................................................................................28 3.3 Determining Quality...............................................................................................30 3.3.1 Reviewing Obtained Products Or Services Process........................................31 3.4 Recommendations Online Service..........................................................................32 SELF CHECK UNIT THREE...........................................................................................35 Unit Four: SELF CHECK..................................................................................................37 REFERENCE:...................................................................................................................39 Introduction to module This module describes the performance outcomes, skills and knowledge required to Conducting Online Transactions. By the end of this module, you will have the knowledge and skills necessary to confidently conduct online transaction system and contribute to efficient and accurate sales processes. This module is designed to meet the industry requirement under the Conducting Online Transactions occupational standard, particularly for the marketing and sales management. This Module Covers the Following Units: This module is developed to provide you the necessary information regarding the following units  Investigating online service  Performing online transactions  Recording online transactions Learning Objective of the Module At the end of the module the trainee will be able to:  Investigate online service  Perform online transactions  Record online transactions Learning Instructions For effective use this modules trainees are expected to follow the following module instruction: 1. Read the specific objectives of this Learning outcome. 2. Follow the instructions described below 3 to 6. 3. Read the information written in the chapter and try to understand what are being discussed. Ask you teacher for assistance if you have hard time understanding them. 4. Accomplish the ―Self-check given at the end of each Chapter 5. If you earned a satisfactory evaluation, proceed to next topic. However, if your rating is unsatisfactory, contact your teacher for further instructions 6. Read the identified reference book for Examples and exercise UNIT ONE: INVESTIGATING ONLINE SERVICE This unit is developed to provide you the necessary information regarding the following content coverage and topics  Online research  Security and privacy  Assessing products/services This unit will also assist you to attain the following units. Specifically, upon completion of this unit, you will be able to:  conduct Online research  apply Security and privacy  Assess products/services 1.1Online research Online research refers to the process of gathering information, conducting studies, and collecting data using internet-based resources and tools. It involves utilizing search engines, databases, websites, online publications, and various online research methodologies to explore and gather information on a particular topic of interest. Researchers can access a wide range of information and data sources online, making it a convenient and efficient method for conducting research in various fields. Online research methods may include literature reviews, surveys, data analysis, content analysis, and more, all carried out using digital platforms and resources available on the internet. 1.1.1 Online research to identify suppliers Using search engines: Researchers can utilize search engines like Google, Bing, or specialized business directories to search for suppliers based on specific keywords, product/service categories, or geographical locations. Visiting supplier websites: Many suppliers maintain websites that provide detailed information about their products, services, capabilities, certifications, and contact details. Researchers can explore these websites to evaluate suppliers' suitability. Online directories and marketplaces: Online directories and marketplaces dedicated to business-to-business (B2B) interactions can be valuable sources of information. These platforms often feature a wide range of suppliers, allowing researchers to compare and evaluate different options. Industry-specific platforms and forums: Researchers can leverage industry-specific platforms, forums, or professional networks to seek recommendations, gather insights, or connect with potential suppliers within a specific sector. Reading reviews and ratings: Online reviews and ratings on platforms such as Yelp, Trust pilot, or industry-specific review sites can provide valuable feedback from other customers or clients, helping researchers assess suppliers' reliability and quality. Social media platforms: Researchers can explore social media platforms to identify suppliers, join industry-specific groups or forums, and engage in discussions to gather information and recommendations. Conducting online research to identify suppliers for required products or services:  Supplier Evaluation: Online research allows you to evaluate different suppliers based on various criteria. Consider factors such as their experience, expertise, reputation, customer reviews, certifications, compliance with industry standards, financial stability, and geographic coverage. By comparing and assessing these aspects, you can shortlist suppliers that align with your requirements.  Product/Service Specifications: Clearly define the specifications and requirements for the products or services you are seeking from suppliers. This will help you narrow down your search and find suppliers who specialize in or have expertise in delivering the specific items or services you need.  Supplier Directories: Explore online supplier directories and databases that categorize suppliers based on industries, products, or services. These platforms often provide detailed profiles, contact information, and sometimes even ratings or reviews from other customers, making it easier to find potential suppliers.  Supplier Websites: Visit the websites of potential suppliers to gather in-depth information about their offerings, capabilities, portfolio, pricing, and any unique selling points. Supplier websites can give you a sense of their professionalism, branding, and overall fit with your requirements.  Contact and Communication: Once you have identified potential suppliers through online research, reach out to them to initiate communication. This could be via email, contact forms on their websites, or other provided means of communication. Engage in dialogue to further assess their responsiveness, willingness to collaborate, and ability to meet your specific needs.  Request for Proposals (RFPs): In some cases, you may want to issue a Request for Proposal (RFP) to potential suppliers. An RFP outlines your requirements and asks suppliers to submit their proposed solutions, pricing, and other relevant details. Online platforms or procurement portals may offer tools to manage the RFP process efficiently.  Supplier Verification: Online research should be supplemented with additional verification steps. This can include conducting background checks, requesting references, reviewing case studies or past project examples, and performing due diligence on suppliers' financial stability and legal compliance.  Continuous Supplier Evaluation: The identification of suitable suppliers is an ongoing process. Continuously monitor and evaluate suppliers' performance, responsiveness, and ability to meet your needs. Regularly reassess your supplier relationships to ensure they continue to align with your business objectives. 