What do you mean by Emerging Modes of Business in Class 11? Syllabus. Business Studies as a subject provides a way of perceiving and interacting with the business ecosystem. Cashless Payment - E-Commerce allows the use of electronic payment. For instance, it could be through net banking, credit or debit cards, digital cash, cash on delivery or it could be through the method of writing a cheque. The notes will give the students a clear picture of the scope, benefits, limitations, and various factors that give rise to a different mode of business behaviour. High, because various costs has to be incurred in terms of rent payment etc. E stands for Electronic therefore it actually means Electronic Business. (I)ease of formation and lower investment requirements: (ii)Incongruence between order taking/giving and order fulfillment speed: (iii) Need for technology capability and competence of parties toe-business: (iv) Increased risk due to anonymity and non-traceability of parties: Despite limitations, e-commerce is the way. 2. A "password" must be entered among the numerous details since the areas relating to an individuals "account" and "shopping basket" are password protected. The amount owed by the cardholder to the online seller is assumed by the card issuing bank, which then transfers the transaction's amount to the seller's credit. One can presample books, journals etc. Similarly, is it ethical to outsource the work to countries where there exists wage-discrimination on the basis of sex of the worker? Vertical/ tall due to hierarchy or chain of command. The amount owed by the cardholder to the online seller is assumed by the card issuing bank, which then transfers the transaction's amount to the seller's credit. You are aware of the benefits of division of labour and specialization. One of the advantages of e-commerce is that it is easy to scale the business. It is cost-effective and enhances the performance of the business. Therefore, you can expand rapidly as the same amount of investible funds result in creation of a large number of businesses. The Living World Class 11 Notes NCO Sample Papers 2023 for Class 2 to 12 Download PDF, CGBSE Class 11 Question Bank 2023 Chhattisgarh Board 11th Topic Wise Practice Questions, CGBSE Class 11 Question Bank Accountancy () Topic Wise Practice Questions, CGBSE Class 11 Question Bank Biology () Topic Wise Practice Questions. One, they excel themselves in the activities that they can do the best by virtue of limited focus. Huge Technological Cost 11. If you are drop shipping, you can easily increase the budget of your ad campaign without worrying much about keeping up with the demand. Ans. Security The biggest drawback of e-commerce is the issue of security. This may cause resentment back in the home country (i.e., the country from which the job is being sourced out) particularly if the home country is suffering from the problem of unemployment. Uttar Pradesh 201301, Devonshire House, 60 Goswell Road, What is E-commerce? CBSE Class 11 students referring to these Business Studies Chapter 5 Notes benefitted in multiple ways. About 70 per cent of the BPO industrys revenue comesfrom call-centers, 20 per cent fromhigh-volume, low-value data work and the remaining 10 per cent from higher-value information work. client / server risk. Revision Notes for Class 11 Business Studies, Chapter 2 - Forms of Business Organisation, Chapter 3 - Private, Public and Global Enterprises, Chapter 6 - Social Responsibilities of Business and Business Ethics, CBSE Previous Year Question Paper for Class 10, CBSE Previous Year Question Paper for Class 12. Disadvantage 1. : Activities that are not distinguishable can be outsourced, whereas unique activities cannot. The E-banking mode of transaction is considered by most people today because of its 24x7 availability. Hopefully, through this blog, we have successfully provided you with comprehensive knowledge of Emerging Modes of Business. Madhav took a fire insurance policy of 20 lakh for his factory at an annual payment of 24,000. You can add products to the shopping cart by dragging and dropping them. Solve the High Order Thinking Skills (HOTS) questions, this will improve your logical knowledge of the concept. Think of a shoe company that, in order to cut costs, outsources manufacturing to a developing country where they use child labour/women in the factories. In addition to selling finished goods that companies can resell or use for their operations, B2B enterprises will offer parts, materials and even services that businesses need. On average, 4 out of 5 top 500 companies in the world outsource their operations to India. This simple definition leads one to the salient features of the concept that are not peculiar to an industry/business or country, but have become a global phenomenon. Here, both the parties involved in e-commerce transactions are business firms, and, hence the name B2B, i.e., business-to-business. If outsourcing involves complete processes/products, there is a further risk of the outsourcing partner starting up a competitive business. 