1010 week 7 flashcards

Electronic Commerce

Conducting business activities electronically over computer networks.

Business to Business E-commerce

E-commerce where all the participants are organizations.

Buy-side E-commerce

E-commerce used by organizations to purchase goods and services from suppliers.

Sell-side E-commerce

E-commerce used by organizations to sell products to their customers.

Business-to-Consumer E-commerce

E-commerce where customers deal directly with an organization and avoid intermediaries.

Consumer to Consumer E-commerce

E-commerce involving electronic transactions between consumers facilitated by a third party.

E-Government

Use of information and communications technology to simplify sharing of information and improve the relationship between citizens and government.

Mobile Commerce

E-commerce that relies on the use of wireless devices.

Advantages of E & M-Commerce

Reaching new customers, reducing business costs, increasing speed flow of goods and information, improving customer service.

E-commerce Challenges

Dealing with consumer privacy concerns, overcoming consumers' lack of trust, overcoming global issues.

Transaction Processing Activities

Data collection, data editing, data correction, data processing, data storage, and document production.

Enterprise Systems

Integrated programs that manage a company's vital business operations for the entire organization.

Enterprise Resource Planning (ERP)

Set of integrated programs that manage a company's vital business operations.

Customer Relationship Management (CRM) System

Helps companies manage all aspects of customer encounters, including marketing, sales, distribution, accounting, and customer service.

Product Lifecycle Management (PLM)

Enterprise business strategy that creates a common repository of product information and processes.

Hosted Software Model for Enterprise Software

A model where business application software is hosted by a third-party provider, reducing complexity and high start-up costs.

B2B e-commerce

The use of online platforms to connect business partners in a virtual supply chain, reducing resupply times and costs.

B2B market

The market where businesses sell products or services to other businesses, which is larger and growing faster than the B2C market.

Grainger

A B2B distributor specializing in facilities maintenance, repair, and operations (MRO) with a successful e-commerce platform.

B2C e-commerce

The form of e-commerce where customers deal directly with an organization, eliminating intermediaries.

Disintermediation

The elimination of intermediaries between the producer and the consumer in the e-commerce process.

C2C e-commerce

The subset of e-commerce that involves electronic transactions between consumers using a third party to facilitate the process.

eBay

A prominent example of a C2C e-commerce site where users buy and sell items to each other.

E-government

The use of information and communication technology to simplify the sharing of information and improve the relationship between citizens and government.

G2C

Government-to-citizen e-government category, where citizens use applications for tasks like tax returns and license renewals.

M-commerce

Mobile commerce, which relies on mobile devices like tablets and smartphones for placing orders and conducting business.

Reach New Customers

The advantage of e-commerce that allows organizations to expand their customer base by reaching new markets.

Reduce Costs

The advantage of e-commerce that streamlines processes, increases efficiency, and optimizes inventory, leading to cost savings.

Speed the Flow of Goods and Information

The advantage of e-commerce that accelerates the exchange of information between organizations and customers.

Increase Accuracy

The advantage of e-commerce that enables buyers to input product specifications directly, reducing data-entry errors.

Improve Customer Service

The advantage of e-commerce that provides detailed information on delivery and order status, enhancing customer satisfaction.

Dealing with Consumer Privacy Concerns

A challenge in e-commerce that requires companies to invest in security technology and experts to safeguard customer data.

Overcoming Consumers' Lack of Trust

A challenge in e-commerce that requires trust-building strategies to address concerns about the legitimacy of sellers and product quality.

Overcoming Global Issues

A challenge in e-commerce that involves addressing cultural, language, time, infrastructure, and currency differences.

Electronic Exchange

An online forum where manufacturers, suppliers, and competitors buy and sell goods and trade market information.

Market Segmentation

The process of identifying specific markets and tailoring advertising messages to target them effectively.

Business Database

A database with over 250 million business records, providing vital company information such as contact names, job titles, locations, employee count, sales figures, and industry codes.

B2B Audience Segmentation

The process of identifying, accessing, and segmenting potential B2B audiences using the business database, allowing analysts to estimate sales potential and rank businesses against each other.

Mobile Ad Networks

Networks that distribute mobile ads to publishers like websites, app developers, and mobile operators, using payment models such as CPM, CPC, or CPA.

Appographic Targeting

InMobi's approach to mobile advertising, which categorizes users into 200 segments based on attributes of 10,000+ apps for precise targeting in app-install campaigns.

Bartering

The practice of exchanging goods or services without using money, often used by businesses to reduce excess inventory, gain new customers, or avoid cash payments.

Bartering Considerations

The responsibilities involved in bartering transactions, including tax-reporting, accounting, and record-keeping.

Retargeting

A technique used to recapture abandoned cart shoppers through personalized ads, directing them back to a retailer's site.

Mobile Price Comparison Apps

Mobile apps that facilitate online price and product comparisons, such as RedLaser, Amazon's Price Check App, and Barcode Scanner App.

