Digital Tech Section 2
Recognize the rise and impact of social media and peer production systems (supported by the rise of mobile computing) for individuals, businesses, and society. The examples in Section 9.1 would be great fodder for an optional essay question about the impact and reach of social media-- e
essentially, everything has changed to involve the people of the internet and peer production, meaning people work together to make systems smarter.
Dynamic pricing:
prices change based on data
Market capitalization:
the value of a firm calculated by multiplying its share price by the number of shares. Google is the most valuable media company on the planet.
Blue Ocean strategy:
this is an approach where firms seek to create and compete in a uncontested market space, rather than competing in spaces and ays that have attracted many similar rivals. This is explained earlier in the study guide-- but the basic idea is that you should seek blue waters of uncontested, new market spaces.
Define Network Effects (also known as Metcalfe's Law or Network Externalities):
this is when the value of a product or service increases as its number of users expands. Essentially, the value of a network is proportional to the square of the number of connected users of the system. When network effects are present, they are among the most important factors impacting your selection of one product or service over another similar product or service.
Recognize Google's stated mission:
to organize the world's information and make it universally accessible and useful, advertising drives profits and lets the firm offer most of its services for free.
Big data:
a general term used to describe the massive amount of data available to today's managers-- big data are often unstructured and are too big and costly to easily work through use of conventional databases, but new tools are making these massive datasets available for analysis and insight.
Technological leapfrogging:
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.
What is the Cash Conversion Cycle? What are liquidity problems?
The cash conversion cycle is a period between distributing cash and collecting funds associated with a given operation (i.e. sales). Liquidity problems are 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.
Explain the idea known as the "wisdom of crowds".
The idea that a group of individuals often consisting of untrained amateurs will collectively have more insight than a single or small group of trained professionals.
What is meant by the umbrella term "Web 2.0"? What is one specific example of how Web 1.0 differs from Web 2.0?
The term Web 2.0 broadly refers to to internet services that foster collaboration and information sharing: characteristics that make Web 2.0 different from Web 1.0 are the fact that Web 1.0 was based on static, transaction oriented work. The term often applies to websites and internet services that foster social media or other sorts of peer production. Web 1.0= the mostly read only web Web 2.0= the widely read write web
Explain why markets governed by network effects might be described as "winner-take-all":
Winner take all since it is usually the person with the most people on their site that wins --
Machine learning:
a type of AI that leverages massive amounts of data so that computers can improve the accuracy of actions and predictions on their own without additional programming
knowledge:
insight derived from experience and expertise
Software industry forces that have driven/ accompanied/ followed the advent of cloud computing include: lower marginal costs:
network effects, switching costs, decline in high-end server sales, shift from hardware sales to service, lower tech barriers to entry supporting entrepreneurship and innovation. Financial future of hardware and software functions is not great -- cost structure and innovativeness of adopting organizations. Skill sets likely to be most valued by employers, decline of high end server sales, lowers barriers to entry for start ups with access to powerful computing without significant capital investment.
o Two-sided markets; Cross-side exchange benefits:
network market that comprises of two distinct categories of participant, both of which are needed to deliver value for the network to work. There is also a cross-side exchange benefit, meaning 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)
Has Google been successful with its social media efforts?
no, it cannot jump into market google+ is dead
Legacy system:
older information systems that are often incompatible with other systems, technologies, and ways of conducting business. Incompatible legacy systems can be a major roadblock to turning data \
Paid media:
paid media is a good way to promote content in order to drive earned media-- paying to promote content, pay influencers, paying people to share your tweets, pay per click ads, etc. Earned media: online word of mouth
Inbound marketing:
technique for drawing customers to products and services via content marketing, social media marketing, and search engine optimization and branding.
What are a few benefits for firms that use cloud computing services/platforms? What are some of the risks associated with giving up control of certain infrastructure?
