MGT 2210 (M3-M4 TEST) QUESTIONS WITH SOLVED ANSWERS 100% CORRECT!!

product-market fit - ANS-key concept in entrepreneurship and new product development that conveys the degree to which a product satisfies market demand. Successful efforts should be desired by customers, and scale into large, profitable businesses. switching cost - ANS-The cost a consumer incurs when moving from one product to another. It can involve actual money spent (e.g., buying a new product) as well as investments in time, any data loss, and so forth. data asset - ANS-Competitive advantage related to data which the firm can leverage and which rivals are not able to match. brand - ANS-symbolic embodiment of all the info connected with a product or service inventory turns - ANS-Sometimes referred to as inventory turnover, stock turns, or stock turnover. It is the number of times inventory is sold or used during a given period. A higher figure means that a firm is selling products quickly. network effects - ANS-Also known as Metcalfe's Law, or network externalities. When the value of a product or service increases as its number of users expands. platforms - ANS-Products and services that allow for the development and integration of software products and other complementary goods, effectively creating an ecosystem of value-added offerings. Windows, iOS, the Kindle, and the standards that allow users to create Facebook apps are all platforms. staying power - ANS-long-term viability of a product or service switching costs - ANS-The cost a consumer incurs when moving from one product to another. It can involve actual money spent (e.g., buying a new product) as well as investments in time, any data loss, and so forth. total cost of ownership - ANS-An economic measure of the full cost of owning a product (typically computing hardware and/or software). TCO includes direct costs such as purchase price, plus indirect costs such as training, support, and maintenance. complimentary benefits - ANS-Products or services that add additional value to the primary product or service that makes up a network. APIs - ANS-Programming hooks, or guidelines, published by firms that tell other programs how to get a service to perform a task such as send or receive data. For example, Amazon provides application programming interfaces (APIs) to let developers write their own applications and websites that can send the firm orders. daily active users - ANS-Also known by the acronym DAU, this refers to the number of unique visitors, on average, who use a product or service. customer acquisition costs (CAC) - ANS-The amount of money a firm spends to convince a customer to buy (or in the case of free products, try or use) a product or service. one-sided market - ANS-A market that derives most of its value from a single class of users (e.g., instant messaging). same-side exchange benefits - ANS-Benefits derived by interaction among members of a single class of participant (e.g., the exchange value when increasing numbers of IM users gain the ability to message each other). two-sided market - ANS-Network market that comprises two distinct categories of participant, both of which are needed to deliver value for the network to work (e.g., video game console owners and developers of video games). cross-side exchange benefit - ANS-When an increase in the number of users on one side of the market (console owners, for example) creates a rise in the other side (software developers). monopoly - ANS-A market where there are many buyers but only one dominant seller oligopoly - ANS-A market dominated by a small number of powerful sellers. technological leapfrogging - ANS-Competing by offering a new technology that is so superior to existing offerings that the value overcomes the total resistance that older technologies might enjoy via exchange, switching cost, and complementary benefits. social proof - ANS-The positive influence created when someone finds out that others are doing something. blue ocean strategy - ANS-An approach where firms seek to create and compete in uncontested "blue ocean" market spaces, rather than competing in spaces and ways that have attracted many similar rivals. convergence - ANS-When two or more markets, once considered distinctly separate, begin to offer features and capabilities. As an example: The markets for mobile phones and media players have converted (and smartphones won). envelopment - ANS-When one market attempts to conquer a new market by making it a subset, component, or feature of its primary offering. backward compatibility - ANS-The ability to take advantage of complementary products developed for a prior generation of technology. adaptor - ANS-A product that allows a firm to tap into the complementary products, data, or user base of another product or service. the osborne effect - ANS-When a firm preannounces a forthcoming product or service and experiences a sharp and detrimental drop in sales of current offerings as users wait for the new item. congestion effects - ANS-When increasing numbers of users lower the value of a product or service. freemium - ANS-A product with a free version—sometimes with limited features or that stops working after a period of time—to allow customers to try a product and hopefully entice them into making a product purchase or subscription decision. KPIs - ANS-Key Performance Indicators—measurable values defined by a firm to demonstrate progress toward a given goal. Examples are quite broad and could include customer acquisition, cost reduction, or improvement in the ROI of online ad campaigns. operating income - ANS-Income you generate through your operations. Sales through daily business operations minus related expenses. Net income is overall "profit" but can include things such as income from investments, expenses related to financing costs or taxes, or one-time income or expenses