influences on business

• What does e-commerce refer to?

  Buying and selling using electronic networks
• What are the three requirements for e-commerce?

  • A seller with products/services
  • A buyer with equipment and payment means
  • A network for information and payment exchange
• Why is e-commerce advantageous for businesses?

  It attracts global customers and operates 24/7
• What is a disadvantage of e-commerce?

  Increased competition makes visibility harder
• What role does social media play in business?

  It is important for marketing activities
• How can businesses use social media for sales and marketing?

  To advertise visually and attract target audiences
• What is a risk of poor customer interaction on social media?

  It can lead to bad publicity for the business
• How do businesses use social media to communicate with stakeholders?

  To network and recruit potential employees
• What is digital communication?

  Sending and receiving information electronically
• What are common digital communication tools in business?

  • Email
  • Mobile phones
  • Mobile applications
  • Websites
  • Social media
  • Web conferencing
  • Cloud services
  • Instant messaging
• What percentage of payments in the UK were cash in 2008?

  60%
• What payment method overtook cash in 2017?

  Debit cards
• What is chip and pin technology?

  A secure method requiring a PIN for payments
• What are contactless payments?

  Payments made without physical contact, under £30
• How does technology impact businesses?

  It creates opportunities and increases competition
• What are the positive impacts of e-commerce on sales activity?

  • Attracts global customers
  • Allows 24/7 selling
  • Enhances professional appearance
  • Enables easy price updates
  • Shows stock availability
• What are the negative impacts of e-commerce on sales activity?

  • Increased competition
  • Logistical delivery issues
  • Customer service challenges
  • Price comparison with competitors
  • Need for updated stock records
• How does social media impact sales activity?

  • Runs sales and marketing campaigns
  • Builds customer relationships
  • Poor responses can harm reputation
  • Good responses can boost popularity
• How do payment methods impact sales activity?

  • Convenience increases likelihood of purchase
  • Cash-only businesses may struggle
  • Investment in technology can reduce long-term costs
• What are the cost impacts of digital communication systems?

  • Initial costs lead to long-term savings
  • Remote work reduces office costs
  • Electronic communication cuts printing/postage costs
  • Video conferencing saves travel costs
• What are the cost impacts of e-commerce?

  • Cheaper than traditional branches
  • Requires fewer staff and smaller premises
  • Avoids high street rent
  • Automates tasks like administration
  • Additional costs for hosting and payments
• How does social media impact costs for businesses?

  • Provides cost-effective communication
  • Reaches wide audiences at minimal cost
• What are the cost impacts of payment methods?

  • Secure payments reduce cash handling costs
  • Real-time transactions improve cash flow
  • Transaction fees for card payments
• How does technology affect the marketing mix?

  • Product: Adaptable formats for customers
  • Price: Savings keep prices low
  • Place: Access services anywhere
  • Promotion: Online advertising and tracking
• How does e-commerce affect the marketing mix?

  • Product: Immediate access to digital products
  • Price: Competitive pricing needed
  • Place: 24/7 purchasing options
  • Promotion: Easy implementation of offers
• How does social media influence the marketing mix?

  • Product: Video demonstrations for information
  • Price: Cost savings may lower prices
  • Place: Global customer interaction
  • Promotion: Targeted promotions at specific groups
• How do payment methods impact the marketing mix?

  • Product: Easy purchase of digital products
  • Price: Fees affect product pricing
  • Place: Facilitate online sales
  • Promotion: Variety of payment options advertised
• What are ethics primarily concerned with?

  Standards of behaviour and doing right
• How does an ethical business act?

  In a socially responsible way, regardless of profit
• Who are the three main stakeholders in business activity?

  Workers, suppliers, and customers
• What is a sign of an ethical business?

  How it treats its stakeholders
• What are examples of treating workers ethically?

  • Paying a fair wage
  • Providing good working conditions
  • Allowing flexible working
• What are examples of treating suppliers ethically?

  • Paying fair prices
  • Having reasonable expectations
  • Paying bills on time
• What are examples of treating customers ethically?

  • Exceeding customer expectations
  • Providing only necessary products
  • Giving clear and accurate information
• What can happen to businesses that behave unethically?

  They may receive bad publicity and poor reputation
• How can ethical behavior benefit businesses?

  It can attract customers and increase sales
• What is a potential downside of being ethical in business?

  Higher costs due to ethically sourced supplies
• What do some businesses believe about ethics and profit?

  There doesn't have to be a trade-off
• What are the benefits of ethical business practices?

  • Motivated workers
  • Supportive customers
  • Ethical investors
  • Positive reputation
• What is a green audit?

  A measure of environmental impact