Benefits: scalability, agility, reliability, consolidation, cost savings Risks: security, outages, accountability, lock in, cost of charge
What are the three pillars of firm focus in Jeff Bezos's "Wheel of Growth"?
1. Low prices, 2. Customer experience, and 3. Vast selection. These three pillars reinforce one another to create additional competitive assets. These three pillars work together to reinforce one another to create additional competitive assets. Exceptional customer experience fuels a strong brand that makes Amazon the first place most consumers want to shop online and more customers allows the firm to provide more products, creating scale.
What does it mean to be "data rich, information poor"? Why do some firms with access to data struggle to gain information advantages?
A major factor limiting business intelligence initiatives is getting data into a form where it can be analyzed and turned into information. Lots of data, but not much coming out of it. Firms struggle with a way to get data into a form where it can be used, analyzed, and turned into actual information.
What is a prediction market?
A prediction market is polling a diverse crowd in aggregating opinions in order to form a forecast of an eventual outcome. These are exchange traded markets created for the purpose of trading the outcome of events. The market prices can indicate what the crowd thinks the probability of the event is.
What is crowdsourcing? How have tech firms taken advantage of crowdsourcing?
Crowdsourcing is the act of taking a job traditionally performed by a designated agent and outsourcing it to an undefined, generally large group of people in form of an open call. Several parties run third party crowdsourcing forms, like Kaggle for data science, etc,
What roles do trust and reputation play in the sharing/collaborative economy?
Huge role: people trust more when there are good reviews for the company
Provide or recognize a few specific examples of technology that Amazon uses for efficiencies / advantages in the growing warehouse and logistical system
Kiva Robots, prime now hub, etc.
Recognize how Amazon uses tech and systems in fulfillment operations to get products from suppliers to customers quickly and with minimum error:
No two similar products are situated near one another, reducing chances that a picker will confuse a size or color. Robots allow shelves to be slotted close together and can be queued up for rapid, never colliding, round trips. Robots have increased from 1400 to 45000 in just four years. They use data to ship more efficiently.
Describe/recognize a few of the challenges associated with of safety and regulation facing firms and markets in the sharing economy. Who are the stakeholders?
Participating in sharing economy raises questions of safety and regulation-- participating in the sharing economy raises new questions for insurers, tax and regulatory issues, governments and well-funded lobbies resisting change, contract work classification issues, payment collection can be challenging.
What are platforms? How do they support value creation from complementary benefits?
Platforms are products/services that allow for the development and integration of software products and other complementary goods, windows, the iphone, the Wii, and the standards that allow users to create Facebook apps are all platforms. They support value creation from complementary benefits because if you have this product, you can use the system on that product (i.e.-- something labeled compatible with iPhone)
Dynamic pricing:
Pricing that shifts over time, usually based on conditions that change demand (like charging more for scare items.)
Name a few examples of sharing economy firms. What competitive advantages do they seek?
Rent the Runway, Uber, AinBnB, ebay, doordash, wework, gofundme, Etsy, Chegg, etc. They want to have lots of people on their site/participating.
involve customer service, legal, and tech staff. What are the "three Rs" covered by a good social media policy?
Representation, responsibility, and respect. Many firms have these posted online so it can be easy for a firm to assemble examples of best practice.
Used to communicate with a database, this is the standard language for relational database mana
SQL - structured query language
What is A/B testing? How is it used at Amazon?
A/B testing is a randomized group of experiments used to collect data and compare performance among two options studied (A&B). A/B testing is often used in refining the design of tech products, and A/B tests are particularly easy to run over the internet on a firm's website. Amazon, Google, and FB are among the firms that aggressively leverage hundreds of A/B tests a year in order to improve their product offerings. Use to see what works with people.
How is the Cash Conversion Cycle a source of competitive advantage for Amazon?
Amazon has a negative Cash conversion cycle because it collects cash from customers before distributing funds to its suppliers, which is unique to Amazon. A negative cash conversion cycle is an interest free way to finance operations and incest in growth through borrowing from suppliers in the regular course of the e-commerce business.
