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29 Cards in this Set
- Front
- Back
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Economic Utility |
The amount of satisfaction received from using a product or service. |
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Four Types of Economic Utility |
- Form Utility - Place Utility - Time Utility - Possession Utility |
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Form Utility |
Making a product better or easy to use. |
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Possession Utility |
If consumers cannot afford to purchase a product, their need of the product will be impossible to satisfy. |
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E-Commerce |
Consists of the buying and selling of products or services over electronic systems such as the Internet and other computer networks. |
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Electronic Data Interchange (EDI) |
The structured transmission of data between organizations by electronic means.It is used to transfer electronic documents or business data from one computersystem to another computer system. |
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Electronic Funds Transfer (EFT) |
Theelectronic exchange or transfer of money from one account to another. |
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Advantages of E-Commerce |
- Fasterbuying/selling procedure, as well as easy to find products. - Buying/selling24/7. - Lowoperational costs and better quality of services. - Easyto start and manage a business. - No need of physical company set-ups. |
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Disadvantages of E-Commerce |
- There is no guarantee of product quality. - There are many hackers who look for opportunities, and thus an e-commerce site, service, payment gateways, all are always prone to attack. |
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Types of E-Commerce |
- Business-to-Business (B2B) - Business-to-Consumer (B2C) - Consumer-to-Business (C2B) - Consumer-to-Consumer (C2C) |
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Business-to-Business (B2B) |
Companiesdoing business with each other such as manufacturers selling to distributorsand wholesalers selling to retailers. |
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Reverse Auction |
Businesses bid each against each other for customer orders. |
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Business-to-Consumer (B2C) |
Businesses selling to the general publictypically through catalogs utilizing shopping cart software. |
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Brick and Mortar Stores |
Traditional retail businesses out ofbuildings where customers come and shop. |
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Brick and Click Stores |
Businessesthat offer both traditional and Internet sales. |
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Consumer-to-Business (C2B) |
A consumer posts his project with a setbudget online and within hours companies review the consumer's requirements andbid on the project. |
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Consumer-to-Consumer (C2C) |
Thereis no visible intermediary involved but the parties cannot carry out thetransactions without the platform which is provided by the online market maker. |
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Internet |
A network of networks that covers theentire globe. |
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Network |
Series of points or nodes interconnectedby communication paths. |
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Node |
A connection point for transmitting data. |
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Local Area Network (LAN) |
Smallarea, share a single server. |
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Metropolitan Area Network (MAN) |
A wider network can bridge several LANs. |
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Wide Area Network (WAN) |
A broader area covered, can include several MANs. |
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Personalization |
The information collected from thecustomer to provide content that is specific to the individual. |
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Portals |
Allow individuals to find a variety of online content onits and others’ site. |
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Fulfillment |
Onlinebusinesses must also deliver products in a timely manner. |
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Types of E-Commerce Products |
- Physical Products - Digital Products - Digital Services |
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Digital Products |
Soldand transferred directly over the internet. |
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Digital Services |
Sold and performed online. |
