The following terms may be new to you:
- MRO inputs:Maintenance, Repair and Operating products and services; examples include human resources and capital equipment.
- B2B: A primary Business model where the buyer and seller are both businesses. This would be the case for a wholesale stationer selling stock to retail outlets.
- B2C: A primary two-business model where the seller is a business and the buyer is a consumer or individual such as with a bookstore that sells books to the public.
- Hub: A business that connects multiple buyers and sellers together electronically.
- Vertical hub: Source manufacturing inputs such as raw materials, components or sub-assemblies for manufacturers within a specific domain; tend to be industry sector specific in their content and relationships.
- Catalog hub: These place industry specific catalogs online from either a buyer or seller perspective.
- Exchange hub: Matches buyers in an industry with a supplier, by facilitating a temporary relationship between the buyer and seller based on supply and demand.
- Horizontal hub: Automate a business function or procedure across domains; are also known as Functional hubs.
- eProcurement hub: Are similar to catalog hubs but are not industry specific; also known as MRO hubs.
- Yield manager hub: Source operational inputs such as advertising, human resources, logistics and utilities, and work best where the demand and prices are more volatile and the goods or services are specialized.
- eTailers: A retailer that uses the Internet as a medium for selling products.
- Vortal: Specialized portal that is based on an area of interest or service which is industry specific.
- Specialized portal: Also known as a Vortal, is based on an area of interest or service that is industry specific.
- Component: A module, object or program that performs a specific function, and is designed to easily integrate with other components.
In the next module, we will discuss how to make your business an eBusiness.