Recognize the scope of technology-enabled products/services that leverage artificial intelligence or machine learning as well as business applications of AI and machine learning:
Amazon is using AI to accelerate profits, collecting data crunch that daya and improve efficiency of modern, complex operations, and being used in research, etc. Uber uses it for routing, ETAs, dynamic pricing, autonomous car research, etc.
How does Amazon compare in terms of revenue and profitability?
Amazon is worth 356 billion, which is bigger than any other retailer in the world.
Understand how/why Amazon is increasingly taking over aspects of its own logistics business:
Amazon likes to take over their own infrastructure so they can take control of factors like speed and cost-- allows them to make changes, collect data, and make the processes better.
Understand Amazon's expansion into the consumer cloud-based offerings (AWS) and the size of this business compared to other divisions (now and potentially in the future)
Amazon web services provides a complete set of Cloud Computing services that enable businesses and developers to build scalable applications according to their needs-- specific services include: computing, networking, storage and content delivery, databases, deployment, management, application services, backup, and disaster recovery.
What are APIs? How do APIs support value creation from complementary benefits? How can APIs lower barriers to entry for programmers/entrepreneurs?
An API is a programming hook or guideline published by firms that tell other programs how to get a service to perform a task such as send or recieve data-- for example, amazon provides application programming interfaces to let developers write their own applications and web sites that can send firm orders. It is when you can sign in through facebook on an app, essentially.
What are four criteria necessary for a crowd to be "wise"?
Be diverse: participants are bringing different pieces of info to the table Be decentralized: no one at the top is dictating the crowd's answer Offer a collective verdict: summarizes participants opinions Be independent: so that each focuses on info rather than the opinion of others.
How do blogs exhibit the long tail phenomenon?
Blogs exhibit the long tail phenomenon because they can hold many many posts. Many companies are using wikis and blogs to unclog email boxes. You can have a lot of blog posts accessible to users.
What is a general trend or business model that leverages peer production and the internet?
Business intelligence is within the connections - an important idea in business models. Collaborative consumption is when participants share access to products and services rather than having ownership. Shared resources can be owned by a central service provider or provided by a community (think uber or zipcar) COLLABORATIVE CONSUMPTION
What is cloud computing? See also Ch. 14, sections 14.1 and 14.6.
Cloud computing is replacing computing resources - either an organization's or individual's hardware or software-- with services provided over the internet. "Dynamic provision of IT capabilities from third parties over a network."
Why do platforms for collaborative consumption work particularly well for fragmented markets?
Collaborative consumption firms can extend the value chain by connecting suppliers and customers who would otherwise have to coordinate separately. Longer chain can be more efficient, since network offers value through search and discovery, scheduling, payment, and/or reputation management.
How does Amazon use Collaborative Filtering?
Collaborative filtering is a classification of software that monitors trends among customers and uses this data to personalize an individual customer's experience.
Recognize internal and external sources for firms to collect data
Collect from enterprise software: Customer Rel Management, Enterprise resource planning, and Supply chain management Surveys: access to data that had been public External: weather, industry, demographic, economic, political, marketing data, etc are available online, but can provide a unique advantage if combined with a proprietary firm data or an innovative modeling paradigm. Transaction processing systems: cash register, ATM, returns, etc. Loyalty cards: reward using incentives Internet companies can gather everything that happens on sight.
Recognize or provide several examples of key areas where businesses are leveraging data mining (see section 5.6.2)
Data mining is the process of using computers to identify hidden patterns in, and to build models from, large datasets. Companies are leveraging data mining include customer segmentation, marketing and promotion targeting, market basket analysis, collaborative filtering, customer churn, fraud detection, financial modeling, and hiring and promotion.
