Unit 8: E-Commerce and Social Media
Facebook is often seen as the dominant social media platform. What is the estimated number of users globally?
1 billion
Social media has greatly impacted the job market by creating at least ___ categories of new job opportunities, including social media strategists and search engine optimization specialists.
6
CareerBuilder, an online job search website, reported the results of a recent survey indicating what percent of employers use social networking to determine if a candidate presents himself or herself professionally?
65%
True or False. The advent of the Internet and the globalization of e-commerce has leveled the field for businesses. Businesses operating in a traditional brick-and-mortar environment can now abandon traditional sales concepts and focus solely on doing business online.
FALSE E-business is a way to augment, not to replace, operations in the traditionally and historically brick-and-mortar environment.
What is the difference between Facebook and LinkedIn?
Facebook users share personal information, whereas LinkedIn focuses on business networking.
True or False. Effecting components within a business's value chain may have extensive effects on its employees and customers, but not its competitors.
False Competitors are important stakeholders that can also be affected and significantly affect the way an e-company conducts its business.
Understanding whether the intended e-commerce users will be customers, suppliers, and/or employees is an important component of an e-commerce plan. What other issue must be addressed during this time?
Mobile payment options
What is the main theme of Thomas Friedman's book on globalization, The World Is Flat?
The Internet helps to level the playing field between buyers and sellers.
True or False. Social media can adversely impact a business or organization through negative publicity, so it is essential that companies know how to respond to negative comments on social media.
True
True or False. The impact of social media on current events became obvious during the Arab Spring in 2010, in which social media users initiated "Twitter Revolutions" that toppled governments.
True
What is the best description of Twitter?
Twitter is a social media platform that enables individuals, businesses, and organizations to blast messages to large numbers of subscribers.
How do managers answer the question "What job(s) will the e-commerce presence satisfy?
Understanding the audience, market conditions, development timeline, and preliminary budget Creating vision and mission statements in alignment with the organization's overall mission
A news story, a tweet, or a(n) ___ rumor can create or erase billions of dollars in equity in a matter of seconds.
Unsubstantiated
Why are social media sites considered disruptive technologies?
Users can affect discourse with comments or by sharing ideas or opinions.
Which of the following is NOT an important question to address in the initial phase of development for an e-commerce presence?
What is the capital investment for the project?
There are many business models that individuals and organizations can use, such as a(n) ___ to turn junk into some cash. Internet users can also visit a(n) ___ to plan a vacation, or rent more online storage space from a(n) ___ to upload vacation photos.
market creator online portal service provider
Social media is a new marketing ___ that has transformed how businesses and organizations operate.
medium
True or False. Businesses must exercise appropriate security measures, such as implementing a social media policy and educating employees about risk and threats from social media usage.
true
True or False. Many employers today are researching a candidate's social media footprint when screening applicants to see if they might be suitable for a job.
true
True or False. One of the risks of social media is that an employee could accidentally or intentionally reveal confidential or proprietary information.
true
True or False. Social media can play a "disruptive" role in presidential campaigns.
true
[True/False] Integrating e-business aspects into a business operation can have a significant influence on business and potentially lasting effects on its business environment.
true
The huge potential audience, combined with the instantaneous capabilities offered by social media, enable users to disseminate positive or negative comments and information at an ___ rate
unprecedented
What does the term "gated-access" mean?
Members can only contact one another if they have an established relationship.
What negative effect can social media have on financial markets?
An unsubstantiated rumor can create or erase billions of dollars in equity in a matter of seconds.
____ help businesses utilize far-reaching benefits of e-commerce through public and private exchanges, enabling the collaboration, communication, and facilitation of business. ____ are single organizations that control the construction and maintenance of relationships for and between a relatively small number of other organizations. ___ bring together potentially thousands of businesses in combined consortium networks to create efficiencies and synergies between these businesses.
B2B networks Private Industrial networks Net Marketplaces
How can a business protect itself from security threats arising from the use of social media?
Businesses should develop a social media use policy.
LinkedIn is a social media site used by business professionals and enables what?