1.2 Security and privacy Security and privacy are crucial considerations in today's digital landscape, especially when it comes to handling sensitive information and protecting personal data. Here's an overview of security and privacy in the context of organizations: Security: Security refers to the measures and practices implemented to protect information, systems, and resources from unauthorized access, use, disclosure, disruption, modification, or destruction. It involves safeguarding against threats, vulnerabilities, and potential risks. Some key aspects of security include:  Access Controls: Implementing mechanisms to control and manage user access to systems, data, and resources. This includes authentication methods, authorization processes, and privileged access management.  Data Protection: Applying encryption, data masking, or tokenization techniques to protect sensitive data at rest, in transit, and during processing. Utilizing secure storage and backup solutions to prevent data loss.  Network Security: Employing firewalls, intrusion detection and prevention systems, and secure network configurations to protect against unauthorized access and network -based attacks.  Endpoint Security: Implementing security measures on devices such as laptops, desktops, and mobile devices to protect against malware, unauthorized access, and data breaches.  Incident Response: Establishing procedures and protocols to detect, respond to, and recover from security incidents. This includes incident logging, analysis, and incident response planning. Privacy: Privacy relates to the protection of personal information and an individual's right to control the collection, use, and disclosure of their data. Privacy considerations involve respecting legal and ethical obligations, maintaining transparency, and providing individuals with choices regarding their personal information. Key aspects of privacy include:  Data Collection and Consent: Collecting personal information only for specific purposes with the individual's informed consent. Clearly communicating how data will be used and obtaining permission before collecting or processing sensitive information.  Data Minimization: Collecting and storing only the minimum necessary personal data required to fulfill the intended purpose. Avoiding unnecessary or excessive data collection.  Data Retention and Deletion: Establishing data retention policies and procedures to ensure personal information is retained only for as long as necessary. Safely and securely disposing of or anonym zing data when it is no longer needed.  Transparency and Notice: Providing clear and understandable privacy notices or policies that inform individuals about the collection, use, and sharing of their personal information. Being transparent about data practices and any third parties involved.  Data Sharing and Disclosure: Ensuring that personal information is shared or disclosed only with appropriate consent or legal justification. Implementing measures to protect the confidentiality and integrity of shared data.  Compliance and Regulations: Adhering to applicable privacy laws, regulations, and industry standards that govern the collection, use, and protection of personal information.  Assessing service provider confidentiality, security, and privacy facilities, it is essential to align the evaluation process with individual and organizational requirements. Here are some key points to consider:  Identify Requirements: Determine the specific confidentiality, security, and privacy requirements that are relevant to your organization and the services being provided. These requirements may be influenced by industry regulations, legal obligations, data sensitivity, customer expectations, or internal policies.  Access Provider Policies: Review the service provider's policies and procedures related to confidentiality, security, and privacy. Examine their privacy policy, data protection measures, access controls, data encryption, incident response protocols, and any other relevant documentation. Ensure that their policies align with your requirements and meet industry best practices or regulatory standards.  Security Audits and Certifications: Inquire about any security audits, assessments, or certifications that the service provider has undergone. Examples include ISO 27001 certification for information security management or SOC 2 compliance for service organizations. These assessments provide independent validation of the provider's security practices. Data Handling and Storage: Understand how the service provider handles and stores sensitive data. Evaluate their data storage infrastructure, backup procedures, disaster recovery plans, and data retention policies. Assess whether they have appropriate measures in place to protect data confidentiality and integrity.  Access Controls: Review the service provider's access control mechanisms and protocols. Assess how they manage user access, authentication, and authorization. Consider factors such as multi-factor authentication, role-based access control, and privileged access management to ensure appropriate safeguards are in place  Incident Response and Reporting: Evaluate the service provider's incident response capabilities. Inquire about their processes for detecting, responding to, and reporting security incidents. Assess their ability to promptly address security breaches, communicate with affected parties, and mitigate potential risks.  Vendor Due Diligence: Conduct due diligence on the service provider, which may include reviewing their reputation, client references, and any previous security incidents or breaches. Consider conducting background checks or engaging in third-party risk assessments if necessary.  Contractual Agreements: Ensure that confidentiality, security, and privacy requirements are explicitly addressed in the contractual agreements with the service provider. Clearly define the responsibilities, obligations, and liabilities of both parties regarding data protection and security.  Ongoing Monitoring and Auditing: Implement mechanisms for ongoing monitoring and auditing of the service provider's compliance with confidentiality, security, and privacy requirements. This may involve periodic assessments, security assessments, or audits to ensure continued adherence to agreed-upon standards. 1.3Assessing Products/Services Assessing products or services, it is important to evaluate their suitability, quality, and value for your specific needs. Here are some key considerations for assessing products/services: Define Requirements: Clearly define your requirements and objectives for the product or service. Identify the specific features, functionality, performance, and other criteria that are essential for meeting your needs. Research and Comparison: Conduct thorough research on available products or services in the market. Explore different suppliers, brands, or providers to compare their offerings, reputation, customer reviews, and pricing. Look for product/service specifications, case studies, or demonstrations to gain a better understanding of what they offer. Quality and Reliability: Assess the quality and reliability of the product or service. Look for certifications, warranties, or guarantees that indicate the manufacturer's commitment to quality. Consider factors such as durability, performance, and past customer experiences to gauge the reliability of the product or service. Supplier/Provider Reputation: Evaluate the reputation and