What are some potential problems with overreliance on "big data" and limitations to analytics in general? For example, overfitting (aka "over-engineering" in textbook), black swans, or false positives
Data privacy, data security, and data discrimination are three problems with big data. It also leads to not what you were looking for, no where to put it, bias, false positives (meaning people rush decisions based on a subset of data), big complexity (problem of finding the needle in the haystack.) Overfitting-- is the idea that building a model with so many variables that the solution achieved may only apply to the subset of data used to create it. Risk of too many correlations. Black swans: no amount of observations of white swans can allow the inference that all swans are white, but the single observation of a single black swan is enough to refute the conclusion,
What does it take for data/analytics to be a source of sustainable competitive advantage? When might data/analytics fail to sustain competitive advantage?
Data, IT, or methods that cannot be easily replicated or imitated will be key in distinguishing effectiveness from those efforts that can yield true strategic positioning. Also, timing must be right. Data fails to sustain competitive advantage when emerging tech is used in the shrot term ( basically advantages based on capabilities and data that others can use are short lived.)
To what extent does competition in markets with network effects differs from competition in conventional markets? E.g., the presence of monopolies and oligopolies:
Differs because it is quite common for their to be monopolies or oligopolies-- this is because there is early competition, bandwages, and the best products do not always win. One firm usually rules over else. Idea of winner take all (Explained below). Firms contending with network effects are typically aggressive in the early stages of industry development so when a clear leader emerges, bandwagons form and new adopters begin to overwhelmingly favor the leading product over rivals, tipping the market in favor of one dominant standard.
What are several factors that have contributed to the rise of the sharing economy?
Digital disruption and the sharing economy. 1. Many sharing firms were born during a prolonged, worldwide, economic recession. Stagnant wages boosted customer interest in low-cost alternatives. 2. Encouraged new groups of people to try offering their services for hire, 3. Social tech help new users manage uncertainty by collecting and sharing ratings, ensuring payment, and offering increased scheduling convenience.
How has Google made an effort to catalyze Internet use worldwide? (18.10.2)
Efforts to form free wifi- in select US cities Major backer of O3b and satellite network. Loon, experimental project (12 mile high balloons) Solar powered drones Delivering wifi in south africa via white space in nations TV broadcasting program. Walled gardens - mobile carriers could act as gatekeepers, but now paying customers of carriers that operate in the US have access to choice of hardware and less restrictive to web and service. Project Fi MNVO
The value derived from network effects comes primarily from what three sources?
Exchange: every product subject to network effects fosters some kind of exchange, one source of value from additional people using the product. staying power: users do not want to buy a product or sign up for a service that is likely to go away and want to avoid fear of being stranded with an unsupported product or service (so staying power is the long-term viability of a product or service,) and complementary benefits: products or services that add additional value to the primary product or service that make up a network.
What are two critical conditions required for data mining to work? Or—in other words—what critical assumptions do we make when using data mining to inform decisions?
For data mining to work, two critical conditions must be present (1) the organization must have clean, consistent datam ,and (2) the events in that data should reflect current and future trends. The recent financial crisis provides lessons on what can happen when either of these conditions isn't met.
Understand Amazon's inconsistent financial performance as well as their long-term outlook with respect to investing in initiatives and commitment to building scale and growing a profitable business.
For much of its life, Amazon has been in the red. Its ecom used to not make much money, and lost 241 million on sales of 89 billion in 2014. Its ecom now makes money, but its most profitable arm is the cloud computing business that amazon runs,which last year earned 74% of its operating income. This is because Bezos values long term growth more than short term profits. Morgan Stanley expects Amazon to grow by an average of 20% a year between now and 2025.
What is Alphabet? Recognize the diverse endeavors that this company is pursuing and/or provide 1 - 2 specific examples of Alphabet business holdings (other than Google itself).
Free services propel the cloud, but they also have mobile, browsers, cloud infrastructure, email, office apps, social media, maps, e-commerce, payments, and more. While the firms performance in each space varies, the success of its ad business provides a massive cash hoard, which allows the firm to fuel experimentation, constantly innovate, acquire, and build new markets. Owns Android, Calico, Verily, Google Fiber, high speed internet, the moonshot factory (self driving cars), smart home connected products, geopolitical issues, google, GV, growth-stage capital.
