BMGT 301 EXAM PREP UPDATED
QUESTIONS AND ACCURATE ANSWERS
FULL STUDY MATERIAL
●● Drivers of sharing economy
Answer: - People have gotten used to transacting
- Existence of layers of trust
- Consumerization
- Economic Recession
●● challenges with the sharing economy
Answer: regulatory concerns maininece of wuality, uncertainty in global
makrets, fair treatment if employees
●● fragmented market
Answer: marketplaces extend the value chain by connecting suppliers
and consumers with search and discovery, scheduling, payment, etc
●● product market fit
Answer: A key concept in entrepreneurship and new product
development that conveys the degree to which a product satisfies market
demand. Successful efforts should be desired by customers, and scale
into large, profitable businesses.
,●● internet-enabled marketplace
Answer: online platforms that facilitate direct interactions and
transactions between people
●● individual consumption
Answer: A consumer buys a product to have exclusive ownership of it
and is usually a one-way business transaction
●● collaboritive consumption
Answer: economic model based on sharing, swapping or renting access
to a product or service--> focuses on access over ownership
●● consumerization of digits
Answer: new technologies appear in consumer markets before corporate
●● Data Darwinism
Answer: When society is split between those who have good reputations
vs. bad reputations
●● IT Infrastructure
Answer: provides a platform for supporting all information systems in
the business
, -Computer hardware, computer software, data management technology
●● Technology Drivers of Infrastructure Evolution
Answer: Moore's Law and microprocessing power
The Law of Mass Digital Storage
Metcalfe's Law and network economics
Declining communications costs and the Internet
Standards and network effects
●● Moore's law and microprocessing power
Answer: -Computing power doubles every 2 years
-Nanotechnology
●● Law of Mass Digital Storage
Answer: This law says the amount of digital information is roughly
doubling every year
●● Metcalfe's Law and network economics
Answer: value or power of a network grows exponentially as a function
of the number of network members
●● digital divide
QUESTIONS AND ACCURATE ANSWERS
FULL STUDY MATERIAL
●● Drivers of sharing economy
Answer: - People have gotten used to transacting
- Existence of layers of trust
- Consumerization
- Economic Recession
●● challenges with the sharing economy
Answer: regulatory concerns maininece of wuality, uncertainty in global
makrets, fair treatment if employees
●● fragmented market
Answer: marketplaces extend the value chain by connecting suppliers
and consumers with search and discovery, scheduling, payment, etc
●● product market fit
Answer: A key concept in entrepreneurship and new product
development that conveys the degree to which a product satisfies market
demand. Successful efforts should be desired by customers, and scale
into large, profitable businesses.
,●● internet-enabled marketplace
Answer: online platforms that facilitate direct interactions and
transactions between people
●● individual consumption
Answer: A consumer buys a product to have exclusive ownership of it
and is usually a one-way business transaction
●● collaboritive consumption
Answer: economic model based on sharing, swapping or renting access
to a product or service--> focuses on access over ownership
●● consumerization of digits
Answer: new technologies appear in consumer markets before corporate
●● Data Darwinism
Answer: When society is split between those who have good reputations
vs. bad reputations
●● IT Infrastructure
Answer: provides a platform for supporting all information systems in
the business
, -Computer hardware, computer software, data management technology
●● Technology Drivers of Infrastructure Evolution
Answer: Moore's Law and microprocessing power
The Law of Mass Digital Storage
Metcalfe's Law and network economics
Declining communications costs and the Internet
Standards and network effects
●● Moore's law and microprocessing power
Answer: -Computing power doubles every 2 years
-Nanotechnology
●● Law of Mass Digital Storage
Answer: This law says the amount of digital information is roughly
doubling every year
●● Metcalfe's Law and network economics
Answer: value or power of a network grows exponentially as a function
of the number of network members
●● digital divide
