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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 globe.
Irish businesses can now communicate seamlessly with customers, suppliers, and service providers at the touch of a button. This has significantly reduced costs for businesses while granting them greater access to customers worldwide.
Additionally, the improvement in internet access and speeds has facilitated online conferencing and commerce, which has become vital during the Covid-19 crisis.
Step 2
E-commerce/Online selling/ Increased Sales
Answer
E-commerce refers to businesses selling goods and services online.
By using the internet as a sales tool, Irish businesses no longer need to rely on traditional retail methods to reach customers. Selling online allows even the smallest businesses to increase their sales and profit margins as they can sell across the globe, opening up new opportunities.
Step 3
Video Conferencing / Costs are lowered
Answer
The advent of video conferencing technology has enabled Irish businesses to hold meetings virtually, which reduces travel costs and boosts efficiency. This method minimizes the manpower required to sell products, greatly reducing the cost of employing staff.
Step 4
Market Research / Databases / Data Analytics / Decision making is improved
Answer
The internet provides businesses with the tools to research markets, competitors, and suppliers quickly. With this information, they can make better and faster decisions by leveraging various data sources, leading to improved decision-making, cost savings, and increased profits.
Step 5
Social Media / Digital Marketing / Promotion Tool
Answer
Developments in ICT have revolutionized how businesses market themselves and interact with customers.
Platforms such as Facebook, Instagram, and Snapchat keep Irish businesses connected to customers around the clock, allowing them to tailor their advertising and develop customer loyalty.
Step 6