MISY 5350 - Exam 1
Formal definition of e-commerce - correct answer the use of the internet, the web and mobile apps and browsers running on mobile devices to transact business. More formally, digitally enabled commercial transactions between and among organizations and individuals
Definition of e-business - correct answer the digital enabling of transactions and processes within a firm, involving information systems under the control of the firm
Example of e-business - correct answer a company's online inventory control mechanism
Digital commerce - correct answer same as e-commerce
Information asymmetry - correct answer any disparity in relevant market information among parties in a transaction
Unique features of e-commerce technology - correct answer 1. Ubiquity
2. Global reach
3. Universal standards
4. Information richness
5. Interactivity
6. Information density
7. Personalization/customization
8. Social technology
Ubiquity - correct answer -available just about everywhere, at all times
-reduces transactions costs (the costs of participating in a market)
-lowers the cognitive energy (the mental effort required to complete a task), to transact in a marketspace (a marketplace (physical place you visit in order to transact) extended beyond traditional boundaries and removed from a temporal and geographic location)
-E-commerce technology is available everywhere, anytime Global Reach - correct answer -The total number of users or customers an e-commerce business can obtain
-The technology reaches across national boundaries, around the earth
Universal Standards - correct answer -standards that are shared by all nations around the world
- the unit technical standards of e-commerce greatly lower market entry costs (cost merchants pay just to bring their goods to market)
-for consumers, reduced search costs ( the error required to find suitable products)
-business and individual users experience network externalities (benefits that arise because everyone uses the same technology)
-There is one set of technology standards
Richness - correct answer -the complexity and content of a message
-Video, audio and text messages are possible
Interactivity - correct answer -technology that allows for two-way communication between merchant and consumer
-the technology works through interaction with the user
Information Density - correct answer -the total amount and quality of information available to all market participants
-price transparency (ease with which consumers can find out the variety of prices in a market)
-cost transparency (ability of consumers to discover the actual costs merchants pay for products)
-price discrimination (selling the same goods, or nearly the same goods, to different targeted groups at different prices
-The technology reduces information costs and raises quality
Personalization/Customization - correct answer -personalization (the targeting of marketing messages to specific individuals by adjusting the message to a person's name, interests, and past purchases
-customization (changing the delivered product or service based on a user's preferences or prior behavior -allow firms to precisely identify market segments and adjust their messages accordingly -The technology allows personalized messages to be delivered to individuals as well as groups
Social Technology - correct answer -e-commerce technologies have evolved to be more social by allowing users to crat a share content with worldwide community, by being able to create new social networks and strengthen existing ones.
-User-generated content and social networks
Business-to-Consumer (B2C) e-commerce - correct answer online businesses selling to individual consumers, includes purchases of retail goods, travel, financial, real estate, and other types of services and online content.
Consumer-to-Consumer (C2C) e-commerce - correct answer consumers selling to other consumers, with the help of an online market maker (also called a platform provider)
Mobile e-commerce (m-commerce) - correct answer -use of mobile devices to enable online transactions
-conversational commerce (variation of m-commerce, use of chatbots on mobile messaging apps as a vehicle for companies to engage with consumers)
Social e-commerce - correct answer -e-commerce enabled by social networks and online social relationships
-often intertwined with m-commerce as social networks are being accessed via mobile devices
Types of e-commerce - correct answer B2C - Amazon
B2B - Go2Paper
C2C - eBay, Etsy and Craiglist
M-commerce - Mobile devices
Social e-commerce - Facebook
Local e-commerce - Groupon
Formal definition of e-commerce - correct answer the use of the internet, the web and mobile apps and browsers running on mobile devices to transact business. More formally, digitally enabled commercial transactions between and among organizations and individuals
Definition of e-business - correct answer the digital enabling of transactions and processes within a firm, involving information systems under the control of the firm
Example of e-business - correct answer a company's online inventory control mechanism
Digital commerce - correct answer same as e-commerce
Information asymmetry - correct answer any disparity in relevant market information among parties in a transaction
Unique features of e-commerce technology - correct answer 1. Ubiquity
2. Global reach
3. Universal standards
4. Information richness
5. Interactivity
6. Information density
7. Personalization/customization
8. Social technology
Ubiquity - correct answer -available just about everywhere, at all times
-reduces transactions costs (the costs of participating in a market)
-lowers the cognitive energy (the mental effort required to complete a task), to transact in a marketspace (a marketplace (physical place you visit in order to transact) extended beyond traditional boundaries and removed from a temporal and geographic location)
-E-commerce technology is available everywhere, anytime Global Reach - correct answer -The total number of users or customers an e-commerce business can obtain
-The technology reaches across national boundaries, around the earth
Universal Standards - correct answer -standards that are shared by all nations around the world
- the unit technical standards of e-commerce greatly lower market entry costs (cost merchants pay just to bring their goods to market)
-for consumers, reduced search costs ( the error required to find suitable products)
-business and individual users experience network externalities (benefits that arise because everyone uses the same technology)
-There is one set of technology standards
Richness - correct answer -the complexity and content of a message
-Video, audio and text messages are possible
Interactivity - correct answer -technology that allows for two-way communication between merchant and consumer
-the technology works through interaction with the user
Information Density - correct answer -the total amount and quality of information available to all market participants
-price transparency (ease with which consumers can find out the variety of prices in a market)
-cost transparency (ability of consumers to discover the actual costs merchants pay for products)
-price discrimination (selling the same goods, or nearly the same goods, to different targeted groups at different prices
-The technology reduces information costs and raises quality
Personalization/Customization - correct answer -personalization (the targeting of marketing messages to specific individuals by adjusting the message to a person's name, interests, and past purchases
-customization (changing the delivered product or service based on a user's preferences or prior behavior -allow firms to precisely identify market segments and adjust their messages accordingly -The technology allows personalized messages to be delivered to individuals as well as groups
Social Technology - correct answer -e-commerce technologies have evolved to be more social by allowing users to crat a share content with worldwide community, by being able to create new social networks and strengthen existing ones.
-User-generated content and social networks
Business-to-Consumer (B2C) e-commerce - correct answer online businesses selling to individual consumers, includes purchases of retail goods, travel, financial, real estate, and other types of services and online content.
Consumer-to-Consumer (C2C) e-commerce - correct answer consumers selling to other consumers, with the help of an online market maker (also called a platform provider)
Mobile e-commerce (m-commerce) - correct answer -use of mobile devices to enable online transactions
-conversational commerce (variation of m-commerce, use of chatbots on mobile messaging apps as a vehicle for companies to engage with consumers)
Social e-commerce - correct answer -e-commerce enabled by social networks and online social relationships
-often intertwined with m-commerce as social networks are being accessed via mobile devices
Types of e-commerce - correct answer B2C - Amazon
B2B - Go2Paper
C2C - eBay, Etsy and Craiglist
M-commerce - Mobile devices
Social e-commerce - Facebook
Local e-commerce - Groupon
