influences on business

• What does ICT stand for in business?

  Information and Communication Technology
• What are ICT systems used for in businesses?

  To manage data and improve operations
• How does technology improve business efficiency?

  By enabling remote work and reducing costs
• What is a benefit of employees working remotely?

  Reduced operating costs for businesses
• How does technology enhance internal communication?

  By allowing secure file sharing and collaboration
• What advantage does automating design processes provide?

  Faster product development and market entry
• What role does social media play in business communication?

  It allows interactive customer engagement
• What is e-commerce?

  Trade of goods and services over the internet
• What types of goods can be purchased online?

  Tangible items like clothing and vehicles
• Name a top UK company for e-commerce sales.

  Argos
• How does Amazon support small businesses?

  By providing a trusted online marketplace
• What trend has been observed in e-commerce since the mid-2010s?

  Steady increase in retail sales online
• What impact did the COVID-19 pandemic have on e-commerce?

  Accelerated growth due to store closures
• What is a competitive advantage of e-commerce for businesses?

  Convenience for customers and wider reach
• What are the advantages and disadvantages of e-commerce for businesses?

  Advantages:

  • Direct, cheap promotional methods
  • Easy online purchases of supplies
  • Encourages higher customer spending
  • Dynamic pricing maximizes profits

  
  

  Disadvantages:

  • Increased competition
  • Need for large warehouses
  • Less suitable for personal services
  • Missed instant feedback from customers
• What are the advantages and disadvantages of e-commerce for consumers?

  Advantages:

  • Lower prices due to competition
  • Easy electronic payments
  • Convenience of shopping anywhere
  • Increased choice from global retailers

  
  

  Disadvantages:

  • Poor connections can deter purchases
  • Limited access in low-income countries
  • Concerns about identity theft
  • Inability to try products before purchase
• What does digital communication refer to?

  Use of electronic devices to transfer information
• Name one application that enables digital communication.

  Email
• How do digital communication tools benefit businesses?

  They improve communication with stakeholders
• How do digital tools improve communication with stakeholders?

  • Customers: Chatbots for prompt service
  • Suppliers: Faster order processing via email
  • Employees: Collaborative work through shared drives
  • Shareholders: Quick sharing of key documents
• What is one benefit of using chatbots for customer service?

  Reduces need for call center staff
• How do shared drives benefit employees?

  They enable collaborative work across locations
• How do encrypted emails benefit shareholder communication?

  They ensure secure sharing of documents
• What should candidates include in a 12-mark technology recommendation question?

  Clear recommendation with justifications
• What factors should be identified in a technology recommendation?

  Factors upon which the decision depends
• Why is it important to root recommendations in business context?

  To ensure relevance and applicability
• What does ethics relate to in business decisions?

  Rights or wrongs beyond legal requirements
• How can adopting ethical principles benefit businesses?

  It can attract long-term loyalty from stakeholders
• What competitive advantage can unique ethical approaches provide?

  It can differentiate a business from rivals
• Why are consumers increasingly aware of business behavior?

  Due to media coverage of business actions
• What do consumers often do with businesses that have poor reputations?

  They may boycott those businesses
• What is a likely consequence of taking an ethical approach?

  It may increase business costs
• How does paying fair wages affect staffing costs?

  It is likely to increase staffing costs
• What may significant capital investment in green technologies require?

  Improving environmental controls
• What is the impact of paying suppliers on time?

  It reduces working capital for daily activities
• What does implementing a responsible supply chain often involve?

  Paying more for raw materials and audits
• What happens if a business cannot raise prices to cover increased costs?

  Revenue may not rise enough to cover costs
• What is the trade-off between ethics and profit?

  Behaving ethically may reduce overall profits
• What do businesses that consider stakeholder impact accept?

  The trade-off between ethics and profit
• What type of marketing activities do ethical businesses engage in?

  Honest and responsible marketing activities