key concepts in e-commerce - digital markets and digital goods in a global marketplace Flashcards
1
Q
internet and digital markets
A
have changed the way companies conduct business
2
Q
information asymmetry reduced
A
when one party in a transaction has more information that is important for the transaction than the other party
3
Q
menu costs, search and transaction costs reduced
A
time spent going to the mall for ex to buy a product
4
Q
dynamic pricing enabled
A
price of a product varies depending on the demand characteristics of the customer or the supply situtation of the seller
5
Q
switching costs
A
switching from one vendor to the other
6
Q
delayed gratification
A
you cant immediately consume a product such as clothing purchased over the web
7
Q
disintermediation
A
the removal of organizations or business process layers responsible for intermediary steps in the value chain
