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UNIT 9 BUSINESS CS > pressures to adopt digital technology > Flashcards

pressures to adopt digital technology Flashcards

1
Q

ecommerce is

A

buying and selling of g/s and or the transmission of funds/data using electrici networks the internet

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2
Q

funds can include ?

A

electronic payment systems with credit/debit/contactless

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3
Q

what can datat include

A

sm to comm with suppliers they need deliveries etc

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4
Q

we can split advantages of ecoomerce in terms of

A

revenue and cosst

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5
Q

what are the revenue advantages of ecommerce

A

increased size of target market

lower selling prices increases demands for PED goods

collect data about custoemrs for better targeted marketing

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6
Q

what are the revenue advantages of ecommerce 4

A

increased size of target market

lower selling prices increases demands for PED goods

collect data about custoemrs for better targeted marketing

24/7 shopfront

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7
Q

what are the cost advantags of eccomerce 4

A

lower bte

economies of scale and reducing avg costs

more efficinet ad spend

access more suppliers

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8
Q

evaluation - which business is it more suitable for

A

products easily transferable/downladable e.g books,music,films,software

lower value goods and services that are simple to work/use

services that dont need reciever to physically be in the same room e.g financial serice such as banking , car insurance

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9
Q

evaluation - which business is it lesss suitable for 4

A

expesive consumer goods consumeres want to inspect beforehand

heavy non transportable products e.g petrol

services that need to eb provided in person e.g haircuts

industrial products and processes that reuire large amounts of capital investment

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10
Q

explain advantage of increae size of tm

A

you have new geo mkts

book shop w//o ecomm size of mkt limtd to town

once got web your product cam become national or global

increases size of tm leding ot more sales and mroe revnue

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11
Q

explain advantage of can lower selling price

A

if you’re able to lower selling price you increase demand for elastic goods

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12
Q

explain collect dta about customes for better targetted mkting

A

we cna collectdata to target marketing better

e.g if bs fot web they can collect data ptclrly if customers got to use persona details to sign up

can uy datta off google and fb and use this to puh ads out to all 21-29 yr olds living in x

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13
Q

explain 24/7 shopfront benefit

A

traditional brick and mortar businesses cant do as open 9-5

but customers have access to bs all th eitme and customers abroad can acess products you hae for sale

you are not limited

therefore there is a greater potential of sellign g/s

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14
Q

explain cot advanathe of lower bte

A

in the past if bs use brick and mortar = monthly payments

as well as fixtures and fittings to ensure shop is operatinal

but can now trade from home and use web - lowers start up costs (thereofre BTE falling )making it easier for busienss to enter the mkt

possibly means less staff needed to man the shop too - so lower abour costs

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15
Q

explain access to suppliers

A

not reliant on suppliers in the area and therefore as a reuslt achieve better prices

go to more omp suppler if use internet to search them up

lower cop - you know the drill - pass onto prices= more demand , higher profit margins more dividends to shareholders/r&D

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16
Q

savings to be made on asset base

A

e.g amaxon can sell products cheaper than waterstones as high stret book shop need to rent and pay staff - more efificent ot have huge warehouse

fewer staff than using shops

save money passed on

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17
Q

expain advantage of EOS TO REDUCE AVG COSTS

A

If we can sell more stuff through increasd size of TM we can increase output therefore benefit from EOS as well as xp curve

can pass onto consumers

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18
Q

explain lower waste due to increased flexibilty

A

may be easier to adopt JIT as customers can go on web

order products and design to their own specificatio

this can generate an email sent ot supplier for materials

this is a pull system of prod - consumers designign product so lower waste as a result

we match supply to demand

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19
Q

ecommerce is a huge area of

A

growth

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20
Q

give example of low value goods/simple to understand eval point

A

people understand and dont need advice from specialist meeber of staff you’d need if buying a car

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21
Q

explain services that rewuire rciever to be physically in same room such as insurance

we cna copmare

A

compare diff quotes through prie comp websites

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22
Q

give example of an expenisve consumer goods people wanna insprct beforehand

A

perfume

jewellrey

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23
Q

give an example foa heavy non transportable product

A

e.g petrol

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24
Q

just becuase ecomm isnt as suitable doesnt mean org wont have a

A

website

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25
Q

give example of a less suitbale business still using website

A

hairdressers can use it to arrange appoitnmtets online

can do it but wont have a full ecomm strategy

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26
Q

what are hte 5 costs of ecoommerce

A

need for considerabe investment e.g web design , intergration with exisitnig networks

cyber security threats

lower bte means higher leveles of competiton

distance form consuemrs cna be problematic

difficult for ocnusmers to try on goods leading to mroe returns

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27
Q

explain need for consderable investment con

A

e.g web design , integrate with exosting computer sustems , train staff to deal with web and issues