track record of the supplier or service provider. Look for customer testimonials, reviews, or ratings to assess their credibility and customer satisfaction levels. Consider their experience in the industry and their ability to deliver on promises. Cost and Value: Consider the cost of the product or service in relation to its perceived value. Evaluate the total cost of ownership, including initial purchase or subscription fees, ongoing maintenance or support costs, and potential future upgrades or expansions. Assess whether the benefits and features provided justify the cost. Scalability and Flexibility: Determine whether the product or service can scale or adapt to your changing needs. Consider factors such as future growth, compatibility with existing systems or infrastructure, and the ability to integrate with other solutions. Support and Maintenance: Evaluate the level of support and maintenance provided by the supplier or service provider. Consider factors such as technical support availability, response times, and the availability of software updates or patches. Ensure that the supplier/provider has a robust support system in place to address any issues that may arise. Compliance and Legal Considerations: If applicable, ensure that the product or service complies with relevant regulations, industry standards, or legal requirements. Consider factors such as data privacy, accessibility, or security regulations that may apply to your industry. User Experience: Assess the user experience of the product or service. Consider factors such as ease of use, intuitiveness, and the availability of training or documentation. User- friendly products or services can contribute to higher productivity and user satisfaction. Long-term Viability: Evaluate the long-term viability of the product or service. Consider factors such as the supplier/provider's financial stability, their commitment to ongoing development and updates, and their roadmap for future enhancements. 1.3.1 Assessing the authenticity of potential products or services It’s crucial to ensure that you are dealing with genuine and legitimate offerings. Here are some key points to consider when evaluating the authenticity of products or services: Supplier Reputation and Background: Research the reputation and background of the supplier or service provider. Look for information about their experience, history, and any previous customer experiences or reviews. A trusted and established supplier/provider is more likely to offer authentic products or services. Brand Recognition: Consider the brand reputation and recognition of the product or service. Authentic products are often associated with well-known and reputable brands. Verify the authenticity of the brand by checking official websites, authorized distributors, or contacting the brand directly. Official Certifications and Authenticity Marks: Look for official certifications, authenticity marks, or seals of approval that indicate the product's authenticity. These may include trademarks, holograms, or unique identifiers provided by the manufacturer or governing bodies. Authorized Resellers or Distributors: Check if the supplier or service provider is an authorized reseller or distributor of the product. Authorized channels ensure that the products or services are sourced directly from the manufacturer or authorized partners, reducing the risk of counterfeit or fraudulent offerings. Product Packaging and Labeling: Examine the product packaging and labeling for signs of authenticity. Look for accurate and consistent branding, product codes, serial numbers, and any security features like holograms or tamper-evident seals. Inconsistent or poor-quality packaging may be an indication of counterfeit products. Pricing: Be cautious of unusually low prices, as they can be an indicator of counterfeit or fake products. If a deal seems too good to be true, it's essential to investigate further and verify the authenticity of the product or service. Verification with the Manufacturer: Verify the authenticity of the product or service directly with the manufacturer. Contact their official customer support or use their online verification tools, if available, to confirm the authenticity of the product's serial numbers or unique identifiers. Online Research and Reviews: Conduct online research to gather information and reviews about the product or service. Look for reviews from reputable sources or verified customers who have used the product or service. Pay attention to any complaints or reports of counterfeit products. Physical Inspection and Testing: If feasible, physically inspect and test the product before making a purchase. Check for any signs of poor craftsmanship, inconsistencies, or deviations from the original product specifications. For services, request demos or trials to assess their authenticity and quality. Trustworthy Marketplaces and Platforms: When purchasing products or services online, ensure that you use trustworthy marketplaces or platforms with robust verification processes and buyer protection policies. Research the reputation and credibility of the platform before making any transactions. SELF CHECK - ONE PART 1- SAYS TRUE OR FALSE 1. Assessing products or services involves considering factors such as quality, value, and scalability. 2. Evaluating the reputation and track record of the supplier or service provider is an important consideration when assessing products or services. 3. User experience refers to the ease of use and intuitiveness of the product or service. 4. Conducting online research and reading customer reviews can help in evaluating the authenticity of products or services.PART II- CHOOSE THE BEST ANSWER FROM THE GIVEN ALTERNATIVES. 1 Which of the following is NOT a consideration when assessing products or services? a) Supplier reputation b) Compliance with legal requirements c) User experience d) Social media popularity 2 Which of the following factors can indicate the authenticity of a product? a) Unusually low price b) Inconsistent packaging and labeling c) Official certifications and authenticity marks d) Lack of customer reviews 3 What should you do if you suspect a product or service to be counterfeit? a) Purchase it and test it yourself b) Trust the brand's reputation and buy it anyway c) Verify its authenticity with the manufacturer d) Rely solely on online research and reviews 4 Which of the following is a valid step for assessing the quality and reliability of a product or service? a) Considering its popularity on social media b) Checking if the supplier is an authorized reseller c) Looking for the lowest price available d) Ignoring customer testimonials and rating PART III -BRIEFLY EXPLAIN THE FOLLOWING QUESTIONS 1. What is one key consideration when evaluating the quality and reliability of a product or service? 2. Why is it important to assess the scalability and flexibility of a product or service? 3. How can conducting online research and reading customer reviews help in assessing the authenticity of products or services? UNIT TWO PERFORM ONLINE TRANSACTIONS This unit is developed to provide you the necessary information regarding the following content coverage and topics-  performing products/services  Online products/services.  Accessing online report  Completing Transaction This unit will also assist you to attain the following learning outcomes. Specifically, upon completion of this unit, you will be able to:  perform products/services  Apply online products/services.  