MISY 5350 - Exam 1 Latest Update Graded A+

MISY 5350 - Exam 1 Latest Update Graded A+ Formal definition of e-commerce The utilization of the internet, web, mobile apps, and mobile device browsers to conduct business transactions. More precisely, digitally facilitated commercial exchanges between individuals and organizations. Definition of e-business The digital empowerment of transactions and operational processes within a company, involving information systems under the company's control. Example of e-business An organization's online system for managing inventory. Digital commerce Synonymous with e-commerce. Information asymmetry Any disparity in pertinent market information among parties involved in a transaction. Unique features of e-commerce technology 1. Ubiquity 2. Global reach 3. Universal standards 4. Information richness 5. Interactivity 6. Information density 7. Personalization/customization 8. Social technology Ubiquity - Widely available at all times and places. - Reduces transaction costs and cognitive effort required for market participation. - E-commerce technology is universally accessible anytime and anywhere. Global Reach - The total number of users or customers an e-commerce business can reach. - Extends across national borders and globally. Universal Standards - Standards shared globally across nations. - Uniform technical standards in e-commerce reduce market entry costs for businesses and search costs for consumers. - Network externalities benefit both businesses and individual users by using the same technological standards. Richness - The complexity and content depth of communication. - Enables video, audio, and text messages. Interactivity - Technology facilitating two-way communication between merchants and consumers. - Operates through user interaction. Information Density