Between the years. Virgin Atlantic Airlines — B2C business, D2C delivery. Manufacturing materials, clothing, car parts and semiconductors are B2B examples. Buyers have multiple options for paying such as credit card, PayPal, or bank debits that buyers and sellers can link to. , Describe the three business models for business-to-business (B2B) electronic commerce. There are 6 types of eCommerce business models: B2C: Business-to-Consumer. The distinct pros of C2C eCommerce for buyers help ensure a high level of satisfaction with their purchases. #4 ShopifyB2C: Business-to-Consumer eCommerce. C2B (Consumer-to-Business) The consumer-to-business model allows individuals to offer their products or services to businesses. A customer-to-customer business model helps to. Consumer-to-Consumer (C2C) Commerce. encryption E. Sampai di sini dapat diketahui, C2C adalah jenis model bisnis melalui penyatuan dari teknologi e-commerce dan prinsip ekonomi berbagi ( sharing economy ). And we'll likely see even more B2C brands migrate to marketplaces in the future. Business-to-Business (B2B)- Exchange of commodities between companies. It offers a wide range of goods and services, from electronics to clothing. Example: (2013, October 1). Regional outlook of e-commerce sector. The Chinese online retail market is right around 40% bigger than the US, and together these business sectors represent over 55% of worldwide e-commerce. The purpose of the C2C business model is to. C2B stands for Consumer-to-Business, and is used to describe a business model where consumers deliver value to a business rather than vice-versa as in a B2C (Business-to-Consumer) model. Advertising-based B2C online business model. Business-to-Business (B2B) Commerce. Egypt ECommerce Market Analysis. For instance, Amazon is an excellent example of B2C ecommerce model as they sell individual goods to individual customers. Founded in California in 1995, today, eBay’s extensive sales connecting 190 markets globally make it a great option for cross-border trade. C2B business models include reverse auctions, in which customers name their price for a product or service they wish to buy, and when a consumer provides a business with a fee-based opportunity to. , IKEA, and Netflix. The C2B model is the reverse of the B2C model, where businesses produce services and products and for consumers. In the B2B model, the transaction happens between two businesses. C2C eCommerce examples include eBay, Amazon. Everything you need to know about selling t-shirts. B2B e-commerce Correct: The Correct Answer is: A. Business-to-Government (B2G) This e-commerce category refers to the selling and exchanging of goods and services from businesses to governments or government agencies, such as the army, police force, hospitals and schools. These sites produce millions of dollars in sales every day. C2C activities are carried out via online. Shuup develops affordable and customizable multivendor ecommerce marketplace solutions for entrepreneurs and businesses. But a. The C2C business model involves consumers trading and exchanging goods with each other mainly in an online environment. E-Commerce Concepts - Differences with Digital Commerce-B2B-B2C& C2C Concepts . E Commerce Models can be broadly categorised into the following three Models: E-commerce Models. Here are some most popular p2p marketplaces: Airbnb, a US-based peer-to-peer marketplace platform that allows hosts to share their places with travelers. By 2020, global retail e. C2C, which stands for consumer-to-consumer, is the exchange of products or services among consumers. Online transactions between two private end users to sell or purchase goods are known as consumer-to-consumer or C2C e-commerce. C2A: Consumer-to-Administration. For instance, online auction, peer-to-peer system for money or file exchange can be classified as forms of C2C e-commerce. Millions of manufacturers work with online marketplaces that not only sell their products. Selling products and services directly to individual consumers via the Internet best describes: A) B2B e-commerce. All e-commerce activities can be divided into B2B, B2C, C2B, and C2C. Examples of online travel agencies include Expedia and Travelocity. Fee-Based Business Models. G2C E-commerce Model. Early forms of C2C business took the form of flea markets and garage sales. 6 thousand monthly web visitors. Ebay's website, is a great example of C2C e-commerce because consumers are interested in buying a used product for a cheaper price. Online auctions can be categorized into five main models: C2C, B2C, B2B, B2G, and G2P. Summary. A C2C business can operate via online auctions, e-commerce sites, money-transfer platforms and social media sites. These aren’t just stories of success; they are roadmaps for excellence, guides to navigate the complexities of online commerce, and wellsprings of inspiration for anyone looking to tap into the vast potential of B2B ecommerce. S. The growth of B2C e-Commerce. D) M-commerce. Last updated: Jun 7, 2021 • 3 min read. This allows the consumers to trade with each other. What is B2C E-Commerce? Business-to-consumer e-commerce, commonly