Influences On Businesses Flashcards
What is ecommerce
Buying and selling of products and services using devices connected to an electronic
Advantages of ecommerce
-attract customers across the globe
-sell at any time of the day
-recieve payments immediately
-reduced overhead costs compared to running a physical shop
Disadvantages of ecommerce
-Many competitors from across the globe
-employees may need new skills
-a need to maintain and update technologies, may be expensive
Why do businesses use social media
-interact with customers
-communicate with stakeholders
-sales and marketing
Information and communications technology (ICT)
the computing ans communications systems that a business might use to exchange information with stakeholders
Intranets
Communication networks which can only be accessed by an organisation’s employees
Extranets
Similar to intranets but can also be accessed by other organisations such as suppliers
Software robots
Advanced computer programs that can operate a range of administrative activities previously carried out by employees
Cloud computing
General term for the delivery of specialist computing services, such as the storagr of very large amounts of data provided by businesses using the internet
M-commerce (mobile commerce)
The buying and selling of products through wireless handheld devices such as smartphones
Digital communication
The transmission of information electronically between computing devices
Webchat
A simple means of communicating in real time using only web browsers such as google
Apps (or applications)
Pieces of software designed for a specific purpose and for use on smartphones and tablets
Social media
Methods of online communication such as websites and applications. Thry share information and help develop social and professional contacts
Ethics
Refers to whether a business decision is thought to be morally right or wrong. An ethical decision is mode on the basis of what is judged to be morally right
Profit
Measures the difference between the values of a business’s revenue and its total costs
Fair trade products
Products which customers pay higher prices and offer better trading terms. The aim is to improve the living standards of people in poorer countries where the products are produced
Social responsibility
An approach to managing businesses in which the interests of all groups in society are taken into account when making decisions
The environment
The natural world in which we live. It is the landscape and its natural features
External costs
External costs of production arise when a business’s activities result in harmful effects onnother people not directly involved in production
Non renewable resources
Only a limited amount of the resource exists
Global warming
Rhe gradual heating of Earth’s surface, oceans and atmosphere
Pressure group
A group of people with a common interest who influence the public opinion and decisions by businesses and governments
Markets
Exists where there are buyers and sellers