To what extent do you think Alphabet's investment in innovative ventures across such a broad portfolio is a wise business decision? What are some risks?
Good decision because they are following the decisions/structure of firms taking similar risks, but they are not always a winner
What are main sources of competitive advantage for Google? (some good insights in 18.10.1)
Google enjoys major scale advantages in search and network effects in advertising, the firms dominance helps grow a data asset that can be used in impromptu service, while its expertise in core markets continue to grow over time-- google's competitive position outside of its core markets it much less clear. There are also switching costs for advertisers and content providers -- google partners have set up accounts and are familiar with the firms tools and analytics. No rivaling tech companies have woo-ed the masses who use google.
Heavy is the head that wears the crown, and with scale and influence come increased scrutiny. What are some legal/regulatory issues facing Google? How (generally) has Google handled these challenges?
Google had to abandon a search partnership with yahoo after DOJ indicated its intention to block the agreement-- does google have unfair advantage since they can pref their own products? Regulations differ by region Been called out for strengthening monopolies over search and search advertising through anticompetitive means -- lasting effects on consumer welfare. Concerns over data privacy , font for fake news and terrorism European government has accused google of violating antitrust laws! Share of search market is larger there than in US.
How does Google profit? What advertising industry trend does this reflect?
Google profits through ad sales, online advertising is the only advertising category that has been consistently trending with positive growth.
Recognize large firms investing in/partnering with collaborative consumption initiatives (or starting their own); or provide one specific example
Google: investor in uber, Conde Nast: invested in Rent the runway, Walgreens: task rabbit, IBM: delivery deal with Deliv, GM: invested in lyft, Avis: acquired zipcar.
How does Amazon's infrastructure compare with that of competitors?
It is mainly online which makes it a huge competitor because the decline of retail for department stores, etc. is on the decline, whereas warehousing is on the incline. The advantage of Amazon is that they are bigger than any other brick and mortar company in the world. Amazon's warehouse technology and systems are designed to quickly and cost-effectively get products from suppliers to customers with minimal error. For example, no two similar products are situated next to each other, reducing chances that a picker will confuse a size or color otherwise selecting the wrong item. Amazon also has the data to be able to manipulate shipping based on factors such as speed and cost.
What are the "four Ms" of engagement and establishing an effective social media presence?
Megaphone (allowing for outbound communication), magnet (drawing communities inward for conversation), monitoring and mediation (of existing conversations)
What are some specific strategies that may be useful for firms competing in markets characterized by network effects? There are as many as 12 strategies outlined in section 8.5. You do not need to memorize them all, but describing 3—4 of the strategies with specific tech-related examples could make a great short essay question option. To what extent does application of these strategies differ for established incumbent firms versus new entrant rivals?
Move Early Subsidize Product Adoption Leverage Viral Promotion Expand by redefining the market to bring new categories of users or through convergence. Form alliances and partnerships Establish distribution channels Seed the market with complements Encourage the development of complementary goods Maintain backward compatibility For rivals, be compatible with larger networks For incumbents, constantly innovate to create a moving target and block rival efforts to access your network For large firms with well known followers, make preannouncements.
Data mining:
the process of using computers to identify hidden patterns in, and to build models from, large datasets.
Recognize the three major categories of cloud computing: Software as a Service (SaaS), Platform as a Service(PaaS), and Infrastructure as a Service (IaaS).
Saas: software as a service-- google drive, third party software that receives a service that is delivered online Paas: platform as a service, salesforce, cloud providers offer services that are used by customers to build their own apps on providers with infrastructure. IaaS: infrastructure as a service, cloud providers offer services that include running remote hardware and networking, client firms can choose the software used.