Access online report  Complete Transaction 2.1 Performing Products/Services Performing products or services refers to carrying out or executing the specific tasks, actions, or activities associated with using or delivering a product or service. The following steps can guide you in effectively performing products or services:  Familiarize Yourself: Read any user manuals, guides, or instructions provided with the product or service to familiarize with its functionality, features, and proper usage. For services, understand the scope of work, objectives, and any specific requirements.  Set Up or Prepare: If applicable, set up the product or prepare the necessary resources, equipment, or materials required for performing the service. Follow the provided guidelines or instructions to ensure proper setup.  Follow Safety Procedures: Adhere to any safety procedures or precautions recommended for using the product or performing the service. This may involve wearing protective gear, handling tools or equipment properly, or following specific protocols to ensure safety.  Execute the Tasks: Begin performing the tasks or actions involved in using the product or delivering the service. Follow the proper sequence or steps outlined in the instructions or guidelines. Pay attention to details and ensure accuracy in carrying out the required activities.  Monitor Progress: Continuously monitor the progress or performance during the execution of the product or service. Keep track of any measurements, observations, or indicators to evaluate the progress and ensure that it aligns with the desired outcomes.  Make Necessary Adjustments: If needed, make adjustments or modifications during the process to optimize performance or address any unforeseen challenges or issues. This may involve troubleshooting problems, adapting to changing circumstances, or seeking additional resources or support if required.  Communicate Effectively: If performing a service, maintain clear and effective communication with any involved stakeholders, such as clients, customers, or team members. Provide updates, address concerns, and ensure everyone is informed about the progress and any changes.  Complete Tasks and Finalize: Once the tasks or activities are completed, review the work to ensure its completeness and accuracy. Clean up or organize any materials or equipment used during the process. If necessary, document or report the outcomes, results, or any relevant data associated with the performed product or service. 2.1.1 Securing authentication information Organizational requirements are crucial to protect sensitive data and maintain the integrity of authentication processes. Here are some key measures organizations can implement to ensure the secure handling of authentication information: Strong Encryption: Implement robust encryption techniques to safeguard authentication information both during transit and at rest. This includes using encryption protocols such as Transport Layer Security (TLS) for secure communication and encrypting stored authentication data. Secure Storage: Store authentication information in secure and controlled environments. This may involve using secure databases or password management systems that provide encryption, access controls, and auditing capabilities. Access Controls: Implement strict access controls to limit access to authentication information. Only authorized personnel should have access to sensitive data, and access privileges should be granted based on the principle of least privilege. Use strong passwords, multi-factor authentication (MFA), or biometric authentication for authorized personnel. Regular Auditing and Monitoring: Conduct regular audits and monitoring of authentication systems to detect any unauthorized access attempts or suspicious activities. Implement logging mechanisms to capture relevant events and review logs periodically to identify potential security incidents. Employee Training and Awareness: Provide comprehensive training to employees regarding the importance of safeguarding authentication information. Educate them on best practices for password security, phishing prevention, and the potential risks associated with mishandling authentication data. Secure Transmission: Ensure secure transmission of authentication information by using encrypted connections (e.g., HTTPS) and avoiding the use of insecure protocols like plain text or unencrypted channels. Vulnerability Management: Regularly update and patch the authentication systems and associated software to address any known vulnerabilities. Stay informed about security advisories and promptly applies patches or updates to mitigate potential risks. Incident Response Plan: Develop an incident response plan that includes procedures for handling security incidents related to authentication information. This plan should outline steps to investigate and mitigate incidents, notify relevant parties, and restore operations 2.2 Online Products/Services Online products and services, there are specific considerations for ensuring their security and authentication. Here are some key aspects to focus on:  Secure Online Transactions: Implement secure protocols for online transactions, such as SSL/TLS encryption, to protect sensitive information like credit card details or personal data during transmission. This helps prevent unauthorized interception or access to the information.  User Authentication: Employ robust authentication mechanisms to verify the identity of users accessing online products or services. This may include username and password combinations, multi-factor authentication (MFA), biometric authentication, or token-based authentication methods. Strong password policies should be enforced to ensure users create secure passwords.  Secure Account Management: Implement secure account management practices, including password reset mechanisms, account recovery processes, and account lockout policies. Regularly review and update security settings associated with user accounts to prevent unauthorized access.  Protection against Brute-Force Attacks: Implement measures to mitigate brute- force attacks, where attackers attempt to gain access by systematically trying various combinations of usernames and passwords. This can include implementing account lockouts after multiple failed login attempts or implementing CAPTCHA mechanisms to deter automated login attempts.  Secure Payment Processing: For online products or services that involve payment processing, ensure the use of secure payment gateways that comply with relevant industry standards (e.g., Payment Card Industry Data Security Standard - PCI DSS). This helps protect customer payment information and prevents unauthorized access or data breaches.  Data Protection and Privacy: Implement appropriate data protection measures to safeguard customer information and comply with relevant data privacy regulations such as the General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA). This includes secure storage, encryption, and proper handling of customer data.  Regular Security Assessments: Conduct regular security assessments, vulnerability scans, and penetration testing to identify and address any potential security vulnerabilities. This helps ensure the ongoing security and resilience of online products and services.  