13) No geographical limitations A physical store is located in a particular place and in most cases the people who live nearby come and visit it. This may cause resentment back in the home country if the home country is suffering from the problem of unemployment. Anyone can avail of E-banking services on their mobile phones or other devices. E-business is one of the biggest examples of how the business world has evolved in modern times. Solve all the questions and answers given at the back of each chapter. Disadvantages of E-Commerce. What are the opportunities & benefits offered by e-business to the customers. Security The biggest drawback of e-commerce is the security of business information. CBSE CBSE (Arts) Class 11. Efforts are on to overcome the digital divide, for example, by resorting to such strategies as setting up of community telecentres in villages and rural areas in India with the involvement of government agencies, NGOs and international institutions. Lack of Privacy 3. (i) Registration Before on-line shopping one has to register with the on-line vendor by filling up a registration form. Class 11 Business Studies syllabus is closely related to trade and commerce. Some B2B advantages include larger orders and more security during the sales process, while B2B disadvantages involve the limitations of excluding individual consumers . Ans. Here we are referring you some other blogs to read: Nature And Purpose of Business Class 11 Notes Our team will review it before it's shown to our readers. Security. High start up cost:-. The following are the disadvantages of E-Commerce for a consumer. E-Commerce businesses enable business firms to reach out to customers all over the world who have access to the internet. 5. But think for a moment if the power goes into the wrong hands. The class 11 Business Studies exam is for a total of 100 marks, 80 marks are for the theory and the remaining 20 for the project. Cryptography can be used for this. Data may be intercepted in the course of transmission. The other way of looking at the scope of e-business is to examine it in terms of people or parties involved in electronic transactions. If you wish to get more case study questions and other study material, download the myCBSEguide app now. e.g., estimating the finance required, how and when to issue shares, debentures. In this mode of banking, the transaction is done through online platforms. Sourcing of supplies of materials and components in a paper less fashion. Ans. Strong security is required in e-commerce as all transactions are through internet. Payment for purchases made through online shopping may be made in the following ways: Another important topic in class 11 emerging modes of business is e-commerce or electronic commerce that refers to the process of trading over the internet and encompasses diverse concepts like online shopping, digital banking, online ticket booking, social networking, etc. Internet comes in as the fourth channel which is free from most of the problems referred to above. Identify any two values which are overlooked by Tarasha. Limitations of e - commerce :-. You get the idea. It meansVitalInformationunderSiege. A single textbook has been published by NCERT for Class 11 Business studies. Information can be transmitted by post too, but this again is quite a time consuming and expensive process. Technical Limitations 10. On-line opens up the whole world as one shop. identify the type of business highlighted in the above case. Failure is success if you learn from it. Before online shopping, one has to register with the online vendor by filling-up a registration form. (c) There is a need for technology capability and competance of parties and e-Business. This incongruence may play on the patience of the customers. Businesses delegate the work of creating and implementing advertising campaigns to an outsourcing agency. Data in the systems and on the way is vulnerable to a variety of threats. Business process cycle is therefore shorter. Limitation of E-Business Lack of Personal Touch: Unlike traditional business, you cannot touch and feel the product. So it lacks the warmth of an interpersonal relationship which is important for many brands and products. This may be regarded as , Seller does not get the payment for the goods supplied whereas the customer claims that the payment was made. Even the government departments and regulatory authorities are increasingly moving in this direction whereby they allow electronic filing of returns and reports. (iii) Payment Mechanism In an on-line purchase payment is made through, (a) Cash on delivery(b) Through cheque(c) Net banking transfer(d) Credit or debit card(e) Digital cash, 6. Additionally, hackers have an easier time obtaining ones financial information. A major disadvantage of e-commerce is putting a stop to buying capabilities because of a site crash. As a result, you can grow quickly because the same quantity of investible funds creates a big number of firms. In order to reduce the annual premium, he did not disclose that highly explosive chemicals are being manufactured in his factory. (I) Transaction risks:Online transactions are vulnerable to the following types of transaction risks: Thus, in e-business risk may