Coupon Distribution

The distribution of coupons, both in print and digital formats, to incentivize customers to make purchases.

Internet's Impact on Finance

The revolutionizing impact of the internet on the finance and investment industry, addressing inherent inefficiencies.

Online Trading Evolution

The swift adaptation of the brokerage sector to online trading, enabling quick and cost-effective share purchases.

Online Banking Benefits

The benefits of online banking, including features like checking balances, transferring money, and bill payments.

Mobile Banking Advantages

The advantages of mobile banking, such as checking credit card balances and transferring funds to prevent overdrafts.

E-Commerce Infrastructure

The essential hardware and software required for robust web server infrastructure to support e-commerce.

Performance Measures

Key metrics used to measure the performance of e-commerce infrastructure, including response time, transaction success rate, and system availability.

E-Commerce Software Essentials

The essential features of e-commerce software, including catalog management, product configuration, shopping cart facilities, transaction processing, and web traffic data analysis.

Mobile Commerce Hardware and Software

The improvements and considerations required for mobile commerce, including user interface improvement, network speed improvement, security measures, and overcoming device limitations.

E-Commerce Payment Systems

The key components of e-commerce payment systems, including user identification and encryption, payment methods, and diversified payment options.

Digital Certificates

Attachments to emails or embedded in websites that verify the identity of a sender or website, issued by a trusted Certificate Authority (CA).

Credit Card Security Measures

Security measures used to protect credit card transactions, including AVS, CVN, Visa's Advanced Authorization, FFIEC Guidelines, and biometric technology.

Transaction Processing Systems

Key transaction processing systems, including order processing systems, accounting systems, and purchasing systems.

Integrated Transaction Processing Systems

The contemporary approach of using integrated transaction processing systems from a single or limited number of vendors to streamline processes and enhance efficiency.

Transaction Processing Systems for SMEs

Transaction processing systems designed specifically for small- and medium-sized enterprises, offering quick installation, user-friendly operation, and affordability.

Transaction Processing Cycle

The process of data collection, data editing, data correction, data processing, data storage, and document production involved in transaction processing.

Data Collection

The process of capturing and gathering all data necessary to complete the processing of transactions.

Source Data Automation

The process of capturing data at its source and recording it accurately in an electronic or digital form, minimizing manual effort.

Data Editing

The process of checking data for validity and completeness to detect any problems.

Data Correction

The process of reentering data that was not typed or scanned properly.

Data Processing

Performing calculations and other data transformations related to business transactions.

Data Storage

The storage of processed data for future reference and retrieval.

Data storage

Updating one or more databases with new transactions.

Document production

Generating output records, documents, and reports.

Enterprise Resource Planning (ERP)

Integrated programs managing vital business operations for entire organizations.

Improved Access to Quality Data for Operational Decision Making

High-quality data is crucial for ERP systems to enhance decision-making.

Customer Relationship Management (CRM) system

A system that helps a company manage all aspects of customer encounters, including marketing, sales, distribution, accounting, and customer service.

Contact management

The ability to track data on individual customers and sales leads and then access that data from any part of the organization.

Sales management

The ability to organize data about customers and sales leads and then prioritize potential sales opportunities and identify appropriate next steps.

Customer support

The ability to support customer service representatives in addressing customer requests and resolving customer issues while collecting and storing data about those interactions.

Marketing automation

The ability to capture and analyze all customer interactions, generate appropriate responses, and gather data to create and build effective and efficient marketing campaigns.

Analysis

The ability to analyze customer data to identify ways to increase revenue and decrease costs, identify the firm's "best customers," and determine how to retain and find more of them.

Social networking

The ability to create and join sites such as Facebook, where salespeople can make contacts with potential customers.

Access by mobile devices

The ability to access Web-based customer relationship management software by smartphones, tablets, and other mobile devices.

Import contact data

The ability for users to import contact data from various data service providers that can be downloaded for free directly into the CRM application.

Product Lifecycle Management (PLM)

An enterprise business strategy that creates a common repository of product information and processes to support the collaborative creation, management, dissemination, and use of product and packaging definition information.

Product Lifecycle Management (PLM) software

Software that provides a means for managing the data and processes associated with the various phases of the product life cycle.

Computer-aided design (CAD)

The use of software to assist in the creation, analysis, and modification of the design of a component or product.

Computer-aided engineering (CAE)

The use of software to analyze the robustness and performance of components and assemblies.

Computer-aided manufacturing (CAM)

The use of software to control machine tools and related machinery in the manufacture of components and products.

Overcoming challenges in implementing enterprise systems:

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Resource-intensive and demanding.

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High failure rates observed, with around half of evaluated implementations deemed unsuccessful.

Hosted Software Model for Enterprise Software:

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Cost-efficiency, flexibility, savings.

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Dependency on internet connectivity, limited customization, data security concerns, vendor dependency, subscription costs.

Key Software Vendors

Applicor, Intacct, NetSuite, SAP, Workday.