known as B2C e-commerce, is the online sale of a product or service from a business to an end-consumer. Given below are a few examples of popular customer to customer e-commerce models. Give examples of B2C, B2B, C2C, and social, mobile, and local e-commerce besides those listed in the chapter materials. Information c. 4 billion by 2022. According to the marketplace model, Amazon, Expedia, and Travelocity are good examples of selling goods and services from businesses to consumers. Ecommerce business sells their products through one of the following four business models such as B2B, B2C, C2B, C2C. Online transactions can streamline communication between governmental organizations and citizens. Consumer to consumer (or citizen-to-citizen) electronic commerce involves the electronically facilitated transactions between consumers through some third party. 38K views Business Model C2C e-commerce differs from a business-to-business model or a business-to-consumer model because consumers interact directly with each other. Nowadays, we mostly use this term when referring to trading goods online. eBay. C2C E-commerce Marketplace Example Ruling Market 1. One of the things that sets eBay apart is its auction-based format. Consumers sell to other consumers with the aid of an online intermediary who takes a cut. eWorldTrade is a leading eCommerce platform that connects buyers and suppliers from all over the world. 4. A good example of a C2C e-commerce website is Esty, a site that allows consumers to buy and sell handmade or vintage items and supplies including art, photography, clothing, jewelry, food, bath and beauty products, quilts, knick-knacks, and toys. B2B – The process where buying and selling of goods and services between businesses is known as Business to Business. The business-to-consumer model is an alternative to the business-to-business. C2C e-commerce is a business model that allows a third party to provide a marketing platform for transactions between customers. Business-to-Business. Study with Quizlet and memorize flashcards containing terms like Describe the six common types of electronic commerce. As a business model, B2B differs significantly from B2C, where businesses sell directly to consumers. Amazon, eBay, Walmart, and other B2C enterprises are well-known examples of companies where individual consumers are the end-users of a product or service. If consumers can sell products and services to businesses online in C2B e-commerce, it’s only a small step to consumers selling. e-Bay, an example of C2c, was founded in 1995 and became one of the most popular Web sites in the world with 2015 net revenue pf $8. Aliexpress, Daraz, sastodeal etc are examples of B2C eCommerce platforms. Lazada supports C2C, B2C, cross-border, and flagship brand sellers. These materials are a part of the transactions between two businesses. eBay is a prominent example of a C2C intermediary. Understanding the different types of e-commerce and how they work can help you to make informed decisions about your e-commerce business. Buying a physical book online and having it delivered to your home. Despite the success of eBay, numerous other online auction sites have either shut down or consolidated with other similar sites. Examples of P2P e-commerce include Bitcoin, BitTorrent, OpenBazaar, and Napster. It is popularly called the customer-to-customer market, where you typically trade products for money with other customers in an online environment. But also product recommendations from consumer to consumer. If you copy a drawing from the Internet and use it in a report, you might be violating the artist's _____. Here are some examples: eBay. Consumer-to-Consumer (C2C) Ecommerce. Some. This B2B eCommerce. Seperti yang kita tahu,. This type of model is less c. A manufacturer runs their own ecommerce store, offering their products in a catalog with rich content on the Corevist Platform (which includes prebuilt SAP integration). Skype. The C2C e-commerce model allows consumers to conduct buying and selling transactions directly with each other, without business intermediation, through digital platforms. It includes fixed-price and auction items and appeals to. Seperti yang kita tahu,. Get inspired and launch your own store. Start a T-Shirt Business. As of 2nd quarter of 2019, Ebay was ranked first as the leading C2C e-commerce site with approximately 863. Examples of this citizen-to-citizen (C2C) interactions adding value to current e-government services or triggering new and innovative ones are increasingly observed worldwide. The transactions occur through a third-party platform. Generally, all peer-to-peer transactions of goods and services carried out online fall into the C2C e-commerce business model. 