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Standards Without standards, the welding of different payment users in different networks and different systems is impossible. Standards en at interoperability, giving users the ability to buy and receive information, regardless of which bank is managing their money. None of these hurdles are insurmountable. Most will be jumped within t next few years. These technical problems, experts hope, will be solved as technology is improved and experience is gained. The biggest question concern how customers will take to a paperless world. Q2. Discuss the working concepts of EDI? Answer: Working concepts of EDI discuss the step by step process: Preparation of electronic documents: The first step in any sequence of Electronic Data Interchange is the collection and organization of data by ABCs internal application systems. Instead of printing out purchase orders,ABCs system builds an electronic file of purchase orders. Outbound translation: The electronic file is then translated into a standard format. The result is a data file that contains a series of structured transactions related to the purchase orders. ABCs EDI translation software will produce a separate file for each manufacturer. Communication ABCs computer automatically makes a connection with its Value Added Network, and transmits all the files that have been prepared. Each file is processed by the VAN and is routed to the appropriate electronic mailbox for each manufacturer. Several manufacturers do not subscribe to the ABCs VAN, so files are automatically routed to the appropriate network service. Inbound translation The manufacturers retrieve the files from their electronic mailboxes at their convenience, and reverse the process that ABC went through, translating the file from the standard format into the specific format required by the manufacturer's application software. Processing electronic documents Each manufacturer will process the purchase orders received in their internal application systems. In the example, we saw the EDI process between a supplier and its vendors. The process will be similar in a wide variety of other business relationships, whether for goods or services. Now let us take a more detailed look at these steps, to get a better idea of the range of possibilities and situations where EDI can be submitted.
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Preparation of electronic documents The most demanding part of implementing EDI in any business is preparing the electronic documents. There are a number of different methods to generate electronic documents as there are many different numbers of businesses and applications. Some methods of generating electronic documents are: Transcribing data Data from printed reports is manually entered into a small computer based software package buyers. Most small businesses need to communicate information electronically to their customers or vendors, but they do not have the computing resources to automatically generate information. A computer might be the only computing resource. In this case, a relatively inexpensive "off-the-shelf" EDI software packages can be used. This requires only a modem and a computer. Most of these products include options to allow users to generate entry forms, permitting them to enter information via the keyboard. Reformatting existing computer based data Database products or spread sheets are commonly used by small businesses. These data processing tools can be used to export data for EDI transactions. It is also possible with inexpensive commercially available computer software to read electronic report files from other applications and re-format them into data files that can be used by EDIpackages. Updating existing applications Companies that have active application systems can consider having the applications enhanced to generate output in a format that could be easily translated. Custom software development is required for this approach. The enhancement of the existing software depends on the extent of the existing software portfolio. Generation of purchase order data is done by making use of a program to read existing files from a purchasing system and extracting the necessary information. The existing software can be modified to create new output files. Purchasing software If a company wants to purchase software that ensures that it will meet their EDIrequirements then it should be predetermined as an evaluation requirement. Many software vendors include such capability in packages of basic software. If the capabilities are not included, then the vendor can also provide the additional functionality at a cost that will be less expensive than in-house modifications. From the above discussion, we can arrive at a conclusion that participation in EDI trading partnerships can be accomplished by any business. It does not require a heavy investment in computing resources, and a sophisticated portfolio of business applications software to begin using EDI. If a company has already developed its business applications, the capabilities of that existing software can be enhanced to provide even more benefits. Outbound translation EDI can be simply defined as electronic exchange of data in a mutually agreed-upon format. There are numerous application software packages creating purchase orders, all constructed for specific needs
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Q3. What are the four Ps of marketing? Explain how it is applied to internet marketing The Four Ps applied to internet marketing
The four Ps - Product, Price, Place and Promotion are widely used to divide marketing. Let us now discuss the four Ps in terms of e-marketing in order to understand the full significance of the internet in marketing. Product: Various factors have to be thought upon by online marketers with respect to the products they sell. The most obvious fact is that in e-marketing the customers cannot see or touch products in the same way they can when they visit a store or showroom. That is the reason why products such as books, CDs, and computer goods have traditionally fared better than food and clothes. The integration of products with useful content is another significant factor which needs to be considered. Internet experts term this consideration as information product, which aims at increased product value by offering relevant and exclusive information. Price: The internet has helped towards lowering of prices for certain products. The chances for comparative shopping have been increased by the internet. Some online- markets like www.priceline.com allow customers to set their own prices. Lower prices are a way of encouraging customers to make their first online purchase as it involves minimal risk on the part of internet users.
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