User Education and Awareness: Educate users about online security best practices, such as the importance of using unique and strong passwords, avoiding suspicious links or emails, and being cautious while sharing personal information online. Promote awareness of common online threats like phishing attacks and encourage users to report any suspicious activities 2.3 Accessing Online Report Accessing online reports typically involves retrieving and viewing digital documents or data that provide specific information or insights. General steps to access an online report: I. Identify the Report: Determine the specific report you need to access. This could be a financial report, research study, performance analysis, or any other type of report available online. II. Locate the Source: Identify the source or platform where the report is hosted or published. This could be a website, an online database, a document repository, or a specific platform dedicated to sharing reports. III. Navigate to the Website or Platform: Open a web browser and enter the URL or search for the website or platform where the report is available. You may need to log in or create an account if required. IV. Search or Browse for the Report: Use the search function or navigate through the website or platform to find the specific report you are looking for. This may involve selecting relevant categories, using keywords, or applying filters to refine your search. V. Access the Report: Once you have located the desired report, click on the link or button to access it. Depending on the platform, the report may open directly in the browser or prompt you to download the file. VI. Download or View the Report: If the report is available for download, choose the appropriate option to save it to your computer or device. Alternatively, if the report is viewable online, it will open in the browser window, allowing you to read or interact with its contents. VII. Review the Report: Read through the report carefully, paying attention to the information, analysis, or findings presented. Take note of any relevant details, data, or insights that are important to your purpose or research. VIII. Save or Print the Report (Optional): If needed, save a copy of the report to your local device for future reference. You may also choose to print a hard copy if necessary. 2.4 Completing Transaction Completing a transaction typically refers to the final steps involved in making a purchase or conducting a financial transaction. Here's a general outline of the process: Review the Transaction Details: Before proceeding with the transaction, carefully review the details of your purchase. This includes verifying the items or services you are acquiring, the quantities, pricing, applicable taxes or fees, and any other relevant information. Select Payment Method: Choose the appropriate payment method based on the options available. This can include credit or debit cards, online payment platforms (e.g., PayPal), bank transfers, or other forms of electronic payment. Ensure that the selected method is secure and reliable. Enter Payment Information: Provide the necessary payment information as required for the chosen payment method. This typically includes entering your card details (e.g., card number, expiration date, CVV), account information, or any other relevant payment details. Verify and Confirm: Double-check the payment information you entered to ensure accuracy. Review the transaction summary or confirmation page to ensure that all details are correct before proceeding. Security Measures: If additional security measures are in place, such as two-factor authentication (2FA) or entering a one-time password (OTP), follow the required steps to complete the authentication process. Submit Payment: Once you are confident that the information is accurate, proceed to submit the payment. Click on the "Submit" or "Place Order" button, or follow the specific instructions provided for your chosen payment method. Payment Authorization: Depending on the payment method, the transaction may require authorization. This can involve waiting for a confirmation message, inputting a verification code, or completing any additional steps required by the payment provider or financial institution. Confirmation and Receipt: After the payment is successfully processed, you should receive a confirmation message or email. This serves as proof of the transaction. Keep a copy of the confirmation or receipt for your records. Post-Transaction Actions: Depending on the nature of the transaction, there may be additional steps to take. For example, if it involves the delivery of physical goods, you may need to provide shipping information or track the shipment. Alternatively, if it involves a service, you may need to schedule an appointment or confirm the service details. Figure 2.4 Completing Transaction 2.4.1 Ensuring that products or services are received The terms of an online transaction involves verifying that the delivered items and services align with what was agreed upon during the transaction process. Here are the steps to follow: I. Review the Confirmation: Refer back to the confirmation message or receipt you received after completing the transaction. This document typically outlines the details of the purchase, such as the items or services, quantities, pricing, delivery address (if applicable), and any other relevant terms. II. Check Delivery Status (if applicable): If the transaction involves physical products that require shipping, track the delivery status using any tracking information provided. This will help you monitor the progress of the shipment and estimate the expected delivery date. III. Inspect the Products or Services: Once the products or services have been received, carefully inspect them to ensure they meet your expectations and match the description provided during the transaction. Check for any damages, defects, or discrepancies. IV. Compare with the Terms: Compare the received products or services with the terms agreed upon during the online transaction. Ensure that the items or services match the description, specifications, or quality outlined in the transaction confirmation. V. Notify the Seller or Service Provider: If there are any issues or discrepancies with the received products or services, promptly notify the seller or service provider. Contact their customer support or follow the designated channels for reporting problems or seeking resolution. VI. Document Evidence: Take photos or make notes of any damages, defects, or differences between what was expected and what was received. These records will serve as evidence in case you need to dispute the transaction or seek a resolution. VII. Follow Dispute or Refund Procedures (if necessary): If the received products or services do not meet the agreed-upon terms, follow the dispute or refund procedures outlined by the seller or service provider. This may involve initiating a refund request, returning the products, or engaging in a resolution process. VIII. Maintain Communication: Keep a record of all communication with the seller or service provider regarding the issue. This includes emails, chat transcripts, or any other relevant documentation. Clear and timely communication will help facilitate a resolution. IX. Seek Escalation (if needed): If the seller or service provider does not address the issue or provide a satisfactory resolution, consider escalating the matter. This can involve contacting a higher-level customer support representative or exploring alternative dispute resolution options, such as mediation or arbitration. UNIT TWO: REVIEW QUESTIONS PART 1 IF THE STETEMENT IS CORRECT IS CORRECT IF NOT FALSE 1. SSL/TLS encryption is used to secure online transactions and protect sensitive information during transmission. 