4. Consumer to Consumer (C2C), where one customer sells the products and services to other customers. Manufacturing materials, clothing, car parts and semiconductors are B2B examples. C2C Guide: Consumer to Consumer Business Model Explained. A B2C business model is one in which a company offers a service or product directly to a customer. E-bay is a highly popular customer to customer e-commerce platform. Here in B2C businesses sell products directly to consumers and the transaction is shorter than B2B transactions. But like ebay China this migration came from overseas profit model competitive, while China C2C market, profit model has not been established. (C2C) E-commerce. Business-to-Consumer (B2C) ecommerce is the exchange of goods or services over the internet between online marketplaces and individual customers. Let’s discuss the types of e-commerce with diagrams and examples so you can understand them better. It can involve competing in an online environment for contracts to provide services to the public on behalf of the. C2B stands for Consumer-to-Business, and is used to describe a business model where consumers deliver value to a business rather than vice-versa as in a B2C (Business-to-Consumer) model. Examples include the Amazon shopping app, the eBay app, and brand-specific apps like the Nike or Adidas apps. A B2B company’s average order value (AOV) is more than seven times that of a B2C company. The consumer-to-business (C2B) e-commerce model allows businesses and consumers to have a mutually beneficial relationship. -----B2B Marketing in Urdu And Hindi. A B2C ecommerce platform, then, is a software solution that enables online retailers to create, manage, and operate an online store that serves end consumers. com, and Lelong. Consumer-to-consumer (C2C) In a C2C business model, consumers trade products, services, information, and more with each other. It allows business and growth opportunities to large scale businesses along with SMEs and individual sellers. This type of commerce came into popular use in the late 1990s with the rise of Amazon. These B2B ecommerce examples can teach us all about how businesses should be run. eBay is an example of: A) C2C e-commerce. 317). The C2C business model is prevalent among e-commerce firms, and enterprises are reaping huge rewards thanks to the rapid growth of technology and marketing. However, we use the term for traditional business procedures too. C2C Ecommerce. 9 billion in 2019, and it is expected to grow to $3. C2C e-commerce: A look at the growing consumer-to-consumer market This multi-billion-dollar (and growing) market is proving that secondhand is by no means second best. As a result, all of the following examples are considered e-commerce: Purchasing and downloading digital music files online. An example of a C2C platform is Etsy, a popular website for selling handmade items. The. Start a business selling in-demand products. C2C is a customer-to-customer business model that facilitates transactions between private consumers. M-commerce is expected to outgrow other models of business in the future. E-commerce is the buying and selling of goods or services via the internet, and the transfer of money and data to complete the sales. The products are sold to them by other. Service-based B2C companies are many and large since it requires a lesser initial investment and easier to scale up accordingly. The transactions occur through a third-party platform. E-Commerce means buying and selling of goods, products, or services over the internet. C2C stands for customer-to-customer; P2P stands for peer-to-peer. Because of this, G2B and B2G interactions are equally important. The customer can choose a product and order the same. C2C e-commerce is a business model that allows a third party to provide a marketing platform for transactions between customers. marketspace. Study with Quizlet and memorize flashcards containing terms like 1. Although the e-commerce website acts as an online platform for other businesses’ products, it also sells its services like Amazon Prime and Amazon Originals. There are six major models for conducting ecommerce today: Business-to-consumer (B2C) Business-to-business (B2B) Business-to-government (B2G) Consumer-to-consumer (C2C) Consumer-to-business (C2B) Consumer-to-government (C2G) Use this. Consumer to consumer marketing, or C2C marketing as it’s better known, is a business model on the rise. led to a spike in consumer-to-business (C2B) companies. In the globalized world, governments who succeeded in digitalizing their. Online stores like Amazon, Flipkart, Shopify, Myntra, Ebay, Quikr, Olx are examples of E-commerce websites. B2C, D2C, and C2C sell directly to the final consumer. An example of this trend is the social shopping. In this business model, e-commerce acts as an intermediary that facilitates. The 6 Main Types of eCommerce Models. B2B eCommerce, or business-to-business eCommerce, is a term used to describe the buying and selling of goods and services between businesses through online channels. e. Which of the following technology is not used to collect the information. C2C, which stands for consumer-to-consumer, is the exchange of products or services among consumers. Data- B. Although many companies have come online in recent years, many lack the expertise to build their own commerce platforms from scratch, hence the popularity of B2B commerce software has grown as more and more legacy businesses come online. Aspect Explanation; Concept Overview: The Consumer-to-Consumer (C2C) Business Model is a type of e-commerce or marketplace model where individual consumers buy and sell products or services directly to and from each other, often facilitated by an online platform. Influencers Marketing. Vivi et Margot is an example of a Wix e-commerce website. Conclusion. C2C e-commerce. Government / Public Administration Ecommerce. has carved its niche as a consumer-to-consumer (C2C) marketplace,. 