gotta work out logistics cause if customers arent coming to you an collecting youve got to get it to them

e.g bring in distribution network such as click and collect

very csotly , but most mkt to compete effectivley have to do this

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28
Q

explain cbyer security threats

A

e.g talk talk

personal data of customers stoken - company attakced by hackers

may mean customers doubt wehther personal info is safe

can lead to reputational damage

lead to loss of money

time consumign + significant impact

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29
Q

explain lwoer bte = hgiher levels of comp

A

easier for new business to enter mkt

meas bs may ahve to icnrease quality of thero product
this increases costs as means more innvoation and R&D which is costly

or a bs may have to look for cocst savings e.g reducing staff/bulk buying - can result in lower revenue coming in and lower profit margins

st costly in terms of incresing quality but good in LT as bs can remian differntiated /keep comp

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30
Q

explain eval of distance from consumers

A

this can be roblematic

if got cosuemrs coming face to face with b you can ask em Q about roucts and see whether they happy or not

you dont get the richness of infor therfore DM can be worse as are not ass informed - this cna be coutnered with market research haowever this is another cots

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31
Q

explain difficult for conusmers to try ong goods leadin to reurn

A

this can increase waste especially if goods are customised

problem in retial as sizes differnt e.g nike and adiidsa

leads to lots of return - many of these sites offer free return so cost for bs and may fee presuure to do free returns

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32
Q

explain difficult for conusmers to try ong goods leadin to reurn

A

this can increase waste especially if goods are customised

problem in retial as sizes differnt e.g nike and adiidsa

leads to lots of return - many of these sites offer free return so cost for bs and may fee presuure to do free returns

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33
Q

big data

A
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34
Q

what is big data

A

when vast quantities of info are generated, stored anda analysed by a business

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35
Q

what are the 3vs relating to big data

A

volume velocity variety

36
Q

explain the idea of the 3vs associated with big data

A

we’re collecting huge amounts of data quiclky and lots of diff types too

37
Q

org starting to turn big data into

A

competitive adv and rev /selling it

38
Q

give examples of data we may be collecting in big data 5 examples

A

customer data (loyalty cards)]

sales info (revenues generated)

operational data (faulty products produced)

marekting info ( effectiveness of adv)

HR data (perfomance history of employees)

39
Q

explain cosuemr data

A

e.g loyalty catds show us what somene buys over pot

THIS IS STORED ON DATTA BASE WITH Ks of other conusmers data

showing what theyve bought - this can be analysed and use to offer deals to custoemrs which can incresae brand loylath?

40
Q

explainsales info

A

this can tell us revnues generated and what products are generated most rev

useful for bs liek supermarket that sells 100s of products - decrease stock of those not sold mroe and reduce storage costs

41
Q

explain operational data

A

can record falty products produced - therfore can analyse reds and

see they may need to introduce quality traingn to solve this issue and reduce waste - esp if thats their obj

42
Q

explain mkting ino

A

for exmaple we can see effectiveness of adv

how succesful , how many clicks do we get on our web - compare

and therfore if need to change web we adv or content in ad

this increases ads effectivness , means more ocnsuemrs made aware of produts andbenefits and mroe sales and rev

43
Q

explain HR data

A

could record data about performance hisotry of an employee

e.g labou productiviyt , what fault products and therfore what training needs ot be done

or what rewards cna we gve to increase productivity

44
Q

but a piece of ssat is just a

A

numerical pirce of info

45
Q

data on its own doesnt mean

A

much

46
Q

data on its own dont mean much so to make sens of our big data what do we do

A

data mining

47
Q

what is data minig

A

process of using software to analyse vast quantities of data to look for patterns and generate organisational learning

48
Q

using dtaa mingin mean we cna start to

A

draw conclusions that may be useful for our bs

49
Q

data ming/data can be used for

A

analysis prior peformance i.e daily sales rev to predict furture performance

idenitfy casue and effect - can help make a distinciton beteen correlation and casusation - if i put one thing on sale and affects another , i know not to do this in the future to max sales

50
Q

the more date we;ve got

A

the more likely we are to wokr our if something is a correlation or causation

51
Q

we can also use datt mining to undertake

A

plannin

52
Q

expain dtata minig to undertake plannign

A

e.g descision trees CPA

require infor to be put in , data mini ghelp us put info into models which is useful as helps us make better desciions in the future

53
Q

give example sof useful q datat minig can solve

A

how many applications recieved after adv is in x newpaper and how many people did we accept

what affect does cold weather have on stoc

how many click throughs did our pop up ad generate hwen is was blue comared to green

54
Q

how can data mining help teh - applicatino recied on x newspper and how many did we selct

A

whats effcetive HR recruitment and spendign

55
Q

how cna dat ainign help how maby click throughs did our adv get when blue comp to green

