Week 1 | Business Basics

Question 1

Types of business

Answer 1

sole proprietorship, partnership and corporation.

Question 2

Business models

Answer 2

Business modelswhich encompass the activities performed by a company to create, deliver and generate revenue or other benefits

Question 3

Porter’s Five Forces mode

Answer 3

Intensity of competitive rivalry.
Threat from new entrants.
Threat from substitutes.
Bargaining power of buyers.
Bargaining power of
suppliers.

Question 4

Value chain analysis

Answer 4

which is a business tool to identify processes in which a company can ‘add value for the customer and create a competitive advantage for itself, with a
cost advantage or product differentiation’

Question 5

eCommerce:

Answer 5

‘The buying and selling of products and services over the Internet’

Question 6

eBusiness

Answer 6

‘The conducting of business on the Internet
including buying and selling, serving customers and collaborating with
business partners’

Question 7

mCommerce:

Answer 7

‘The ability to purchase products and services through a wireless internet-enabled device’

Question 8

SCM

Answer 8

is the active management of supply chain
activities to maximize customer value and achieve a sustainable
competitive advantage

Question 9

CRM

Answer 9

involves ‘managing all aspects of a customer’s
relationship with an organisation to endeavour to increase customer
loyalty and retention and an organisation’s profitability’

Question 10

ERP

Answer 10

integrates all departments and functions
throughout an organisation or enterprise into a single IT system (or
integrated set of IT systems) to enable decisions to be made by viewing
enterprise-wide information on all business operations’

Question 11

eBusiness / eCommerce

Answer 11

eBusiness is the bigger picture

eCommerce is specifically to buying and selling

eBusiness models

Business-to-consumer (B2C)

Business-to-Business (B2B)

Consumer-to-Consumer (C2C)

Business-to-Government (B2G)

Question 12

Commerce

Answer 12

Commerce can be described as the exchange of something valuable to someone else that wants it.

Question 13

Five important lessons that every business, regardless of size can learn from the mistakes Kodak made.

Answer 13

1. Complacency
2. Losing focus
3. Ignoring competitors
4. Being short-sighted
5. Not changing with the market