The "sharing economy" has many synonyms (e.g. Peer Economy, Gig Economy, Uberification). No need to memorize any of the names other than SE and CC, but it is important to understand what these phenomena have in common. One example: reducing transaction costs. Know that and a few other examples.
Sharing economy is an economic model based on sharing underutilized assets for monetary or non-monetary benefit. Tech reduces transaction costs, allows for dynamic pricing, creates value for sellers and purchasers, and fosters market based transactions. W/ the internet, efficiency is streamlined and enhanced through coordination and broader reach.
What role does social media play in the sharing/collaborative economy?
Social media helps strengthen trust and make services go viral: word-of-mouth sharing and virality offered by social media accelerate the growth of sharing economy marketplaces, customers can become brand ambassadors, programs where customers receive discounts for sharing the economy attract new customers and build public trust in the company. The downside of social media is that crowdsourced ratings can sometimes reflect biases and reinforce discrimination. Creates social proof: the positive influence created when someone finds out that others are doing something,
What is an example of a product or service characterized by network effects?
Social media, Facebook, Windows, etc.
Know the six major social media tools outlined in Table 9.3 and recognize key uses and primary features of these tools.
Social media- content that is created, shared, and commented on by a broader community of users. Peer production - this is when users work, often together, to create content and provide services. Blogs: short for web logs, online journal entries, usually made in reverse chron order, readers comment on posts, link to other blogs and media, WORDPRESS, TUMBLR Wikis: a website that can be edited directly in the browser, users add delete, or edit freely, WIKIPEDIA Microblogging: short messaging, users send messages to follower and follow other messages, GOOGLE+, TWITTER, CHATTER Messaging Services: communicate with individuals or groups of users, WHATSAPP, INSTAGRAM, YIKYAK, SNAPCHAT, WHISPER Question and Answer sites: ask questions, share answers, browse threads of previous questions and answers: QUORA, YAHOO ANSWERS, REDDIT Electronic social network: online community, users with personal profiles link to other users, share content, and communicate via messaging and posts: LINKEDIN, INSTAGRAM, FACEBOOK, SALESFORCE
Understand why some collaborative consumption firms control inventory while others outsource inventory/management to citizen supplies. Provide an example of each.
Some CC firms control inventory (like zipcar and Rent the Runway) to better control the customer experience. Others outsources so they become less liable and it can be cheaper (uber.)
What does it mean to be characterized as part of the sharing economy or participating in collaborative consumption?
The sharing economy can involve the recirculation of goods, increased utilization of durable assets, exchange of services, and/or sharing of productive assets. The define the sharing economy, is it "an economic system in which assets or services are shared between private individuals, either for free or for a fee, typically by the means of the internet. Collaborative consumption is when participants share access to products and services rather than having ownership-- shared resources can be owned by a central service provider or be provided by a community that pools available resources.
Provide/recognize a few ways Amazon benefits from economies of scale and scale advantages. How is Amazon Marketplace offer two-sided network effects? How else does Amazon benefit from goods sold via Marketplace versus those goods of which Amazon takes inventory control and sells directly?
The two-sided network effect is the idea that products or services that get more valuable as two distinct categories of participants expand (for buyers and sellers.) Since they are free from store front tyranny, they have the long tail advantage and Amazon's appeal as a first choice shopping destination comes from the firm's vast selection. Amazon marketplace allows for more products to be on Amazon in general, so that way people are more likely to be on Amazon in general since other people can sell on Amazon. Amazon attracts third party sellers because people want to be on Amazon, since Amazon gets a lot of traffic.
Generally, what are some challenges facing firms in mature industries as they try to maintain growth?
They are struggling to grow, cannot make it into social media (which suggests that they are working harder for less money,) , switching costs are extremely low.
Last-mile delivery :
This is the final stage of getting a product to the consumer - typically via a smaller delivery van or other vehicle.
What is peer production?
