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Emerging Modes Of Business in 1 Shot - Everything Covered | Class 11th | Business Studies 🔥

Commerce Wallah by PW・77 minutes read

The text discusses the impact of technology on modern business practices, highlighting the transition from traditional stores to online platforms and the importance of e-commerce. It also explores outsourcing benefits, ethical concerns, and the differences between BPO and KPO, emphasizing the significance of expertise and specialization in knowledge-intensive services.

Insights

  • The text discusses the evolution of business practices from physical stores to online platforms, emphasizing the role of technology in modern transactions and introducing the concept of e-business encompassing all electronic and internet-based business activities.
  • Outsourcing core activities like marketing to specialized agencies can lead to significant cost savings and better focus on core business functions, while also contributing to economic growth by generating employment opportunities and boosting production and demand in countries like India.

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Recent questions

  • What is e-business?

    E-business is any business activity conducted using electronics and the internet, encompassing a wide range of online transactions and operations.

  • What are the types of online transactions?

    Online transactions include B2B (business to business), B2C (business to consumer), and C2C (consumer to consumer) interactions, showcasing the diverse nature of modern business practices.

  • How does customer service impact online transactions?

    Customer service plays a crucial role in online transactions, involving call centers, after-sales services, feedback, complaints, and promotions to enhance the interactive and customer-centric nature of modern business models.

  • What are the risks in online transactions?

    Risks in online transactions include order delivery issues, data storage risks, viruses, data interception, and privacy concerns, emphasizing the importance of encryption and secure practices to protect sensitive information.

  • What are the benefits of outsourcing in business?

    Outsourcing in business offers cost reduction, specialized expertise, streamlined processes, and economic growth opportunities, allowing companies to focus on core activities, generate employment, and enhance production efficiency through shared resources and skills.

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Summary

00:00

"Evolution of Business: Impact of Technology"

  • The text discusses emerging modes of business in Chapter Five of Peace, focusing on changes brought about by technology.
  • It highlights the evolution of business practices from traditional stores to online platforms, emphasizing the impact of technology on transactions.
  • The transition from landline phones to smartphones is used as an example of technological advancements affecting business operations.
  • The text explains the shift from physical stores to online platforms for buying and selling goods, emphasizing the role of technology in modern business models.
  • It introduces the concept of e-business, defining it as any business activity conducted using electronics and the internet.
  • The distinction between e-business and e-commerce is explained, with e-commerce involving industry, trade, and commerce activities conducted through the internet.
  • The text delves into different types of transactions, including B2B (business to business), B2C (business to consumer), and C2C (consumer to consumer) transactions.
  • It elaborates on the significance of customer service in online transactions, highlighting the role of call centers and after-sales services.
  • The importance of feedback, complaints, and promotions in online transactions is emphasized, showcasing the interactive nature of modern business practices.
  • The text concludes by discussing C2C transactions, where both the buyer and seller are considered customers, typically involving the exchange of used goods.

16:46

Safe Story Sharing, Online Selling Tips

  • Reading a story that won't harm the reader, with a suggestion to share it with friends or relatives.
  • Mention of websites like OLX for selling used items.
  • Explanation of the consumer-seller dynamic on platforms like Hee Cast 24.
  • Description of the marketplace for second-hand goods and consumer reviews.
  • Caution against fraud and the importance of researching before making online purchases.
  • Differentiation between c2c and intra-commerce transactions.
  • Explanation of the benefits of e-commerce over traditional businesses, focusing on cost and convenience.
  • Comparison of traditional and online shopping experiences for groceries.
  • Highlighting the global reach and market expansion potential of online businesses.
  • Emphasis on cost savings as a significant advantage of online businesses.

34:03

"Managing Business Expenses for Success"

  • Labor expenses are a significant consideration in business operations.
  • Stocking up on necessary items is crucial for managing expenses effectively.
  • Avoiding unnecessary expenses is essential for business success.
  • Saving consumer points can lead to cost savings.
  • Travel costs and lifting expenses are part of overall business expenses.
  • Comparing traditional business income to expenses can highlight potential savings.
  • Monthly expenses in traditional business can be reduced by ₹50,000.
  • Business expenses can vary significantly, up to 4250%.
  • Passing on discounts to consumers can boost sales.
  • Moving towards a paperless society can benefit the environment and streamline business processes.

51:38

Outsourcing: Benefits, Ethics, and Specialization in Business

  • Outsourcing allows focusing on core activities by shifting non-core tasks like marketing to specialized agencies, enabling better concentration on production.
  • Cost reduction is a significant benefit of outsourcing, as specialized agencies can handle tasks like marketing more efficiently and cost-effectively than in-house efforts.
  • Specialized marketing agencies can produce marketing materials like banners and brochures at a lower cost compared to in-house production, leading to significant savings.
  • Outsourcing core activities like research and development can lead to mutual growth between companies, as shared expertise and resources can benefit both parties.
  • Outsourcing can contribute to economic growth by generating employment opportunities, increasing income levels, and boosting production and demand in countries like India.
  • Ethical concerns arise in outsourcing due to potential exploitation of labor in developing countries, including child labor and low wages, highlighting the importance of fair practices.
  • "Sweatshopping" refers to outsourcing labor-intensive tasks to countries with lower labor costs, often leading to repetitive, low-skilled work without opportunities for growth or development.
  • Outsourcing can raise ethical concerns related to labor practices, especially in developing countries, where exploitation of workers and unfair employment practices may occur.
  • BPO (Business Process Outsourcing) focuses on basic tasks like customer support, while KPO (Knowledge Process Outsourcing) requires highly skilled professionals for specialized services like legal processes.
  • KPO differentiates itself from BPO by offering knowledge-intensive services that require expertise and specialization, creating value for clients through advanced skills and analytical thinking.

01:10:19

Essential Skills for Various Service Industries

  • Data entry is crucial, not KPO personnel who reduce expertise.
  • Critical thinking is essential for service.
  • Experience is required for studying and becoming skilled.
  • Intellectual individuals are necessary for certain services.
  • Legal processes are handled by the company's lawyer.
  • LPO and patent services are part of the expertise required.
  • Animation services are needed for movie production.
  • Various payment methods like cash on delivery, check, and online transactions are explained.
  • Risks in online transactions include order delivery issues and data storage risks.
  • Different levels of viruses can harm data and systems during online transactions.

01:27:19

Risks and Benefits of Data Interception and E-commerce

  • Data interception can lead to card information theft and money transfer by interceptors.
  • Encryption is crucial to protect messages from interception and misuse.
  • Intellectual property and privacy are at risk when personal information is shared online.
  • Traditional business involves more paperwork and formalities compared to e-commerce.
  • Personal touch in traditional business is valued through direct interactions with customers.
  • Operating costs are lower in e-commerce compared to traditional businesses.
  • Distribution channels differ between manufacturers selling directly to consumers and traditional businesses involving wholesalers and retailers.
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