such as a gain from a sales or a corporate fine. account payable - ANS-money owed for products and services purchased on credit. cash conversion cycle - ANS-Period between distributing cash and collecting funds associated with a given operation (e.g., sales). liquidity problems - ANS-Problems that arise when organizations cannot easily convert assets to cash. Cash is considered the most liquid asset—that is, the most widely accepted with a value understood by all. inventory turns - ANS-The number of times inventory is sold or used during a specific period (such as a year or quarter). A higher figure means a firm is selling products quickly. deep learning - ANS-A type of machine learning that uses multiple layers of interconnections among data to identify patterns and improve predicted results. Deep learning most often uses a set of techniques known as neural networks and is popularly applied in tasks like speech recognition, image recognition, and computer vision. dynamic pricing - ANS-Pricing that shifts over time, usually based on conditions that change demand (e.g., charging more for scarce items). A/B test - ANS-A randomized group of experiments used to collect data and compare performance among two options studied (A and B). A/B testing is often used in refining the design of technology products, and A/B tests are particularly easy to run over the Internet on a firm's website. Amazon, Google, and Facebook are among the firms that aggressively leverage hundreds of A/B tests a year in order to improve their product offerings. cookie - ANS-A line of identifying text, assigned and retrieved by a given Web server and stored by your browser. collaborative filtering - ANS-A classification of software that monitors trends among customers and uses this data to personalize an individual customer's experience. two-sided network effect - ANS-Products or services that get more valuable as two distinct categories of participants expand (e.g., buyers and sellers). affiliate marketing program - ANS-Marketing practice where a firm rewards partners (affiliates) who bring in new business, often with a percentage of any resulting sales. flash sales - ANS-offering deep discounts of a limited quantity of inventory. Flash sales often run for a fixed period or until inventory is completely depleted. Players include Gilt Groupe and Amazon's Zulily in fashion, and One Kings Lane in home décor. fulfillment costs - ANS-Include receiving and packaging costs, in addition to shipping costs. goodwill - ANS-An accounting term for an intangible asset above and beyond the operations value of the firm. Goodwill can include the perceived value of the company's brand name, customer base, and loyalty, positive employee relations, as well as proprietary technology and patents. fork - ANS-In software development (sometimes also called project fork). When developers start with a copy of a project's program source code, but modify it, creating a distinct and separate product from the original base. latency - ANS-A term often used in computing that refers to delay, especially when discussing networking and data transfer speeds. Low-latency systems are faster systems. DMCA - ANS-Digital Millennium Copyright Act—U.S. law protecting copyrighted works from unauthorized digital distribution. technology stack - ANS-All of the technology products and services used to build and run one single information technology solution. white label - ANS-A fully supported product or service that's made by one company but sold by another. The term was popular by branded appliances, like Sears Kenmore, which were often designed and manufactured by established firms such as Maytag and General Electric. The term is now used in all sorts of products and services, including white label apps offered by GrubHub/LevelUp, which power branded apps at the salad firm Sweetgreen, or Amazon's Alexa Custom Assistant, used to produce custom voice assistants for Fiat Chrysler. digital divide - ANS-Term referring to the difference in access to technologies such as computing, wireless, and broadband Internet among wealthy and poor communities. Poor communities with less access often face less opportunity for everything from home schooling to easy access to online public resources. channel conflict - ANS-Exists when a firm's potential partners see that firm as a threat. This threat could come because it offers competing products or services via alternative channels or because the firm works closely with especially threatening competitors. crowdsourcing - ANS-The act of taking a job traditionally performed by a designated agent (usually an employee) and outsourcing it to an undefined, generally large group of people in the form of an open call. social proof - ANS-The positive influence created when someone finds out that others are doing something. liquidity - ANS-A liquid market is an efficient market with enough transaction volume to attract a reliable supply of goods at fair, market-rate prices. Cash from reliable economies is often considered to be the most "liquid" asset. elevator pitch - ANS-A quickly conveyed business pitch. The term's origin is: "imagine you're unexpectedly in an elevator with an investor, potential employee, etc., and you've got a chance to sell them on your idea." pivot - ANS-altering a product offering, business model, or target market in hopes that the change will lead to a viable business. product-market fit - ANS-A key concept in entrepreneurship and new product development that conveys the degree to which a product satisfies market demand. Successful efforts should be desired by customers, and scale into large, profitable businesses. moore's law - ANS-Chip performance per dollar doubles every eighteen months microprocessor - ANS-The part of the computer that executes the instructions of a computer program. random-access memory