Learn CBSE Business Studies Index Terms for Class 11, Chapter 5 Including Definitions and Meanings
1. E-Business – E-business, commonly known as an electronic or online business, is a business where an online transaction takes place. In this transaction process, the buyer and the seller do not engage personally, but the sale happens through the internet.
In other words, E-business or electronic business is the administration of directing business through the web. This would incorporate the trading of products and services, along with giving specialised client assistance through the web.
2. E-Commerce – Electronic Commerce (E-Commerce) is defined as the buying and selling of goods and services, including digital products, over digital and electronic networks. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.
In other words, The term electronic commerce (online business) alludes to a plan of action that permits organisations and people to trade products and services over the internet. E-commerce works in four significant market segments and can be directed over personal computers, tablets, cell phones, and other smart gadgets.
3. Browser – A software application used to access information on the World Wide Web is called a Web Browser. When a user requests some information, the web browser fetches the data from a web server and then displays the webpage on the user’s screen.
4. Virus – A computer virus is a kind of malicious computer program that, when executed, replicates itself and inserts its own code. When the replication is done, this code infects the other files and programs present on the system. These computer viruses are present in various types, and each of them can infect a device in a different manner.
In other words, a computer virus is a program that can harm our devices and files and infect them for no further use. When a virus program is executed, it replicates itself by modifying other computer programs and instead enters its own coding. This code infects a file or program, and if it spreads massively, it may ultimately result in the crashing of the device.
5. Secure Sockets Layer (SSL) – The Secure Socket Layer is a protocol that provides security to confidential data following the encryption process over the internet. To provide data privacy, a secure connection between the server and the browser is created. The SSL-certified website contains a padlock before the URL of the website, which indicates that the website is secure to perform the transactions.
6. Online Trading – The online trading or exchanging stage is a piece of program that permits clients to place orders for goods and services of an organisation with an intermediary. These products incorporate products like stocks, securities, commodities, derivatives, and currencies.
7. E-Trading – The electronic trading or exchanging platform is a piece of program that permits clients to put orders for monetary or financial products over an organisation with a financial middle person or intermediary. These products incorporate products like stocks, securities, commodities, derivatives, and currencies.
8. E-Procurement – E-procurement involves sales transactions between business firms through the internet. It includes ‘reverse auctions’ and ‘digital marketplaces’. Reverse auction facilitates online trade between a single business purchaser and many sellers. Digital marketplaces facilitate online trading among multiple buyers and sellers.
9. E-Bidding – E-bidding, also known as e-auction, has many shopping sites such as airline tickets, etc. have ‘Quote your price’, wherein one can bid for the goods and services online. It also provides the facility for e-tendering under which quotations can be submitted online.
10. E-Cash – E-cash refers to a system in which a person can securely pay for goods or services electronically without necessarily involving a bank to mediate the transaction. Digital cash is known as e-currency, e-money, electronic cash, electronic currency, digital money, digital currency, and cyber currency.
11. Business Process Outsourcing (BPO) – Business process outsourcing is an organisation’s contract with a 3rd party or an independent service provider with regards to its workflow activities and obligations. It is a cost-saving process that allows enterprises to outsource their non-core functions.
The outsourcing of repetitive or secondary business operations is in vogue, and at present, there is little, or no multinational corporation left unaffected by outsourcing its maintenance. Through offering technical support, customer care services, human resources, communications, etc., BPO has gained considerable significance over this period.
12. Call Centres – Call centre is an overseen capacity that can be concentrated or remote that is utilised for getting or sending an enormous volume of enquiries by phone. An inbound call centre is worked by an organisation to control inbound services and products support or data enquiries from purchasers. Outbound call centres are generally worked for deals purposes, for example, solicitation of charitable or political donations, debt collection, market research, emergency notifications, urgent/critical needs blood banks, and telemarketing.
In other words, a call center or call centre is a centralised office utilised for transmitting or receiving an enormous volume of enquiries by telephone. An inbound call centre is worked by an organisation to control and administer incoming service support or item or data enquiries from buyers.
13. Verticals – Verticals in outsourcing is the service provided by a third party or a BPO which is focused on one product line. Vertical organisations enjoy a reasonable upper hand over their partners, taking everything into account. What’s more, since the primary target of such a practice is to build an organisation’s efficiency and lower costs, re-appropriating practices don’t adversely affect the client organisation’s productivity and profitability.
14. Horizontals – Horizontals in outsourcing where the service is distributed among various product lines. This practice alludes to a BPO firm giving call centre services to a manufacturing concern or to a product supplier. The principal benefit of this training is that it empowers an organisation to diminish costs related to call centre operations, and simultaneously, it takes into consideration further developed relations between the contact place and the producer or provider of the item. Even rethinking likewise permits an organisation to work on its presence in the worldwide commercial centre or global marketplace. For example, engineering firms, consumer product manufacturers, and pharmaceutical companies.
15. Captive BPO Units – In captive business process outsourcing (BPO), otherwise called captive service, an organisation conveys its business not to another organisation, but rather to an owned auxiliary or owned subsidiary. The subsidiary is wholly owned and might be positioned locally or in another district or country. The benefits the organisations see while utilising captive BPO is that, while the business is outsourcing, they actually have unlimited authority and complete control over all the data, production network, and supply chain.
16. Sweat Shopping – The firms which outsource their work prefer to outsource the work which requires doing skills and does not require thinking skills. It means by working in outsourcing companies, the employees’ competence and intelligence level do not increase. They are asked to do very simple routine work, which reduces their creativity and intellectual development to work beyond this.
We hope that the offered Business Studies Index Terms for Class 11 with respect to Chapter 5: Emerging Modes of Business, will help you.
Related Links:
Business Studies for Class 11 Chapter 1 Nature and Purpose of Business Index Terms
Business Studies for Class 11 Chapter 2 Forms of Business Organisation
Business Studies for Class 11 Chapter 3 Public, Private, and Global Enterprise
Business Studies for Class 11 Chapter 4 Business Services
Business Studies for Class 11 Chapter 6 Social Responsibility of Business and Business Ethics
Business Studies for Class 11 Chapter 7 Formation of a Company
Business Studies for Class 11 Chapter 8 Sources of Business Finance
Business Studies for Class 11 Chapter 9 MSME and Business Entrepreneurship
Business Studies for Class 11 Chapter 10 Internal Trade
Business Studies for Class 11 Chapter 11 International Trade
