Explain the following term/concept

1) E-business
Ans: The term ‘E-business’ i.e electronic business is derived from the terms of e-mail and e-commerce. E-business or electronic business is the administration of conducting business via the internet. This would include the buying and selling of goods or services, along with providing technical or customer support through the internet.

2) B2B
Ans: B2C transactions have business firms at one end and its customers on the other end. The transactions under B2C are between business firms and consumers. Firms use their sites for a range of marketing activities.

3) B2C
Ans: B2C transactions have business firms at one end and its customers on the other end. The transactions under B2C are between business firms and consumers. Firms use their sites for a range of marketing activities.

4) C2C
Ans: Consumer to consumer (C2C) involves the electronically facilitated transactions between consumers through some third party. Common consumers post an item for sale and other consumers bid to purchase it. The sites are only intermediaries, just to match the consumers.

5) Outsourcing
Ans: Outsourcing is the process of contracting some business functions to specialized agencies. The company benefits in two ways.
It reduces its own cost
It uses the expertise of the firm which specializes in a particular kind of service.

6) BPO
Ans: BPO is a subset of outsourcing that involves the contracting of the operations and responsibilities of a specific business process to a third-party service provider. BPO refers to the outsourcing of peripheral activities of the organization to an external organization to minimize cost and increase efficiency.

7) LPO
Ans: LPO is a type of KPO that is specific to legal services, ranging from drafting legal documents, performing legal research to offering advice. LPO refers to the practice of a law firm or corporation obtaining legal support services from an outside law firm or legal support services company. LPO is a high-end industry that has been growing rapidly in recent years.

8) KPO
Ans: KPO is the sub-segment of BPO, in which the outsource service provider is hired not only for its capacity to perform a particular business process or function but also to provide expertise around it. KPO is a form of outsourcing, in which knowledge-related and information-related work is carried out by workers in a different company or by a subsidiary of the same organization. Which may be in the same country or in an off share location to save cost.