2. Multi-factor authentication (MFA) involves using multiple methods of verifying a user's identity, such as combining a password with a fingerprint scan. 3. Conducting regular security assessments, vulnerability scans, and penetration testing is not necessary for ensuring the security of online products and services. PART II CHOOSE THE BEST ANSWER FROM THE GIVEN ALTERNATIVE 1 Which of the following is NOT a common payment method for online transactions? a) Credit card b) Bank transfer c) Cash on delivery d) PayPal 2 What should you do if you receive products or services that do not match the agreed-upon terms in an online transaction? a) Accept the discrepancy and move on. b) Notify the seller or service provider and request a resolution. c) Share your experience on social media without contacting the seller. d) Dispute the transaction with your bank immediately. 3 Which of the following is an essential measure for protecting customer data in online transactions? a) Storing customer data in plain text format b) Implementing strong password policies for user accounts c) Allowing unlimited login attempts without any restrictions d) Sharing customer data with third-party organizations without PART III BRIEFLY EXPLAIN THE CASE ANALYSIS 1 You have purchased a laptop online from a reputable e-commerce website. The transaction was completed, and you received a confirmation email with the details of your purchase. However, when the laptop arrived, you noticed that it was a different model with lower specifications than what was described in the transaction confirmation. What steps should you take to address this issue and ensure a resolution? UNIT THREE: RECORDING ONLINE TRANSACTION This unit is developed to provide you the necessary information regarding the following content coverage and topics-  Maintaining transactions  Online records  Determining quality  Recommending online service This unit will also assist you to attain the following learning outcomes. Specifically, upon completion of this unit, you will be able to:  Maintain transactions  Apply Online records  Determine quality  Recommendations online service 3.1 Maintaining transactions Recording online transactions is an important practice for keeping a record of your financial activities and ensuring accurate financial management. Here are some steps you can take to effectively record your online transactions:  Maintain a Dedicated System: Set up a system or method for recording your online transactions. This could be a spreadsheet, accounting software, or a dedicated online banking platform that allows you to track and categorize your transactions.  Capture Transaction Details: Whenever you make an online transaction, gather and record the relevant details. This typically includes the date, description or purpose of the transaction, the amount spent or received, and any additional information specific to the transaction, such as an invoice or reference number.  Categorize Transactions: Assign appropriate categories to your transactions to organize and analyze them effectively. Common categories may include groceries, utilities, entertainment, transportation, or specific business expense categories if you're recording transactions for business purposes.  Use Accurate Descriptions: Provide clear and concise descriptions for each transaction. This helps you easily identify and understand the purpose of the transaction when reviewing your records later on.  Reconcile with Bank Statements: Regularly compare your recorded transactions with your bank statements or online banking records. This reconciliation process ensures that all transactions are accurately captured and accounted for in your records.  Keep Supporting Documents: Save and organize supporting documents related to your online transactions, such as receipts, invoices, or confirmation emails. These documents serve as evidence and can be useful for reference or in case of any disputes or discrepancies.  Regularly Review and Update: Set aside time on a regular basis to review and update your transaction records. This helps you stay on top of your financial situation, identify any errors or inconsistencies, and make informed decisions based on accurate information.  Back up Your Records: It's crucial to back up your transaction records regularly to avoid data loss. Consider using cloud storage or external drives to keep backups of your financial records in a secure and accessible manner. Maintaining transaction records is crucial for financial management, tracking expenses, and ensuring accurate bookkeeping. Here are some steps to help you effectively maintain your transaction records: Choose a Recording Method: Select a method that suits your needs and preferences for recording transactions. This can be a spreadsheet, accounting software, online banking platform, or even a dedicated mobile app designed for expense tracking. Capture Key Transaction Details: Record essential details for each transaction, such as the date, description, amount, payment method, and category. Additional information like vendor or payee details, invoice numbers, or reference numbers can also be included. Categorize Transactions: Assign appropriate categories or tags to your transactions to classify and group them based on their nature. This helps in analyzing expenses and generating reports later on. Common categories include groceries, utilities, transportation, entertainment, and others specific to your financial needs. Record in Real-Time: Aim to record transactions as soon as they occur. This ensures accuracy and prevents forgetting or overlooking any transactions. If you're using a mobile app, you can record transactions on-the-go, making it convenient to capture expenses as they happen. Reconcile with Bank Statements: Regularly compare your recorded transactions with your bank statements or credit card statements. This process helps identify any discrepancies or missing transactions. Make adjustments or corrections as necessary to keep your records in line with the actual financial activity. Attach Supporting Documents: Whenever possible, attach or link supporting documents to your transaction records. This can include receipts, invoices, electronic statements, or any other relevant proof of the transaction. Storing these documents alongside the records provides a complete audit trail and facilitates easy reference when needed. Regularly Review and Analyze: Set aside time periodically to review your transaction records. Analyze your expenses, identify spending patterns, and evaluate your financial situation. This helps in budgeting, identifying areas for potential savings, and making informed financial decisions. Back up Your Records: Ensure your transaction records are regularly backed up to prevent data loss. Consider using cloud storage, external hard drives, or online backup services to secure your financial information. Stay Organized: Maintain a systematic approach to organizing your records. Use folders, folders, or tags to categorize and store digital documents. For physical documents, use filing systems that allow for easy retrieval and safekeeping. Follow Applicable Regulations: Be aware of any legal or regulatory requirements related to maintaining transaction records. This is especially important if you're managing transactions for business or tax purposes. Consult with professionals or refer to relevant guidelines to ensure compliance 3.2 Online Records Online records refer to the digital storage and management of various types of documents and information. They offer several advantages over traditional paper-based records, including ease of access, efficient organization, and