Business Revision: Units 5 & 6
Unit 5: Emerging Modes of Business
1. E-Business: Concept & Scope
E-business is the conduct of industry, trade, and commerce using Computer Networks.
🚀 Mnemonic for Scope: "B-B-C-I"
- B2B: Business to Business (Manufacturer to Wholesaler).
- B2C: Business to Customer (Amazon shopping).
- C2C: Customer to Customer (OLX/eBay).
- Intra-B: Within the business (Interaction between Depts).
2. E-Business vs. Traditional Business
| Basis | Traditional Business | E-Business |
|---|---|---|
| Formation | Difficult | Easy |
| Physical Presence | Required | Not Required |
| Cost of Setting up | High | Low |
| Operating Cost | High (Rent, Staff) | Low (Server, Tech) |
| Response Time | Instant (Local) | Delayed (Shipping) |
💡 Magic Phrase for Benefits: "G-L-O-V-E"
E-business is great because of G-L-O-V-E:
- Global Reach
- Low Cost
- Opportunity for New Markets
- Velocity (Speed)
- Ease of Formation
Unit 6: Social Responsibility & Ethics
1. Concept of Social Responsibility
It refers to the obligation of business to take decisions and perform actions that are desirable in terms of the Objectives and Values of our society.
🤝 Responsibility Groups: "O-I-C-E-G-C"
"Oh, I See Every Giant Cloud..."
- Owners: Fair return on capital.
- Investors: Safety of investment.
- Consumers: Right quality at right price.
- Employees: Fair wages and dignity.
- Government: Regular tax payment.
- Community: Environment protection.
2. Business Ethics: The Elements
Ethics is what is right or wrong in a business context.
📜 Mnemonic for Elements: "T-P-C-I-E"
- Top Management Commitment.
- Publication of a 'Code' (Written rules).
- Compliance Mechanism (Law & Rules).
- Involving Employees at all levels.
- Evaluation of Results.
🌍 Role in Environment Protection
- Prevention is better than cure: Don't pollute!
- Compliance: Follow pollution laws.
- Awareness: Train staff to be eco-friendly.
- Recycling: Use waste management systems.
REVISE. RECALL. REPEAT. 🚀
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