MAS 101: Exam 1 Questions with Correct Answers 100% Verified| Guaranteed Success
folk culture traditional practices held by a small, homogenous group living in an isolated
area
subculture coexist with the dominant culture; exist in opposition to the dominant culture
popular culture cultural texts, artifacts, and practices which are attractive to large
numbers of people; are often mass produced on a global scale
high culture "elite" culture; Opera, art, philosophy, classical literature
middle culture many daily newspapers, National Public Radio, Oprah, CNN
low culture "popular" culture; Soap operas, comic books, rock music, video games and
most TV
modernism an attitude shaped by rationality, the scientific method, and the ethos of
individualism; 1800s-1950's
postmodernism an attitude shaped by the information age, popular culture, mobility,
and the ethos of collaboration; 1950's-present day
digitilization a technical specification describing the way media are recorded and/or
transmitted
public goods public goods are not destroyed or used up in the process of consuming
them; "non-rivalrous"
, experience goods consumer cannot fully assess an "experience good" until purchasing or
consuming it
economies of scale the average cost - and marginal cost - of a commodity decreases with
expansion of production output
the long tail in media/information industries, 80% of the profits are made from 20% of
the products
value proposition 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 1. self capitalization
2. bank loans
3. angel investors (wealthy individuals)
4. venture capital (organizations)
5. crowdfunding
pricing considerations -> promote album vs song?
-> sell bundle or individual channels?
-> charge more for 2D vs 3D
-> give free services vs charge for premium
release window releasing a media product on a staggered schedule; each "window" is a
separate market opening
folk culture traditional practices held by a small, homogenous group living in an isolated
area
subculture coexist with the dominant culture; exist in opposition to the dominant culture
popular culture cultural texts, artifacts, and practices which are attractive to large
numbers of people; are often mass produced on a global scale
high culture "elite" culture; Opera, art, philosophy, classical literature
middle culture many daily newspapers, National Public Radio, Oprah, CNN
low culture "popular" culture; Soap operas, comic books, rock music, video games and
most TV
modernism an attitude shaped by rationality, the scientific method, and the ethos of
individualism; 1800s-1950's
postmodernism an attitude shaped by the information age, popular culture, mobility,
and the ethos of collaboration; 1950's-present day
digitilization a technical specification describing the way media are recorded and/or
transmitted
public goods public goods are not destroyed or used up in the process of consuming
them; "non-rivalrous"
, experience goods consumer cannot fully assess an "experience good" until purchasing or
consuming it
economies of scale the average cost - and marginal cost - of a commodity decreases with
expansion of production output
the long tail in media/information industries, 80% of the profits are made from 20% of
the products
value proposition 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 1. self capitalization
2. bank loans
3. angel investors (wealthy individuals)
4. venture capital (organizations)
5. crowdfunding
pricing considerations -> promote album vs song?
-> sell bundle or individual channels?
-> charge more for 2D vs 3D
-> give free services vs charge for premium
release window releasing a media product on a staggered schedule; each "window" is a
separate market opening