reduced physical storage requirements. Here are some key points to consider when it comes to online records: Digital Storage Online records are stored electronically, typically on computers, servers, or cloud-based platforms. This eliminates the need for physical filing cabinets or storage space. Accessibility Online records can be accessed from anywhere with an internet connection, allowing authorized individuals to retrieve and view the records remotely. This accessibility is particularly beneficial for remote work, collaboration, and quick information retrieval. Document Organization Online record-keeping systems often provide tools and features for organizing and categorizing documents. This can include the use of folders, tags, metadata, or search functions, making it easier to locate specific records when needed. Security and Data Protection Online records can be protected with security measures such as encryption, access controls, and regular backups. These measures help safeguard sensitive information and minimize the risk of unauthorized access or data loss. Version Control Online record-keeping systems often include version control features, allowing users to track changes made to documents over time. This can be useful for auditing purposes, collaboration, or maintaining a historical record of document modifications. Collaboration and Sharing: Online records facilitate seamless collaboration among multiple individuals or teams. Users can share documents, make real-time edits, and track changes, enabling efficient teamwork and document review processes. Integration with Workflows Online record-keeping systems can integrate with other business tools and workflows, such as project management platforms, customer relationship management (CRM) systems, or accounting software. This integration streamlines processes and ensures that relevant information is easily accessible within the appropriate context. Compliance and Audit ability Online record-keeping systems can support compliance with legal or regulatory requirements. They often provide audit trails, user activity logs, or retention policies to ensure that records are maintained appropriately and can be audited if necessary. Disaster Recovery Online records are less susceptible to physical damage or loss due to disasters such as fires, floods, or theft. Regular backups and off-site storage options provide additional safeguards for data recovery in case of emergencies. Scalability Online record-keeping systems can easily accommodate growing volumes of documents and information. As businesses expand, they can scale their online record-keeping infrastructure to meet the increasing storage and retrieval demands. 3.3 Determining Quality Determining the quality of a product or service is important for making informed purchasing decisions and ensuring customer satisfaction. Factors to consider when evaluating quality:  Specifications and Standards: Review the specifications or standards set for the product or service. This includes any technical details, performance metrics, or industry benchmarks that define the expected quality level.  Functionality and Performance: Assess whether the product or service meets its intended purpose effectively. Consider factors such as reliability, durability, efficiency, and overall performance. Does it perform as expected and deliver the desired results?  Design and Aesthetics: Evaluate the design and aesthetics of the product or service. Is the design user-friendly, intuitive, and visually appealing? Does it align with your preferences or brand expectations?  Materials and Ingredients: Examine the materials or ingredients used in the product. Are they of high quality, safe, and appropriate for the intended use? Consider factors such as durability, sustainability, and any specific requirements for safety or health considerations.  Workmanship and Craftsmanship: If applicable, evaluate the level of skill and attention to detail in the manufacturing or delivery of the product or service. Look for signs of quality craftsmanship, precision, and care in the production process.  Customer Reviews and Feedback: Seek out customer reviews and feedback on the product or service. This can provide valuable insights into the experiences of others and help gauge overall satisfaction. Consider both positive and negative reviews to get a balanced perspective.  Warranty and Support: Check if the product or service comes with a warranty or guarantee. This demonstrates the confidence of the manufacturer or provider in their offering. Additionally, consider the availability and quality of customer support or after-sales service.  Industry Certifications and Standards: Determine if the product or service has obtained any relevant certifications or accreditations from reputable organizations or regulatory bodies. These certifications can indicate adherence to specific quality standards or compliance with industry-specific requirements.  Price and Value: Assess whether the price of the product or service aligns with its perceived quality. Consider the overall value proposition, which includes factors such as functionality, durability, customer support, and brand reputation in relation to the price being charged.  Personal Experience and Testing: Whenever possible, try to experience or test the product or service firsthand. This allows you to assess its quality based on your own observations and requirements. 3.3.1 Reviewing Obtained Products Or Services Process Quality Assessment: Compare the received product or service with the advertised description or specifications. Evaluate whether it meets the promised features, functionality, or performance. Examine the overall build quality, materials used, and any visible defects or issues. Assess the products or service's reliability, durability, and long-term satisfaction based on your experience or initial impressions. Timeliness: Evaluate whether the product or service was delivered or provided within the specified timeframe. Consider any delays or deviations from the promised timeline. Take into account any communicated or agreed-upon deadlines and assess whether they were met. Customer Service Evaluation: Reflect on the level of customer service experienced throughout the transaction or service delivery process. This includes interactions with customer support, responsiveness to inquiries or issues, and the overall helpfulness and professionalism of the customer service team. Consider the ease of contacting customer support, the availability of different communication channels, and the promptness and effectiveness of their responses. Advertised Profile Comparison: Compare the actual product or service received with the advertised profile, description, or claims made by the provider. Assess whether there are any noticeable discrepancies or deviations. Evaluate whether the product or service lives up to the expectations created by the advertised profile in terms of features, benefits, or performance. Documentation and Terms: Review any accompanying documentation, such as warranties, guarantees, or service agreements. Assess whether they align with the advertised profile and fulfill any promises or assurances made. Check for any hidden or unexpected terms or conditions that may impact the overall quality, timeliness, or level of customer service received. Feedback and Reviews: Seek out and consider feedback and reviews from other customers who have obtained similar products or services from the same provider. This can provide additional insights and help gauge the consistency of quality, timeliness, and customer service. Communicate Concerns: Communicate your concerns to the provider. Share your feedback in a clear and constructive manner, highlighting specific areas that need improvement or resolution. Engage in a dialogue with the provider to seek a resolution, clarification, or remediation for any identified shortcomings 3.4 Recommendations Online Service Communication and Collaboration:  Slack: A popular team communication and collaboration platform for real-time messaging, file sharing, and project management.  