5 billion. The four types of e-commerce are; 1. S. B2B ecommerce involves transactions between a manufacturer and wholesaler, or a wholesaler and a retailer, through an online sales portal. Today, C2C is primarily an e-commerce business model hosted on platforms that facilitate business transactions between buyers and sellers of goods and services. Alibaba. Knowledge D. eBay. E-commerce is the buying and selling of goods and services over the internet, and it can take many different forms, such as B2B, B2C, C2B, C2C, D2C, and B2G. The. Chocomize. The fashion site Vinted and Spain’s horizontal C2C site wallapop are examples. C2B: Consumer to Business Ecommerce. Government-to-Consumer. Auction sites are perhaps the best example of C2C e-commerce. Given below are a few examples of popular customer to customer e-commerce models. Through C2C e-commerce, consumers are provided with convenient access to a vast array of used accessories, sports equipment, furniture, and clothes, to name a few. Minimal fee structure. Here’s how it works. E-commerce can be broken into four main categories: B2B, B2C, C2B, and C2C. C2C is customer-to-customer, or consumer-to-consumer business model. Sellers can list their products on e-bay and interested buyers auction for it. The term also stands for customer-to-customer. retail market. Consumer to Consumer (C2C) are transactions between consumers. C2C: Consumer-to-Consumer. The wide-ranging scope of e-business can be elucidated through the following four key directions. None of the above- Which of the following entities can be described as useful patterns derived from organized data and information? A. B2B Examples. 2. The business community, and society at-large, have been challenged by the complexities of e-government in meeting the needs in developing countries as well. eBay is an obvious example, as it's been around since 1995 and now boasts millions of users worldwide. C2C e-commerce. Who. Picky Bars: Seamless B2B buying. Online Shopping occurs when a customer buys through a digital platform. But a Facebook page, a Twitter account, an Amazon online store or a modern website can do this. C2A: Consumer-to-Administration. charges monthly fees for access to its premium content. C2C is Consumer to Consumer and it is where users can be both buyer and seller, purchasing products and reselling them to others. B2B2C relationships are extremely common. Continue Reading. A good relationship between the government and local businesses, both large and small, is incredibly important in a thriving economy. There are numerous C2C E-commerce platforms, with some of the most popular including: eBay. E-commerce, or electronic commerce, is the buying and selling of g. Lower Prices – Given that sellers can avoid the costs of intermediaries, the offered products and services can be more affordable for buyers. We bet you guys know this C2C ecommerce website very well. The goal of consumer-to-consumer eCommerce is to allow one party to sell directly to another without having to invest a significant amount of money in the creation and maintenance of an online shop. In fact, B2B is expected to be double the size of B2C by 2020. Consumers sell to other consumers with the aid of an online intermediary who takes a cut. eWorldTrade eWorldTrade is a leading eCommerce platform that connects buyers and. This represents a compound annual growth rate (CAGR) of 16%. B2C and B2B e-commerce include sales by companies such as manufacturers, wholesalers, and retailers. Definition: Consumer to Consumer (C2C) E-Commerce caters directly to the needs and wants of end-users who are consumers. Another ecommerce business model is the C2C model. Examples are the reputation of the vendor, previous purchase experiences, and other institution-based mechanisms used to build trust (Pavlou and. Contoh sederhana dari model bisnis ini adalah marketplace atau e-commerce seperti Bukalapak, Tokopedia, BliBli, Shopee, dan marketplace lainnya. The main issue of buying on C2C e-commerce is the lack of quality control. E-commerce comes in several forms and can be accommodated for many different business models. Airbnb is valued at $30 billion. If you have decided to open an e-commerce store, eBay is the best start and one of the top C2C e-commerce marketplace applications. In this way, businesses can have unrestricted access to their content—for example, Spotify, The Wall Street, Hulu, and Netflix. Here are six common options: 1. By 2020, US e-Commerce sales are projected to hit $794. Both concepts involve consumers or individuals dealing with one another. The end. Some examples are eBay, hamrobazar etc. Example: Oracle, Alibaba and Qualcomm. The website will then send a notification to the