Chapter 16-17 - The internet and e-commerce

Cary Phillips
Mind Map by Cary Phillips, updated more than 1 year ago
Cary Phillips
Created by Cary Phillips over 4 years ago
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GCSE Business studies Mind Map on Chapter 16-17 - The internet and e-commerce, created by Cary Phillips on 01/26/2017.

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Chapter 16-17 - The internet and e-commerce
  1. Using the internet for research
    1. Advantage: You can get secondary market research much more quickly on the internet, to see what the market needs/wants, instead of undertaking the research themselves.
      1. Advantage: Commercially available research will most likely have a larger sample size/ larger number of people who have been questioned, than the business could ask themselves.
        1. Advantage: Because the information is available digitally the business is free to edit it and place in its own documents.
          1. It is much easier to get information on competitors than to take time and visit them individually, this saves money that would have been spent on fuel.
            1. Disadvantage: It could be expensive to purchase market research findings that a business requires.
              1. Disadvantage: When research is taken from the internet a business has to make sure that the data is accurate and up to date, the business should check when the research was actually done. The research should really be done by a trusted and well known organisation.
                1. Disadvantage: A business should only use research that has been conducted in a similar locality.
                2. Having a Website
                  1. The business can be reached across the world.
                    1. The business is open 24/7 which dramatically increases the revenue of the business.
                      1. They can cost a lot to make and it may take a long time to develop.
                        1. High stock levels have to be maintained so that customers do not become frustrated when they cannot purchase the product.
                        2. Using the Internet for communication via email
                          1. They arrive very quickly and so businesses can communicate easily with customers no matter where they live.
                            1. There is no actual costs for email once internet is paid for.
                              1. I|t is much quicker to write an email rather than a letter as it does not require a business layout.
                                1. Encryption can be used for confidential emails, so it is very secure.
                                  1. Everyone must check their inboxes regularly for this to work.
                                    1. Emails could accidentally be sent to the wrong person and email systems could also be hacked so they cannot be considered fully confidential.
                                    2. You need a web browser to use the internet:
                                      1. Examples of these are: Firefox, Internet Explorer, Safari and Netscape.
                                        1. Every website has a URL which consists of a domain name and a file name.
                                          1. A domain name is made up of www. (a site on the world wide web), the name for the website and the ending (e.g. .co.uk)
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