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Information and Communication Technology (ICT) has affected international trade - Leaving Cert Business - Question C - 2017
Question C
Information and Communication Technology (ICT) has affected international trade. Outline the developments in ICT that have made it easier for Irish businesses to tr... show full transcript
Worked Solution & Example Answer:Information and Communication Technology (ICT) has affected international trade - Leaving Cert Business - Question C - 2017
Step 1
High speed Broadband/Wi-Fi/5G
Answer
Continuous advancements in technology have resulted in high-speed communication across the world. Irish businesses can efficiently communicate with customers, suppliers, and service providers at the touch of a button. This has reduced costs for businesses and provided them greater access to customers worldwide. Improved internet access and the facilitation of video conferencing and e-commerce, especially during the Covid crisis, are vital developments.
Step 2
E-commerce/Online selling/ Increased Sales
Answer
E-commerce refers to the online selling of goods and services. Utilizing the internet as a sales tool, Irish businesses have reduced reliance on traditional retail methods to reach customers. This method allows businesses to increase sales and profit margins, especially during times when they have to pivot to online platforms, such as during the Covid pandemic.
Step 3
Video Conferencing / Costs are lowered
Answer
Video conferencing technology enables Irish businesses to hold virtual meetings, cutting down on travel costs and utilizing manpower efficiently. Such developments have resulted in reduced costs while maintaining effective communication with stakeholders and clients.
Step 4
Market Research/Data Analytics/ Decision Making is Improved
Answer
Businesses can now leverage the internet to research markets, competitors, and suppliers efficiently, which in turn helps them make faster and more informed decisions using various tools. This improvement leads to cost savings and better profit margins.
Step 5
Social Media/Digital Marketing/Promotion Tool
Answer
ICT advancements have revolutionized how businesses promote themselves and interact with customers. Platforms like Facebook and Instagram allow Irish businesses to maintain connection with their customers 24/7, enabling tailored advertising strategies that cultivate customer loyalty.
Step 6