arise for the seller or the buyer on account of default on order taking/giving, delivery as well as payment. These can be solved by the application of the theory or principle that is highlighted in the provided text. Less, because a lot of legal formalities have to be done. Doing it via electronic mode suufers serious limiations. It was decided that the questions would be based on real-life scenarios encountered by the students.CBSE not only changed the way case-based questions were formulated but also incremented their weightage in the Business Studies question paper. Contact Us | Security has been a concern since its inception and is considered a major disadvantage of e-commerce. Purchase for goods and services online as well as other important business functions are all part of E-business. Apart from the traditional 3Rs (Reading, Writing, and Arithmetic), e-business requires a fairly high degree of familiarity of the parties with the world of computers. This enables the company to focus better on its core business and improve the bottom line. Around 80% of e- commerce transactions are of this type. The insurance company acquired the burning material and approved his claim. Only those with a secret key may decipher (or decrypt) the message into 'plaintext.'. As a result, businesses choose to outsource these services to outside organizations that specialize in these activities. Before appearing in the main examination, candidates must try mock test as it helps the students learn from their mistakes. It is a must for the students to read the passage in depth before attempting the questions. It is largely due to use of intra-B commerce that today it has become possible forthe firms to go in for flexible manufacturing. virus risk. 1. In addition, the transaction costs are effectively lower. (i) B2B Commerce. Although e-commerce may have changed the way we shopped, it comes with a few limitations for both the sellers as well as the customers. The limitations of e-business according to emerging modes of business are: Lack of Trust: The disadvantage of e-business is it lacks direct communication between the seller and the buyer. The term "digital divide" refers to the separation of society based on one's familiarity or lack thereof with digital technologies. The biggest drawback of e-commerce is the security of business information. 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Simultaneous (concurrence) different processes take place at a time. Limitations of Statistics: 1. As already noted, much of the buying or selling involves exchange of information that internet allows at the click of a mouse. The entire Business Studies course is divided into 2 parts: The class 11 Business Studies exam is for a total of 100 marks, 80 marks are for the theory and the remaining 20 for the project. Though, many a times, the termse-business and e-commerce are used interchangeably, yet more precise definitions would distinguish between the two. At times, due to technical reasons, web sites take unusually long time to open. With the revision material, students can revise in a capsulated manner and thus revision can be done smartly. So, the firms that go in for outsourcing look for the 'doing' skills rather than development of the 'thinking' skills. Business activities comprise of Industries, Commerce arid Trade. Freshwater, Sydney, NSW 2096, Even if you may like to have a stake in the business of your outsourcing partners, you profit from not only the low-cost and better quality services provided by them to you but also by virtue of a share in the profit from the overall business they do. Security 2. Students are advised to check with the suggested tips which will help them in securing good marks in their business studies CBSE Class 11 exam. Although, what comes to ones mind instantaneously is online shopping, it must be appreciated that selling is the outcome of the marketing process. are examples of well-known websites used to conduct business. These transactions may involve. The limitations of e-business according to emerging modes of business are: Lack of Trust: The disadvantage of e-business is it lacks direct communication between the seller and the buyer. Candidates can also check out the Key Points, Important Questions & Practice Papers for various Subjects for Class 11 in both Hindi and English language form the link below. More Opportunities For "Selling.": , IT Based Non IT based, , Customer facing Backend Customer facing Backend, , Voice based Non voice Non core Core Marketing Manufacturing Research, , In bound HR Banking, Outbound Administration Insurance. There are many reasons to support this argument. Think of a large multinational corporation that deals in diverse products and markets them to a large number of countries. The holders of credit cards can enjoy making purchases on credit. Case-based questions have always been an integral part of the Business Studies question paper for many years in the past. Which principle is violated in the case of Rahul? Such characteristics will always be absent from an e-business paradigm. 