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    E-Commerce and E-Business: Models, Technology, and Opportunity

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    1. What is e-commerce? How does it differ from e-business? Where does it intersect with e-business?

    2. What are the eight key components of an effective business model?

    3. What are some of the unique features of e-commerce technology?

    4. What are three benefits of universal standards?

    5. How are e-commerce technologies similar to or different from other technologies that have changed commerce in the past?

    6. What is a business model? How does it differ from a business plan?

    7. What is the difference between a market opportunity and a market space?

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    Solution Preview

    1. E-commerce and e-business are both the same in the fact that the e-stands for and means electronic networks which explains the use of Internet or other electronic network technology in their business processes. E-commerce caters to selling products and services to customers, and which includes people such as suppliers, partners, and departments like sales, marketing, customer service, purchasing. Its main goal is to keep up with competition by creating new business models and find other ways to earn revenue otherwise they will lose it to competitors. E-business is a broader term as it not only includes e-commerce but it also covers processes such as management in inventory, risk, knowledge, human resources, production and product development, and finance. Since e-business is more focused on internal processes, it is more complex and aimed at minimizing costs while improving productivity and efficiency.

    2. According to Jiramot.info, the following are the 8 key elements of a business model:
    a) Value Proposition justifies why customer should buy from you.
    b) Revenue Model is a business plan on how the company will earn revenue and generate profits to their maximum ability.
    c) Market Opportunity is the type/kind of market and its size.
    d) Competitive Environment are prospective competitors/rivals in the industry.
    e) Competitive Advantage is your firm's 'edge' or advantage over the other firms.
    f) Market Strategy is a plan on how to market and promote the products or services to the target ...

    Solution Summary

    This response provides the definition, comparison, explanation of the following:
    - E-Commerce and E-Business
    - Business Models and Business Plans
    - Market Opportunity and Market Space
    - The 8 Key Elements of a Business Model
    - Unique Features of E-Commerce Technology
    - Benefits of Universal Standards
    - How E-Commerce Technologies Have Changed Commerce