business organization via email and the organization will dispatch the product/goods to the customer. Conclusion. From the above examples, China C2C e-commerce market is rapidly expanding. Business To Consumer - B To C: Business to consumer (B2C) is business or transactions conducted directly between a company and consumers who are the end-users of its products or services. Definition and examples. Consumer to Consumer (C2C) are transactions between consumers. that facilitates both C2C and B2B sales through its website. Myth #2: B2B eCommerce can eliminate sales teams. Business to Consumer (B2C) A B2C company sells directly to consumers. We can take the example of Amazon here also as it is similar to B2C. There are many different types of ecommerce business models to. June 5, 2022. Phone: +1 603 594 0249. A website following the B2C business model sells its products directly to a customer. An example would be a job board where consumers place their project requirements, and multiple companies bid to win the project. Value of B2B, B2C, C2B and C2C cross-border payments worldwide from 2016 to 2020, with forecasts for 2021 and 2022 (in trillion U. Sellers can list their products on e-bay and interested buyers auction for it. For example, Tokopedia, one of Indonesia's largest online marketplaces, is a C2C retailer that provides a platform on which entrepreneurs can open small and midsize C2C enterprises for free. Most ecommerce business examples you’ll see below will be of D2C brands. B2B Examples. Two applications of C2C markets are. Auctions and classified advertising are two examples of C2C market implementations. This business model is the complete opposite of B2C e-commerce. ________ - electronic commerce involves consumers selling directly to consumers. There are four different types of e-commerce, or electronic commerce, which is the buying and selling of goods or services through the use of computer technology and internet service. Business to Consumer (B2C) A B2C company sells directly to consumers. Examples of B2B e-commerce vendors are Exxon Mobil and Boeing. Exclusively online retailers include Newegg. If you buy something online from, for example, retail giant Amazon, you are online shopping. C2C e-commerce platforms are online marketplaces where consumers can sell and buy goods or services from each other. 5. For example, a retailer selling both Nike and Adidas shoes. Ecommerce sales happen almost entirely over the internet, apart from the shipping and delivery. The ''C'' represents the consumer, while the ''B'' represents business. Shopify, Myntra, Ebay, Quikr, Olx are examples of E-commerce websites. We generally expect a host of e. Letgo 8. C2C eCommerce Examples EBay is an excellent example where consumers sell items to other consumers online, starting as a true. - C2C marketing has become popular with the arrival of the internet, and customers can buy and sell products through auction sites or classified ads. eBay is an example of: C2C e-commerce: The lowered cost of information storage, processing, and communication, along with the improvement of data quality, has resulted in which unique quality of e-commerce: Information density: Which of the following marketing formats is sales oriented, rather than branding oriented or a mix: Search engineE commerce Models – B2B, B2C, C2C & its Types. Advantages of Electronic Commerce 1. eBay. Category: Online marketplace (C2C & B2C) Monthly traffic: 8. C2C E-commerce is an online platform where customers can buy and sell their products/services to each other. 4) Consumer-to-Consumer (C2C) Under the C2C eCommerce business model, consumers sell to consumers usually through a third-party website or an independent online platform that they created for this purpose. C2C (Consumer-To-Consumer) is a commercial activity between private individuals (consumers). A C2B (or consumer-to-business) website is the opposite of what most of us are accustomed to (business-to-consumer, or B2C) when we log online to make a purchase. Other business models include consumer-to-consumer (C2C) marketplaces, and consumer to business (C2B), where consumers sell content, advertising space, and other assets to businesses. In this model, the consumer may need official documents, information. Ecommerce allows businesses to reach a global market, providing convenience and a wide range of product options for consumers. Online Shopping occurs when a customer buys through a digital platform. B2B (business-to-business): On the Internet, B2B (business-to-business), also known as e-biz , is the exchange of products, services or information (aka e-commerce ) between businesses, rather than between businesses and consumers. has less revenue than C2C e-commerce. now constitutes over 50% of the overall U. . G2B. Also, read about Activity-Based Costing ABC. Birchbox, a beauty subscription service, explains the value they create for customers by focusing on the last one: They start their value proposition by expressing that they get you. Amazon is the biggest and most used online marketplace. eBay is one of the oldest and most well-known C2C ecommerce platforms. C2C is an acronym of the Consumer-to-Consumer business model. It has established itself as one of the most popular eCommerce business model s because it is simple and low-cost, and it allows for the sale of used products such as clothing. In this business model, e-commerce acts as an intermediary that facilitates. Picky Bars: Seamless B2B buying. . Egypt's e-commerce business is primarily driven by rising internet penetration, improved infrastructure, and an increased number of online. Terms in this set (25) Business-to-consumer (B2C) e-commerce in the United States: A) has grown at double-digit rates between 2010 and 2014. M-commerce. OverDrive. 