This is when users collaboratively work to create content, products, and services, which include social media sites and open source software, and peer produced services, such as skype and bittorrent, where the participation of users provides the infrastructure and computational resources that enable the service to happen. Use ideas like open source software, prediction markets, collaborative knowledge, social tagging communities, crowdsourcing, crowdfunding, and social media.
Why does Google offer many of its popular services for free?
To cater to the customer -- they can offer free services because they can easily afford to, and open and free are part of their DNA. Things that are free do better online. Create goodwill which in turn gets more and more loyal users into their network and ultimately on more than one property lending revenue.
What is a "SMART" team? Recognize the skills and issues involved in creating and staffing an effective "SMART" team.
a SMART team is a social media awareness and response team that can make sure the relationship between the company and the person are okay and read well and do not affect business. They should set a social media policy, meaning explicit guidelines, positive examples, and case studies showing potentially damaging consequences. They should monitor (internally and externally) using tools like google alerts, facebook insights, hubspot, hootsuite, and more, ORM agencies (online reputation management,) and deputies (to reveal the dark web.) They should also engage, or create points of contact with trained staff, craft a compelling social media voice, liaison to internal communities. They should also establish first responders network -- train for war game scenarios, bring in experts, deeply involve customer service, legal, and tech staff.
dashboard:
a graphical summary of various pieces of important information, typically used to give an overview of a business.
o One-sided markets; Same-side exchange benefits:
a market that derives most of its value from a single class of users (like instant messaging). Same Side exchange benefits - these are benefits derived by interaction among members of a single class of participant (the value when increasing numbers of IM users gain the ability to message each other.)
To understand the key sources of network value, it's important to recognize the structure of the network:
a network is a common user base that can interact and share, represent interaction structures among sets of connected units.
Business intelligence:
a term combining aspects of reporting, data exploration, and ad hoc queries, and sophisticated data modeling and analysis.
Analytics:
a term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and the fact-based management to drive decisions and actions.
Owned media
any web property that you can control and is unique to your brand-- one of the most common examples is a website.
What is the role of network effects in sharing economy markets?
collaborative/sharing firms are two-sided markets and network effects are present-- value must be realized on both sides of the market. Also creates for a potential early mover advantage, which includes creating a critical mass of buyers to attract sellers, or vice versa, scale opportunities, brand strength, and financial resources for expansion.
How does Uber use data and APIs for competitive advantage? Recognize/provide 1—2 examples. More details from sections 8.4 and 8.5 could come in handy for an optional essay question on the sharing economy.
being able to book an uber from various apps
AI:
computer software that seeks to reproduce or mimic human thought, decision-making, or brain functions.
Convergence and Envelopment:
convergence: 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 are converging. Envelopment: when one market attempts to conquer a new market by making it a subset, component, or feature of its primary offering.
Structured data:
data in neat columns and rows
nformation:
data presented in a context so that it can answer a question or support decision making
Unstructured data
essentially the opposite of structured data, making compilation a time consuming and hard task. (80% of data is unstructured, whereas 20% is structured.)
What are a few basic cloud computing services available to individual consumers and firms of all sizes?
googel drive
Social proof:
he positive influence created when someone finds out that others are doing something,
Provide one example of a firm that uses Amazon Web Services:
instagram, foursquare, unilever, shall, pinterest, etsy, tumblr
DBA
job focused on directing, performing, or overseeing activities associated with a database or set of databases.
How does Uber use data and APIs for competitive advantage? Recognize/provide 1—2 examples. More details from sections 8.4 and 8.5 could come in handy for an optional essay question on the sharing economy.
look this up.
Congestion effects:
when increasing numbers of users lower the value of a product or service
Understand exponential growth of the digital universe and the volume of data available to firms today:
world's most valuable resource is no longer oil, but data. Data are a driver of growth and change. There is an insane amount of bytes available of data which are basically doubling all the time. The amount of data being created doubles every two years.
What is a specific example of a product or service based (all or in part) on peer production?
youtubem, pinterest, reddit, waze, zipcar, uber, airbnb.
