MBA 705 EXAM 2 STRATEGIC MANAGEMENT
COMPLETE PREPARATION GUIDE AND KEY
FRAMEWORK SUMMARY
◉ Business-to-Consumer (B2C):
Answer: The segment of electronic commerce whereby businesses
utilize the Internet to solicit transactions from consumers, also
known as e-tailing.
◉ Business-to-Government (B2G):
Answer: The segment of electronic commerce whereby businesses
utilize the Internet to solicit transactions from government entities.
◉ Clicks and Bricks:
Answer: The simultaneous application of both electronic ("clicks")
and traditional ("bricks") forms of commerce.
◉ Commoditization:
Answer: A process whereby firms are having a more difficult time
distinguishing their products and services from those of their rivals.
◉ Consumer-to-Business (C2B):
,Answer: The segment of electronic commerce whereby consumers
utilize the Internet to solicit transactions from businesses.
◉ Consumer-to-Consumer (C2C):
Answer: The segment of e-commerce whereby consumers utilize the
Internet to solicit transactions from each other.
◉ Culture:
Answer: A society's generally accepted values, traditions, and
patterns of behavior.
◉ E-tailing:
Answer: Another term for B2C.
◉ Economies of Scale:
Answer: The decline in unit costs of a product or service that occurs
as the absolute volume of production increases.
◉ Environmental Scanning:
Answer: The systematic collection and analysis of information about
relevant macroenvironmental trends.
◉ Information Asymmetry:
, Answer: When one party has information that another does not.
◉ Information Symmetry:
Answer: When all parties to a transaction share the same
information concerning that transaction.
◉ Mass Customization:
Answer: The ability to individualize product and service offerings to
meet specific buyer needs
◉ Mobile Commerce (M-Commerce):
Answer: Transactions conducted in an entirely wireless
environment, such as using a smartphone to both purchase and
download an airline ticket or piece of music.
◉ Outsourcing:
Answer: Contracting out a firm's noncore, non-revenue-producing
activities to other organizations primarily to reduce costs.
◉ Partnerships:
Answer: Contractual relationships with enterprises outside the
organization.
COMPLETE PREPARATION GUIDE AND KEY
FRAMEWORK SUMMARY
◉ Business-to-Consumer (B2C):
Answer: The segment of electronic commerce whereby businesses
utilize the Internet to solicit transactions from consumers, also
known as e-tailing.
◉ Business-to-Government (B2G):
Answer: The segment of electronic commerce whereby businesses
utilize the Internet to solicit transactions from government entities.
◉ Clicks and Bricks:
Answer: The simultaneous application of both electronic ("clicks")
and traditional ("bricks") forms of commerce.
◉ Commoditization:
Answer: A process whereby firms are having a more difficult time
distinguishing their products and services from those of their rivals.
◉ Consumer-to-Business (C2B):
,Answer: The segment of electronic commerce whereby consumers
utilize the Internet to solicit transactions from businesses.
◉ Consumer-to-Consumer (C2C):
Answer: The segment of e-commerce whereby consumers utilize the
Internet to solicit transactions from each other.
◉ Culture:
Answer: A society's generally accepted values, traditions, and
patterns of behavior.
◉ E-tailing:
Answer: Another term for B2C.
◉ Economies of Scale:
Answer: The decline in unit costs of a product or service that occurs
as the absolute volume of production increases.
◉ Environmental Scanning:
Answer: The systematic collection and analysis of information about
relevant macroenvironmental trends.
◉ Information Asymmetry:
, Answer: When one party has information that another does not.
◉ Information Symmetry:
Answer: When all parties to a transaction share the same
information concerning that transaction.
◉ Mass Customization:
Answer: The ability to individualize product and service offerings to
meet specific buyer needs
◉ Mobile Commerce (M-Commerce):
Answer: Transactions conducted in an entirely wireless
environment, such as using a smartphone to both purchase and
download an airline ticket or piece of music.
◉ Outsourcing:
Answer: Contracting out a firm's noncore, non-revenue-producing
activities to other organizations primarily to reduce costs.
◉ Partnerships:
Answer: Contractual relationships with enterprises outside the
organization.
