Commerce Exam > Commerce Notes > Business Studies (BST) Class 11 > HOTS Questions: Emerging Modes of Business
HOTS Questions: Emerging Modes of Business | Business Studies (BST) Class 11 - Commerce PDF Download
Q1: ‘Outsourcing results in cost reduction’. How? Explain with an example.
Ans. Due to global competition, not only a firm needs to ensure global quality but also global competitive pricing. For this, the company needs to reduce its cost of operation by contracting out the work to specialists who are cost-efficient.
Q2: Mr. X placed an online order with Mr. Y, a vendor of a vacuum cleaner but even after ten days the product was not delivered. On inquiry, he comes to know that it was delivered to the wrong address. Identify the risk involved in it and briefly explain other such possible risks.
Ans.
- The seller may deny that the customer ever placed the order or the customer may deny that he ever placed the order. It is called “Default on Order taking/ Giving”.
- Goods may be delivered at the wrong address or wrong goods may be delivered which is referred to as “Default on Delivery”.
- The seller may claim/complain that he didn’t receive payment while the customer may claim that payment was over. This is referred to as “Default on Payment”.
Q3: Your friend is of the opinion that ‘Traditional business involves handling and carrying more cash by both buyers and sellers which was highly risky but online payment mechanism is safer’. Is he correct? Explain any four such online payment mechanisms.
Ans. a. Cash on Delivery(COD) Pay cash at the time of physical delivery of goods
b. Cheque Vendor arranges the pick up of the buyer’s cheque(s) – Upon realization, the delivery is made
c. Net-Banking Transfer Electronic transfer of funds from the buyer to the seller, after which the seller makes the delivery
d. Credit/Debit Cards These are also called ‘Plastic Money’, the buyer enters the respective card’s details and the transaction is made. Credit cards allow the buyer to make purchases on credit, whereas Debit cards make use of the buyer’s existing money.
e. Digital Cash This form of currency exists only in cyberspace. The buyer deposits money into the Digital Cash account and this money is utilized for making purchases online.
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FAQs on HOTS Questions: Emerging Modes of Business - Business Studies (BST) Class 11 - Commerce
| 1. What are the emerging modes of business commerce? |  |
Ans. The emerging modes of business commerce refer to the new and innovative ways in which businesses are conducting their operations and transactions. These include e-commerce, mobile commerce, social commerce, and omni-channel commerce.
| 2. How does e-commerce revolutionize the way businesses operate? | |
Ans. E-commerce revolutionizes the way businesses operate by allowing them to sell products and services online. This eliminates the need for physical stores, reduces overhead costs, and expands the customer reach globally. It also provides convenience for customers to shop anytime and anywhere.
| 3. What is mobile commerce and how does it benefit businesses? | |
Ans. Mobile commerce, also known as m-commerce, refers to conducting transactions using mobile devices such as smartphones and tablets. It benefits businesses by providing them with a new channel to reach customers, increase sales, and enhance customer experience through mobile apps and optimized websites.
| 4. How does social commerce impact businesses? | |
Ans. Social commerce involves using social media platforms to promote and sell products and services. It impacts businesses by allowing them to tap into a large user base, engage with customers directly, and leverage user-generated content and recommendations to drive sales. It also facilitates targeted advertising and personalized marketing.
| 5. What is omni-channel commerce and why is it important for businesses? | |
Ans. Omni-channel commerce refers to providing a seamless and integrated shopping experience across multiple channels such as online, mobile, and physical stores. It is important for businesses as it allows them to cater to the preferences of modern consumers who expect convenience, consistency, and personalized interactions throughout their shopping journey. It helps businesses to stay competitive and build customer loyalty.
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Dec 25, 2024 Last updated |
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