Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Information Management > Chapter 10: E-commerce: Digital markets, Digital goods > Flashcards

Chapter 10: E-commerce: Digital markets, Digital goods Flashcards

1
Q

What are the three key concepts in E-commerce?

A
  1. Local
  2. Social
  3. Mobile
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What sets E-commerce apart?

A
  1. Ubiquitous access
  2. Global reach
  3. Universal (technical) standards
  4. Richness
  5. Interactivity
  6. Information density
  7. Personalization/ customization
  8. Social technology
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Why is E-commerce ubiquitous?

A

E-commerce can be accessed from anywhere because:
1. Creation of a marketspace
3. Reduced transaction costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a marketspace?

A

This is a marketplace not limited by physical boundaries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q
A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is meant by E-commerce having lower universal standards?

A
  1. Lower market entry costs: costs to enter the market
  2. Lower search costs: effort to find suitable products
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is meant with the Richness of E-commerce?

A

There is no trade-off required anymore between richness and reach. E-commerce has both

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is information density?

A

This is the amount and quality of available information.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is price transparency?

A

Ease of finding out market prices

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is cost transparency?

A

Ability to find out a merchant’s actual costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is price discrimination?

A

The ability to charge different classes of people different prices for the same product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is information asymmetry?

A

One party has more information than another in a transaction. In the past, retailers had a big advantage with this, but through the internet it has reduced

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are menu costs?

A

These are the costs for a merchant to change its prices

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is dynamic pricing?

A

This is a technique where the price depends on a customer’s demand characteristics or a seller’s supply chain situation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is disintermediation?

A

This means that a company removes organizations for intermediary steps from its supply chain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is m-commerce?

A

This refers to the use of mobile devices to purchase products online

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are digital goods?

A

Goods that can be delivered over a digital network

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are transaction brokers?

A

These are organizations that process online transaction. Their value proposition is to save money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are content providers?

A

Organizations or people that create content and spread it online

16
Q

What are market creators?

A

These organizations build a digital environment to create markets for goods and services

17
Q

What does it mean to download something?

A

This means transferring a file to user’s device

18
Q

What does streaming mean?

A

This is a flow of continuous content without being stored on a user’s device

19
Q

Name the different E-commerce revenue models

A
  1. Ads (Google, facebook)
  2. Sales based (AMZN)
  3. Subscription (Netflix , PSplus)
  4. Transaction fee (eBay)
  5. Affiliate marketing
20
Q

Name three things online marketing is affected by

A
  1. Native advertising
  2. Long-tail marketing
  3. Behavioral targeting
21
Q

What is long-tail marketing?

A

Internet enables companies to string together sales in distant places as long as the price is high enough

22
Q

What is behavioral targeting?

A

Following clicksteams to discover interests and match ads to them. Can be done from websites/apps (first-party) or advertising networks (third-party)

23
Q

What is native advertising?

A

placing ads in a social network newsfeed.

24
Q

What is social e-commerce?

A

This is a version of e-commerce based on social relationships through social graphs,which map all significant online social relationships

25
Q

What is social listening?

A

understanding what peole say about your brand and from those from your competitor

25
Q

What is the wisdom of crowds?

A

This refers to the principle that a large number of people can make better decisions than a single person

26
Q

What are direct goods?

A

These are goods used in the production process

27
Q
A
28
Q

What are B2B e-commerce marketplaces?

A

These provide marketplaces on the Internet for many buyers and sellers and are industry-owned or independent intermediaries

28
Q

What are private B2B networks?

A

Networks that consist of large firms using secure websites to link to key business partners

28
Q

What is EDI?

A

Electronic data exchange (EDI) enables electronic transactions

29
Q

What are indirect goods?

A

Goods not directly involved in production

30
Q

What are exchanges?

A

These are third-party e-commerce marketplaces connection suppliers and buyers for spot purchasing

31
Q

What are location-based services?

A

These are services that are enable through GPS-enabled maps on devices. Includes geosocial, - information and -advertising services

32
Q

Name three mobile app payment systems

A
  1. QR code
  2. Near Field Communications (NFC)
  3. Peer-to-peer payment systems (through a payment platform like Venmo)
33
Q

What makes platforms so disruptive?

A
  1. Advancement in information and communications technology improving scalability
  2. Leveraging communities vs features of a product. Community=primary asset
  3. Power of network effects
34
Q

What are network effects?

A

This is the effect that the more people are using a social netwom, the more valuable it is to its users with this mathematical equation: n^2

35
Q

What is Metcalf’s Law?

A
  1. Network value: n^2
  2. Number of possible connections: n(n-1)/2
36
Q

What are the network externalities types?

A
  1. Positive: additional user increases value for all other users
  2. Negative: additional user decreases value for all other users
37
Q

What is a one-sided market?

A

Large share of value is from a single class of users

38
Q

What is a two-sided market?

A

The value comes from two classes of users. Firms in these markets must consider interaction between sides.

39
Q

What are same-sided network effects?

A

Increasing the value for one class of users by increasing the number of users in that class

40
Q

What are cross-sided network effects?

A

The value for one class of users can be increased by increasing the number of people in a different class.

Business Information Management (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions