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Ecommerce: Chapter 1/Week 2 - Key Terms

by: Holly Folkerts

Ecommerce: Chapter 1/Week 2 - Key Terms BUS 150

Marketplace > Hawkeye Community College > Business > BUS 150 > Ecommerce Chapter 1 Week 2 Key Terms
Holly Folkerts

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About this Document

Textbook: Electronic Commerce 10th Edition by Schneider. These are the Key Terms for Week 2/Chapter 1 of Ecommerce; this will help with the first quiz which I will post a "study guide" for - no...
Lois Enger
Class Notes
Ecommerce, Internet, sales, Computer Science, online, business




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This 3 page Class Notes was uploaded by Holly Folkerts on Tuesday September 6, 2016. The Class Notes belongs to BUS 150 at Hawkeye Community College taught by Lois Enger in Fall 2016. Since its upload, it has received 7 views. For similar materials see Ecommerce in Business at Hawkeye Community College.


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Date Created: 09/06/16
ECOMMERCE – CHAPTER 1: KEY TERMS Activity: a task performed by a worker in the course of doing his or her job. Bonded warehouse: a secure location where incoming international shipments can be held until customs requirements are satisfied or until payment arrangements are completed. Business model: a set of processes that combine to achieve a company’s goal, which is to yield a profit. Business processes: the group of logical, related, and sequential activities and transactions in which businesses engage. Business-to-business (B2B): transactions conducted between businesses on the Web. Business-to-consumer (B2C): transactions conducted between shoppers and businesses on the Web. Business-to-government (B2G): a category of electronic commerce that includes business transactions with government agencies, such as paying taxes and filing required reports. Business unit: a unit within a company that is organized around a specific combination of product, distribution channel, and customer type. Synonymous with strategic business unit. Commodity item: a product or service that has become so standardized and well-known that buyers cannot detect a difference in the offerings of various sellers; buyers usually base their purchase decisions for such products and services solely on price. Company: a business engaged in commerce; synonymous with firm. Consumer-to-consumer (C2C): category of electronic commerce that includes individuals who buy and sell items among themselves. Culture: the combination of language and customs that are unique to a particular population. Customs broker: a company that arranges the payment of tariffs and compliance with customs laws for international shipments. Dot-com: a company that operates only online. Electronic business (e-business): electronic commerce; sometimes a broader term for electronic commerce that includes all business processes, as distinguished from a narrow definition of electronic commerce that includes sales and purchase transactions only. Electronic commerce (e-commerce): business activities conducted using electronic data transmission over the Internet and the World Wide Web. Electronic data interchange (EDI): exchange between businesses of computer-readable data in a standard format. Electronic funds transfer (EFT): electronic transfer of account exchange information over secure private communications networks. E-procurement: synonymous with business-to-business (B2B). Firm: a business engaged in commerce. First-mover advantage: the benefit a company can gain by introducing a product or service before its competitors. Freight forwarder: a company that arranges shipping and insurance for international transactions. Hierarchical business organization: firms that include a number of levels with cumulative responsibility. These organizations are typically headed by a top-level president or officer. A number of vice presidents report to the president. A larger number of middle managers report to the vice presidents. Industry: multiple firms selling similar products to similar customers. Industry value chain: the larger stream of activities in which a particular business unit’s value chain is embedded. ECOMMERCE – CHAPTER 1: KEY TERMS Law of diminishing returns: the characteristic of most activities to yield less value as the amount of consumption increases. Localization: type of language translation that considers multiple elements of the local environment, ie. business and cultural practices, in addition to local dialect variations in the language. Machine translation: language translation that is done by software; such translation can reach speeds of 400,000 w/p/h. Market: a real or virtual space in which potential buyers and sellers come into contact with each other and agree on a medium of exchange (such as currency or barter). Merchandising: the combination of store design, layout, and product display intended to create an environment that encourages customers to buy. Mobile commerce (m-commerce): resources accessed using devices that have wireless connections, such as stock quotes, directions, weather forecasts, and airline flight schedules. Network economic structure: a business structure wherein firms coordinate their strategies, resources, and skill sets by forming a long-term, stable relationship based on a shared purpose. Network effect: an increase in the value of a network to its participants, which occurs as more people or organizations participate in the network. Primary activities: activities that are required to do business: design, production, promotion, marketing, delivery, and support of products or services. Procurement: the business activity that includes all purchasing activities plus the monitoring of all elements of purchase transactions. Pure dot-com: a company that operates only online; also called dot-com. Revenue model: the combination of strategies and techniques that a company uses to generate cash flow into the business from customers. Shipping profile: the collection of attributes, including weight and size, that affect how easily a product can be packaged and delivered. Smart phone: a mobile phone that includes a functional Web browser and a full keyboard. Social commerce: the use of interpersonal connections online to promote or sell goods and services. Social networking site: Web sites used by individuals and businesses to conduct social interactions online. Strategic alliance: the coordination of strategies, resources, and skill sets by companies into long-term, stable relationships with other companies and individuals based on shared purpose. Strategic business unit (SBU): a unit within a company that is organized around a specific combination of product, distribution channel, and customer. Strategic partners: the entities taking part in a strategic alliance. Strategic partnership: synonymous with strategic alliance. Supply management: synonymous with procurement, which is the business activity that includes all purchasing activities plus the monitoring of all elements of purchase transactions? Supporting activities: secondary activities that back up primary business activities. Includes HR management, purchasing, and technology development. SWOT analysis: evaluation of the strengths and weaknesses of a business unit, and identification of the opportunities presented by the markets of the business unit and threats posed by competitors of the business unit. Telecommuting: an employment arrangement in which the employee logs in to the company computer from an off-site location through the Internet instead of traveling to an office. Telework: synonymous with telecommuting. ECOMMERCE – CHAPTER 1: KEY TERMS Trading partners: businesses that engage in EDI with one another. Transaction: an exchange of value, such as a purchase, a sale, or the conversion of raw materials into a finished product. Transaction costs: the total of all costs incurred by a buyer and seller as they gather information and negotiate a transaction. Value-added network (VAN): an independent company that provides connection and EDI transaction forwarding services to businesses engaged in EDI. Value chain: a way of organizing the activities that each strategic business unit undertakes to design, produce, promote, market, deliver, and support the products or services it sells. Value system: synonymous with industry value chain. Vertical integration: the practice of an existing firm replacing one of its suppliers with its own strategic business unit that creates the supplied product. Virtual community: an electronic gathering place for people with common interests. Virtual company: a strategic alliance occurring among companies that operate on the Internet. Web 2.0: technologies that include software that allow users of Web sites to participate in the creation, editing, and distribution of content on a Web site owned and operated by a third party. Wire transfer: synonymous with electronic funds transfer, which is the electronic transfer of account exchange information over secure private communications networks?


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