MAS 101 Exam 1 UPDATED Exam
Questions and CORRECT Answers
folk culture - CORRECT ANSWER - traditional practices held by a small, homogenous
group living in an isolated area
subculture - CORRECT ANSWER - coexist with the dominant culture; exist in opposition
to the dominant culture
popular culture - CORRECT ANSWER - cultural texts, artifacts, and practices which are
attractive to large numbers of people; are often mass produced on a global scale
high culture - CORRECT ANSWER - "elite" culture; Opera, art, philosophy, classical
literature
middle culture - CORRECT ANSWER - many daily newspapers, National Public Radio,
Oprah, CNN
low culture - CORRECT ANSWER - "popular" culture; Soap operas, comic books, rock
music, video games and most TV
modernism - CORRECT ANSWER - an attitude shaped by rationality, the scientific
method, and the ethos of individualism; 1800s-1950's
postmodernism - CORRECT ANSWER - an attitude shaped by the information age,
popular culture, mobility, and the ethos of collaboration; 1950's-present day
digitilization - CORRECT ANSWER - a technical specification describing the way media
are recorded and/or transmitted
, public goods - CORRECT ANSWER - public goods are not destroyed or used up in the
process of consuming them; "non-rivalrous"
experience goods - CORRECT ANSWER - consumer cannot fully assess an "experience
good" until purchasing or consuming it
economies of scale - CORRECT ANSWER - the average cost - and marginal cost - of a
commodity decreases with expansion of production output
the long tail - CORRECT ANSWER - in media/information industries, 80% of the profits
are made from 20% of the products
value proposition - CORRECT ANSWER - 1. rights to valuable content
2. brilliant original idea
3. brilliant derivative idea
4. so-so idea, but brilliantly executed
5. capitalize on a market opportunity
sources for finances a media business - CORRECT ANSWER - 1. self capitalization
2. bank loans
3. angel investors (wealthy individuals)
4. venture capital (organizations)
5. crowdfunding
pricing considerations - CORRECT ANSWER - -> promote album vs song?
-> sell bundle or individual channels?
-> charge more for 2D vs 3D
-> give free services vs charge for premium
Questions and CORRECT Answers
folk culture - CORRECT ANSWER - traditional practices held by a small, homogenous
group living in an isolated area
subculture - CORRECT ANSWER - coexist with the dominant culture; exist in opposition
to the dominant culture
popular culture - CORRECT ANSWER - cultural texts, artifacts, and practices which are
attractive to large numbers of people; are often mass produced on a global scale
high culture - CORRECT ANSWER - "elite" culture; Opera, art, philosophy, classical
literature
middle culture - CORRECT ANSWER - many daily newspapers, National Public Radio,
Oprah, CNN
low culture - CORRECT ANSWER - "popular" culture; Soap operas, comic books, rock
music, video games and most TV
modernism - CORRECT ANSWER - an attitude shaped by rationality, the scientific
method, and the ethos of individualism; 1800s-1950's
postmodernism - CORRECT ANSWER - an attitude shaped by the information age,
popular culture, mobility, and the ethos of collaboration; 1950's-present day
digitilization - CORRECT ANSWER - a technical specification describing the way media
are recorded and/or transmitted
, public goods - CORRECT ANSWER - public goods are not destroyed or used up in the
process of consuming them; "non-rivalrous"
experience goods - CORRECT ANSWER - consumer cannot fully assess an "experience
good" until purchasing or consuming it
economies of scale - CORRECT ANSWER - the average cost - and marginal cost - of a
commodity decreases with expansion of production output
the long tail - CORRECT ANSWER - in media/information industries, 80% of the profits
are made from 20% of the products
value proposition - CORRECT ANSWER - 1. rights to valuable content
2. brilliant original idea
3. brilliant derivative idea
4. so-so idea, but brilliantly executed
5. capitalize on a market opportunity
sources for finances a media business - CORRECT ANSWER - 1. self capitalization
2. bank loans
3. angel investors (wealthy individuals)
4. venture capital (organizations)
5. crowdfunding
pricing considerations - CORRECT ANSWER - -> promote album vs song?
-> sell bundle or individual channels?
-> charge more for 2D vs 3D
-> give free services vs charge for premium