0. Most of the questions are based on the exercises from the NCERT textbook. During the policy, a fire takes place in his godown and he does not take any preventive steps like throwing water and calling the employees from the fire fighting department to control the fire. Class 11 Oscillations Notes Back home, the company cannot do so due to stringent laws forbidding use of child labour. Class 11 Private, Public and Global Enterprises The case studies have always been considered to be challenging for the students, for such questions demand the application of their knowledge of the fundamental business concepts and principles. Save my name, email, and website in this browser for the next time I comment. Net-banking Transfer: Modern banks provide to their customers the facility of electronic transfer of funds over the Internet using Immediate Payment Service (IMPS), NEFT and RTGS. Only those who possess a secret key can decipher (or decrypt) the message into plaintext. The American Institute of Certified Public . Measurable Activity: You can't outsource something you can't quantify. the questions would be based on real-life scenarios encountered by the students.CBSE not only changed the way case-based questions were formulated but also incremented their weightage in the Business Studies question paper. Technology Capability and Competency of E-business Participants are Required: E-business necessitates a high level of computer literacy among the parties involved. 2. What are the features of E-business in Class 11? Theory: 80 Marks Time: 3 Hours Project: 20 Marks. Scope of Business on the Basis of Parties : B2B, which is an abbreviation for business-to-business refers to a company's interactions with other companies. One of the benefits of e-commerce stores is that it is not bound by geographical boundaries. It refers to the process of encrypting data and transforming it to cyphertext, an unreadable format. What are the three stages of online transactions? Limitations of GDP as the measure of Economic Welfare. Technically and professionally qualified personnel needed. Online shopping is the future of the retail market. For the sake of the candidates we are providing Class 11 Mock Test / Practice links below. Low as a result of reliance on a network of relationships rather than ownership of resources. The benefits of internet technology accrue to big or small business alike. Scope of e-business. Here are some tips which will help the student to solve the case-based questions at ease: In order to excel in the Business Studies class 11 exam, one needs to ignore the shortcut techniques and get to read the NCERT textbook rigorously. Viewed from this perspective, a firms electronic transactions and networks can be visualized as extending into three directions viz., (I) B2B which is a firms interactions with other businesses,(ii) B2C i.e., a firms interactions with its customers and (iii) intra-B or a firms internal processes. Security of e-transactions and online transactions. This may be referred to as . Allowing direct vertical, horizontal and diagnostic communication instantaneously. After realisation, product delivery may be attempted. But do remember that its corollary, C2B commerce is very much a reality which provides the consumers with the freedom of shopping-at-will. The reason behind this is that there are numerous advantages of e-business which are as follows. Hence, as per the 5th chapter of business studies, the emerging modes of business are e-business, e-commerce, and outsourcing. This can be thought of as "default on delivery.". Operationally, one may visualize three stages involved in online transactions. Go through the NCERT textbook in depth. 2. Limitations of e-Business (I) Low personal touch : High-tech it may be, e-business, however, lacks warmth of interpersonal interactions. All the modes have their own features and advantages, let us study them in detail. Now, e-commerce is the interaction that takes place between business firms and their customers and also suppliers over the internet. Limitations of e-Commerce By Dinesh Thakur Limitations of ecommerce: 1. What are the two applications of e-business? There is no kind of interaction between the buyer and the seller. Unlike traditional business, you cannot touch and feel the product. Below we provided the Notes of Class 11 Business Studies for topic Emerging Modes of Business. Why is e-banking referred to as the emerging mode of business? 2.9 Economics of E-Marketplaces 0. A formal agreement with a particular agency is required for most companies to outsource security, sanitation, household, and other services. This happens due to the economies of large scale accruing to the outsourcing partners as they deliver the same service to a number of organizations. 100 crores) global outsourcing share in the informatics sector. After all, every game has a winner and a loser. It has various benefits and limitations. Perhaps, they were reluctant to experiment with something new but now a lot more clarity is there that has made the question paper quite student-friendly. E-commerce works through internet, it is possible that navigation on internet itself may be slow.

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