Microsoft Teams: A comprehensive collaboration tool that combines chat, video meetings, file storage, and app integration, suitable for both small and large teams.  Trello: A visual project management tool that allows teams to organize tasks, track progress, and collaborate on shared projects. Cloud Storage and File Sharing:  Google Drive: Offers free cloud storage for files, seamless integration with Google Docs, Sheets, and Slides, and easy sharing and collaboration features.  Drop box: Provides secure cloud storage, file synchronization across devices, and simple sharing options for individuals and teams.  One Drive: Microsoft's cloud storage services that seamlessly integrates with Office applications and provides file sharing and collaboration features. Online Meetings and Video Conferencing:  Zoom: A widely used platform for virtual meetings, webinars, and video conferencing with features like screen sharing, chat, and recording options.  Microsoft Teams: Offers video meetings, screen sharing, and collaboration features, integrated within its comprehensive collaboration platform.  Google Meet: Google's video conferencing tool with features like screen sharing, live captions, and integration with Google Calendar and Gmail. Project Management:  Asana: A powerful project management tool that helps teams organize tasks, track progress, and collaborate on projects, with features like task assignments, timelines, and project visualization.  Monday.com: A flexible and customizable project management platform that provides visual boards, automation, and collaboration features to streamline workflows and manage projects efficiently.  Jira: Primarily used for software development projects, Jira offers comprehensive project tracking, issue management, and agile project management capabilities. Online Learning and Education:  Coursera: A popular platform offering online courses from universities and organizations worldwide, covering a wide range of subjects.  Udemy: Provides a vast selection of online courses taught by experts in various fields, including technology, business, personal development, and more.  Khan Academy: Offers free educational resources, including video lessons, practice exercises, and personalized learning journeys for K-12 subjects and beyond. SELF CHECK UNIT THREE PART I IF THE STATEMENT IS CORRECT IS TRUE IF NOT FALSE 1. Online record-keeping systems can integrate with other business tools and workflows. 2. Online records are more susceptible to physical damage or loss compared to traditional record-keeping methods. 3. Determining the quality of a product or service is not important for making informed purchasing decisions. 4. Online service recommendations for communication and collaboration include Trello and Drop box. PART II CHOOSE THE BEST ANSWER FROM THE GIVEN ALTERNATIVE 1 Which online service is commonly used for virtual meetings and video conferencing? a) Asana b) Zoom c) Google Drive d) Coursera 2 Which platform provides a visual project management tool with features like task assignments, timelines, and project visualization? a) Slack b) Microsoft Teams c) Jira d) Monday.com 3 Which online learning platform offers courses taught by experts in various fields? a) Coursera b) Trello c) Drop box d) Zoom 4 Which factor is NOT considered when evaluating the quality of a product or service? a) Functionality and performance b) Customer reviews and feedback c) Price and value d) Number of social media followers PART III BRIEFLY EXPLAIN THE FOLLOWING QUESTIONS 1. What are some benefits of online record-keeping systems? 2. What factors should be considered when determining the quality of a product or service? 3. Can you provide three recommendations for online collaboration and communication tools? Unit Four: SELF CHECK PART I IF THE STETEMENT IS CORRECT TRUE IF NOT FALSE 1. Inherent risk assesses the effectiveness of internal controls in mitigating the risk of errors or fraud. 2. Detection risk is the risk that auditors fail to detect material misstatements during the audit procedures. 3. Materiality is a concept used in auditing to determine the significance of potential misstatements. 4. Professional skepticism in auditing involves accepting all information obtained without critical assessment or questioning. PART II CHOOSE THE BEST ANSWER FROM THE GIVEN ALTERNATIVE 1 Which risk component represents the susceptibility of financial statements to material misstatements before considering the effectiveness of internal controls? a. Inherent Risk b. Control Risk c. Detection Risk 2 Which risk component refers to the risk those material misstatements will not be prevented or detected on a timely basis by an entity's internal control system? a. Inherent Risk b. Control Risk c. Detection Risk 3 What is the main purpose of risk assessment procedures in auditing? a. To determine the materiality threshold for potential misstatements. b. To develop an audit plan based on the identified risks. c. To provide an opinion on the fairness of the financial statements. 4 What is the purpose of maintaining professional skepticism in auditing? a. To accept all information obtained without questioning. b. To exercise professional judgment and be alert to the possibility of fraud or error. c. To determine the significance of potential misstatements. PART III: BRIEFLY EXPLAIN THE FOLLOWING QUESTION 1. Discuss the concept of monitoring and evaluation in risk management? 2. Discuss the reasons for monitoring effectiveness of risk treatments? 3. What is the purpose of monitoring and reviewing of the effectiveness of risk treatments? 4. What are the tools and techniques for monitoring and reviewing risk treatments? 5. Discuss how review results are used to improve the treatment of risks? REFERENCE: Mark, R., Galai,D, The Essentials of Risk Management ,Johnm Wiley & Sons: New York. Alexander, M., 2003; The Risk and opportunities of hedge fund and investing, McGraw Hill. Christopher L., 2002; The Art of Risk Management; Wiley: New York Cummins, J. David and Santomero, Anthony M., 1999; Changes in the life insurance industry: efficiency, technology, and risk management ;Kluwar Academic Publishers: Boston. Haufler, Virginia; 1997, Insurance and the Management of International Risk; Cornell University Press: Ithaca Developer’s Profile S. No Name Qualification Region College Mobile E-mail number 1 TADDESE TESFAYE BUSINESS A.A Lideta 0922934005 [email protected] GUTA ADMINISTRAT Manufacturin ION(MBA) g College 2 ENDALE MESFIN Marketing and A.A Addis 0912054592 [email protected] BERHE Sales Ketema Management Industrial (BA) College Marketing Management (MA) 3 ADDISALEM BUSINESS A.A Lideta 0920522464 [email protected] MINUWEYELET ADMINISTRAT Manufacturin MEKONNEN ION(MBA) g College 4 ADMASIE MAMUYE Marketing AA Misrak Poly 0912 47 88 [email protected] Management Technic 49 (BA) College & MBA in General Management 5 WUBISHETABERA MBA AA Yeka 0916739378 [email protected] GICHAMO Industrial College

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