A

so look at what consumers respond to better to to increase sales and increase mkt share and compete

what is more effective

56
Q

explain data mingi with what effect does cold weather have on stock

A

if change weather forecast fashion rettailer may have to rder more coats based on previous experience

57
Q

tell me what the bottom line of data mingi is

A

helps us find answer

enabling us to make better desciison in the future

58
Q

how do amazon use data minig to create a comp adv

A

recommending stuff to customers

e.g recommending ‘read more on teachign to mr evans bs’

selling me a dumbell workbook

59
Q

enterprise resource plannign

A
60
Q

what is enterprose resurce pannign

A

use of software to integrate key business processes in order ot imporve corfination and icnrease efficiencies

61
Q

waht does ERP allow

A

a business to collect store and analyse data from across the functional areas of a business

62
Q

in short ERP allows a bs to put key process into

A

1 thing to help the org perform

63
Q

give example of processes ERP integrates

A

distribution

finance

manufacturing

purchasing

customer web portal

sales

64
Q

why is ERP beneficial

A

it makes it clear to business what happenign

e.g if someone does non standard order for RM

but through computer , order sent to supplier

generate electric invove which gone thouhg to finance

everyone paid , ebrryone happy e can maintain our relaitonship with supplier – important as suppliers cna give us advice on whats things sell besy

65
Q

if i have ERP in a bs what productino process can i implement

A

JIT

66
Q

explain why ERP means a usiness can implemet JIT

A

Customer can order on web, genateers order for RM from suppler

this arrives

allowinf product to be designed

customer pay irg

spplier gen invoive

this is all coord in one program rather than one program for each dpt whihc can elad to miscommunicatino

67
Q

what are the benefits of ERP in finance

A

ensures all invoices and payments are made on time to staff and suppliers

allows us to keep goo relation and trade terms

as it clea what staff work what hours and its clear whihc staff have done #

so get paid - same for suppliers

means hygenic factos in place as suggested by herzberg - prevents disatdfaction and demotivation

68
Q

in terms of marketing waht is the befit of ERP

A

can allow customers to personalise theoru prodycts through A web

order can be generated online

and fed through to op

this creates oportunities for mass customisation e,g ADIDAS

69
Q

in tems of operations what is a benefit of ERP

A

MAY BE USED TO ORDER SUPLIERS AS NEEDED (MEANINF AMTHCINF SUPPLLY TO DEAMND AND KEEP REPUTATIONABILITY)

monitor quality of work - if poor business can impolement quality assurrance to prevent disatisfacion and ppor brand imae /put in trainig

70
Q

in terms of HR what is a benefit of ERP

A

If an employees work is not tip top we can track staff skill profiles and training they may need

71
Q

in short what is the benefit of ERP

A

we’re integrating all the functional areas and it should make ORG run smoother , effiicnetly

+
help managment make good descisons based n data thats been collected

72
Q

digital tech

A
73
Q

waht is digital technology

A

data generated and stored in binary form and the hardware used to store and transmit such data

74
Q

digital tech includes :

A

finanical transactions
mobile tech
online comm (emails)
computer networks
cloud computing

75
Q

huge amounts of data re generated

A

everydya

76
Q

give an exmaple of the huge amounts of data generated everydya

A

products people are buying

waht peopl search on google

77
Q

data can be done waht by the business

A

collected nd analysed

78
Q

digital rech is a massive

A

area of growthq

79
Q

speed of which digital tech is improving is

A

increasing

80
Q

give me 5 internal pressures to adopt digital tech

A

dh pressure to adopt digital tech to increases dividends

improve effectiveness of our marketing - if we use digital tech& data to target specific customers

workforce pressure - esp after 2020- people wanna WFH and using digital tech canhelp that

imporve org efficiency and productivity - allows people to work smarter not harder

imptove internal comm - benefits from digital tech e.g email, zoomign

81
Q

give me 2 externla presures to adopt digital tech

A

comp is adopting it therefore to stay comp you need to do it also

customer pressure to communciate with them in new ways e.g through SM

82
Q

explain pressure to adopt digital tech : imprive performance

A

its essential ina comp marekt

digital tech can lead to lower costs and quickler more efficient desciosn making

enabling an org to stay a step ahead of comp

83
Q

explain pressure to adopt digital tech : keeping up with consumer and market trends

A

use of digital tech leads to a more flexxible bs that ca quixkly repsond to changes in conusmer astes , fshion and mkt trends

84
Q

avaialbilty f ne tech prtclry the internet have changed the way firms do business

A

gloablly

85
Q

consumers can do shopping with the click of a

A

mouse
tablet
phone

86
Q

use of the internet has pt pressure on tradiiotnal business to

A

adopt digitla tech and take bs to consumer rather than vice versa

UNIT 9 BUSINESS CS (20 decks)

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