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Information and Communication Technology (ICT) has affected international trade - Leaving Cert Business - Question 3C - 2017
Question 3C
Information and Communication Technology (ICT) has affected international trade. Outline the developments in ICT that have made it easier for Irish businesses to tra... show full transcript
Worked Solution & Example Answer:Information and Communication Technology (ICT) has affected international trade - Leaving Cert Business - Question 3C - 2017
Step 1
High speed Broadband/Wi-Fi/5G
Answer
Continuous advancements in technology have resulted in high-speed communication globally. Irish businesses can communicate efficiently with customers, suppliers, and service providers at the click of a button. This connectivity has reduced operational costs, allowing businesses to access a wider customer base around the world. Additionally, improvements in internet access have facilitated video conferencing and e-commerce, which are critical during situations like the Covid-19 crisis.
Step 2
E-commerce/Online selling/ Increased Sales
Answer
E-commerce platforms enable Irish businesses to sell goods and services internationally. By leveraging the internet, companies can directly reach customers without the need for physical retail locations. This flexibility has opened up new sales channels, allowing Irish businesses to capitalize on online marketplaces, especially crucial during the pandemic when traditional retail faced significant challenges.
Step 3
Video Conferencing/ Costs
Answer
The development of video conferencing technology has transformed the way businesses operate. Irish companies can now hold virtual meetings using platforms like Zoom, significantly reducing travel costs. This efficiency leads to better resource management and enables businesses to engage with international clients without the constraints of location.
Step 4
Market Research/Data Analytics/ Decision Making
Answer
Access to the internet allows businesses to conduct market research effectively. Companies can analyze trends, monitor competitors, and make informed decisions using various digital resources. This data-driven approach enhances operational efficiency and ultimately leads to increased sales and profits.
Step 5
Social Media/Digital Marketing/Promotion Tool
Answer
ICT developments have revolutionized the way businesses market themselves. Social media platforms like Facebook, Instagram, and Snapchat connect Irish businesses to their customers 24/7. These channels help maintain customer engagement and loyalty by allowing targeted advertising and interaction.
Step 6