E Commerce Chapter 6

descending-price

Dutch auctions are also called _____ auctions.

Dutch

Farmers' cooperatives in the Netherlands use the _____ auction to sell perishable goods such as produce and flowers.

first-price

If multiple items are being auctioned in a(n) _____ sealed-bid auction, successive lower (next highest) bidders are awarded the remaining items at the prices they bid.

winner's curse

In English auctions, bidders risk becoming caught up in the excitement of competitive bidding and then bidding more than their private valuations. This phenomenon is called the _____.

reverse seller-bid

In a(n) _____ auction, multiple sellers submit price bids to an auctioneer who represents a single buyer.

proxy bid

In an eBay auction, a(n) _____ automatically increases a bid to the next highest increment needed to exceed any bid, up to a bidder-specified maximum bid.

proxy bid

In an electronic auction, a predetermined maximum bid submitted by a bidder

social networking

Intra-community interaction among members of a virtual community is called _____.

reserve price (reserve)

The minimum price a seller is willing to accept for an item sold

social shopping

The practice of bringing buyers and sellers together in a social network

participatory journalism

The practices of inviting readers to help write an online newspaper

reverse bid

The process in which an auction customer seeks products by describing an item or service and the seller offers items that fit the description for a certain price

crowdfunding

The process of finding a lender who can provide funds for a business idea through social networking sites is referred to as _____.

specialty consumer

The site JustBeads.com is an example of a(n) _____ auction site that caters to buyers and sellers who are geographically dispersed but share highly focused interests.

Bidders

a potential buyer at an auction; one who places bids

Apps

a program that performs a specific function, such as creating invoices, calculating payroll, or processing payments received from customers

Tweets

a short message sent from one twitter user to another

liquidation brokers

an agent that finds buyers for unusable and excess inventory

Escrow service

an independent third party who holds an auction buyer's payment until the buyer receives the purchased item and is satisfied that it is what the seller represented it to be

Consumer to business

an industry term for ecommerce that occurs in general consumer auctions; bidders at a general consumer auction might be businesses

Bids

an offer of a certain price made on an item that is up for auction

Descending price auctions (Dutch Auction)

an open auction in which bidding starts at a higher price and drops until a bidder accepts the price

Auction consignment services

companies that take an item and create an online auction for that item, handle the transaction, and remit the balance of the proceeds after deducting a fee. These services are performed on behalf of people and small businesses who want to use an online auction but do not have the skills or the time to become a seller

Bulletin board systems (BSSs)

computers that allow users to connect through modems (using dial-up connections through telephone lines) to read and post messages in a common area

location-aware services

customized services or advertising that are based on the location information transmitted by a user's mobile device

idea-based social networking

the act of participating in web communities that are based on connections between ideas

private valuations

the amount a bidder is willing to pay for an item that is up for auction

lock-in effect

the inherent greater value to customers of existing companies than new sites

Auctioneer

the person who manages the auction

Microlending

the practice of lending very small amount of money to people operating small business

Texting

the practice of users sending short text messages to one another via a mobile phone network or on the internet

open-outcry double auctions

A double auction in which buy and sell offers are announced publicly

mobile wallets

A mobile phone that operates as a credit card

Wireless Application Protocol (WAP)

A protocol that allows web pages formatted in HTML to be displayed on devices with small screens, such as phones.

short messaging service (SMS)

A protocol used to transmit short text messages

Yankee auctions

A type of English auction that offers multiple units of an item for sale and allows bidders to specify the quantity of items they want to buy

second-price sealed-bid auction

A type of auction in which bidders submit their bids independently and privately, the highest bidder wins the auction but pays only the amount bid by the second highest bidder

reward-based crowdfunding

A type of crowdfunding in which investors pay in advance for products to be delivered when the company makes them using the funding

Dutch

A(n) _____ auction is often better for the seller because the bidder with the highest private valuation will not let the bid drop much below that valuation for fear of losing the item to another bidder.

minimum bid

A(n) _____ is the price at which an auction begins.

idea-based

Abstract communities based on the connections between opinions and contributions of community members are called _____ social media.

minimum bid increment

All eBay auctions have a(n) _____, the amount by which one bid must exceed the previous bid.

sealed-bid auctions

An auction in which bidders submit their bids independently and are usually prohibited from sharing info with each other

open-outcry auction

An auction in which bids are publicly announced

Google Answers

An early attempt to monetize social networking by charging visitors a fee for a specific service was the _____ site.

shill bidders

An individual employed by a seller or auctioneer who makes bids on behalf of the seller, sometimes artificially inflating the item's price. Shill bidders may be prohibited by the rules of a particular auction

massive open online course (MOOC)

An online course often offered at no or very low cost and can attract hundreds of thousands of student

Usenet newsgroups

Message posting areas on Usenet computers in which interested persons can discuss those topic areas

rooting

Modifying an Android operating system is called _____ the phone.

jailbreaking

Modifying an Apple iPhone's operating system is called _____ the phone.

group purchasing/group shopping

On a ____________ site the seller posts an item with a tentative price and the site builds up the number of buyers sufficiently to encourage the seller to offer a quantity discount.

mobile commerce (m-commerce)

Resources accessed using devices that have wireless connection, such as stock quotes, directions, weather forecasts

Vickrey auctions

Same as second price sealed bid auctions, named after william Vickrey

open-source software

Software that is developed by a community of programmers who make the software available to download and use for free

Usenet

Started at Duke University in 1979, _____ was a set of interconnected computers devoted to storing information on specific topics.

snipe

The act of placing a winning bid at the last second is called a(n) _____.

Wireless Application Protocol (WAP)

_____ allows Web pages formatted in HTML to be displayed on devices with small screens.

Private valuations

_____ are amounts that bidders are willing to pay for an item.

Double

_____ auctions, either sealed bid or open outcry, work well only for items of known quality, such as securities or graded agricultural products, that are regularly traded in large quantities.

Microlending

_____ is the practice of lending very small amounts of money to people who are starting or operating small businesses, especially in developing countries.

Monetizing

_____ refers to the conversion of existing regular site visitors seeking free information or services into fee-paying subscribers or purchasers of services.

Open-source

_____ software is developed by a community of programmers who make the software available for download at no cost.

tablet devices

a small computing device with wireless connectivity that is larger than a phone but smaller than a computer

First-price sealed-bid auction

a type of auction in which bidders submit their bids independently and privately, with the highest bidder winning the auction

Double auction

a type of auction in which buyers and sellers each submit combined price-quantity bids to an auctioneer. The auctioneer matches the sellers' offers (starting with the lowest price, then going up) to the buyers' offers (starting with the highest price, then going down) until all quantities are sold

reverse auction (seller-bid Auction)

a type of auction in which sellers bid prices for which they are willing to sell items of services

Ascending-price auction

a type of auction that bidders publicly announce their successively higher bids until no higher bid is forthcoming (english auction)

Group purchasing site

a type of auction web site that negotiates with a seller to obtain lower prices on an item as individual buyers enter bids on that item

Group shopping site

a type of auction web site that negotiates with a seller to obtain lower prices on an item as individual buyers enter bids on that item

Phablet

a very large smartphone with a high resolution screen

Idea-based social media

a web site that creates communities based on the connections between ideas

Microblogs

a website such as twitter, functions as formal blog site

social networking site

a website that individuals and businesses can use to conduct social interaction