2. Amazon's revenues, for instance, jumped from $15. The king of B2C eCommerce in the Philippines, Lazada has a monthly traffic lead of around 10 million over Shopee. C2C – Consumer-to-Consumer. In this business system, firms gain from customers’ willingness to contribute marketing tips or. The company sells ecommerce hosting to a variety of manufacturers and brands and houses a large stock of products in warehouses around. , 2018; Leonard. M-commerce refers to e-commerce transactions conducted on mobile devices, allowing shopping anytime, anywhere. com, Rentalic. Plans & pricing. Quill. Examples of C2C ecommerce. Written by MasterClass. The. Which of the following is an example of the content provider Internet business model? Which of the following is the largest mobile advertising market?B2C – The process whereby the goods are sold by the business to customer. The consumer-to-consumer (C2C), or peer-to-peer, business model is when a consumer sells a product or service to another consumer. Consumer-to-Consumer (C2C) type e-commerce encompasses all electronic transactions of goods or services conducted between consumers. C2C model is merged with e-commerce technology to provide the service. For example, the comparisonIn C2B ecommerce, the intermediary is the portal, or the medium that is used by both businesses and individuals, and connect the two. B2B involves the trade and exchange of goods, services and information between businesses. In the B2B model, the transaction happens between two businesses. Within our organization we find different e-Commerce solutions aimed at various market sectors, we think and develop them always taking into account their needs and how we. 0% expected in Q2 as shoppers continue to avoid. The most interesting thing about Amazon's marketing is it operates both business consumers (B2C) as well as consumer to consumers (C2C) business model. In this article, Bhawana Tiwari who is currently pursuing Diploma in Entrepreneurship Administration and Business Laws from NUJS, Kolkata, discusses Types of E-Commerce Business in India. g. A. Globally, the new movement is C2C which will be a new way to create a new era. Example: Intel and Dell. E-commerce can be defined as:An example of B2G eCommerce would be if a local government agency places an order directly from an online store for a part to repair a piece of equipment. It is about any product or service aimed at the final consumer. 6 Strategy 3: Provide excellent customer service. For example, the Vinted app was downloaded over 31 million times in 2022. Instead, C2C business is between two consumers, with a third-party company enabling the purchase. At the moment, already the greater part of sales is led by registered. B2B ecommerce involves transactions between a manufacturer and wholesaler, or a wholesaler and a retailer, through an online sales portal. This article has highlighted 5 different e-commerce business models with their advantages and disadvantages. Etsy Wrap Up 1. Another popular example of a C2C e-commerce platform is Craigslist, a website that lets users post classified ads to sell their goods or services. C2C e-commerce websites list include eBay, Etsy, Shopee, and Lazada. This type of e-commerce is a decentralized form of C2C e-commerce, where consumers can exchange goods or services directly with each other without intermediaries or platforms. For example, an individual wants to sell a mobile phone, so. Check out how these ecommerce models and delivery models play out in the real world. 1. Knowledge is power, and therefore, you need to understand the meaning of different terms and concepts such. The C2C meaning. g. E-Bay – E-Bay is arguably one of the foremost and one of the most popular customer to customer e-commerce platforms. B2C ecommerce platforms are the sites (and apps) that cater and sell directly to consumers. Consumer to Consumer (C2C): - Trading between private individuals or consumers, typically in an online environment. Myth #3: Running an online store is cheap and easy. It is possible for the seller to retain more of their earnings since they are. B2G e-commerce is rather insignificant when. Electronic Commerce (e-commerce) is the exchange of information or transactions using any form of electronic communication. 1. Shopping is made easy, with e-commerce. Shuup brings new. In addition, the research focuses on companies, products and services that do not subscribe to e-commerce, and how they can apply the same in conducting business.