Candidates to find new jobs and businesses to recruit
Maintaining a social online presence has become the latest trend. Businesses can use which of the following models to connect online with their customers?
Community
There are three general types of e-commerce. Which model is utilized by eBay?
Consumer-to-consumer (C2C)
What do businesses primarily accomplish via social media brand marketing and loyalty programs?
Customer retention and customer base growth
Which of the following is NOT a social media career that is emerging in business?
E-commerce analyst
Which of the following is NOT a benefit to business from the social media two-way communication platform?
Employee turnover
What do employers primarily look for at social media sites like Facebook, Twitter, and Google+ when reviewing candidates for employment?
Employment and education information about candidates
True or False. Specific customer attributes, such as purchase history, purchase frequency, and income levels relative to other customers, are considered private information. Therefore, companies cannot use such information to target their customers
False E-businesses often use specific customer attributes to determine the prices to charge for the products that they sold.
True or False. Nearly one-fourth of teens use LinkedIn.
False Nearly one-fourth of adults use LinkedIn.
True or False. One of the three goals for companies to engage in e-commerce is to advertise their products online.
False online advertising is not a goal, although effective online advertising can result in more sales.
True or False. Private industrial networks bring together potentially thousands of businesses in the same industry to create efficiencies and synergies between and among member businesses.
False private industrial network is a single organization that controls the construction and maintenance of relationships for a relatively small number of other organizations.
True or False. Social media has no adverse affects on the price of an individual stock or an entire market.
False A news story, a tweet, or an unsubstantiated rumor can create wild swings in equity markets.
Localized and personalized e-commerce will NOT directly help businesses achieve which of the following?
Gain customer trust and increase profits through phone communication.
Many companies continue to maintain, effectively and continuously, a sustainable advantage brought by e-business. An excellent example is ___ which earns much of its revenues from online advertising. ___ on the other hand, offers logistics and business support services to other businesses, while ___ optimizes its supply chain as a platform for many other businesses.
Google Federal Express Amazon.com
E-business components within a business's value chain may NOT have extensive effects on which of the following elements?
Government
Research studies have demonstrated that news stories and videos are more likely to be shared, liked, or go "viral" if they produce what kind of emotional arousal?
High-arousal
What question does the SWOT analysis best answer?
How is the marketplace structured, and how will the business best interact with an e-commerce presence?
The flexibility and efficiency provided by digital markets resulted in many advantages. Which of the following is NOT an advantage of digital markets?
Increase search costs
Current trends in social media indicate that teens are more likely to become ___ users.
Which of the following best describes social media?
Internet applications that allow users to generate and share content and ideas
Which of the following statements best describes the multi-channel, omni-channel model?
It erased the division between brick-and-mortar and online operations.
What will happen if an e-business does not take any action to sustain the advantages brought by e-business?
It will receive heavy responses from competitors and newcomers.
LinkedIn's social media website has how many revenue sources?
LinkedIn has three revenue sources: talent solutions, market solutions, and premium subscriptions.
Why does the 30-64 age group focus more on LinkedIn as their social media platform?
LinkedIn is a professional, work-related social media site.
Which of the following best describes the features and capabilities of LinkedIn?
LinkedIn provides employers with a large, searchable database of users resumes.
____ is the only social media platform where the 30-64 age group is more likely to be users than the 18-29 age group.
Linkedln
E-commerce has expanded and evolved into many areas. Which of the following is NOT one of these areas?
Omni-channel
From its evolution several decades ago, e-commerce has augmented many brick-and-mortar retailers to improve what?
Operational efficiencies
Which of the following best describes phishing?
Phishing is a process by which a hacker posts or sends a message that appears to be legitimate.
Usage of social media platforms clearly varies by age and preferences, with older women more likely to become ___ users
Pintrest
What is a key element to running a successful and sustained business operation?
Positive beneficial relationships
Which of the following is NOT a social media activity job seekers should pursue?
Posting negative comments about previous employers
E-commerce enables an organization to improve its reputation by informing and educating stakeholders about all of the following, except what?
Product substitutions
What is an essential marketing activity now used by all companies and organizations, from private enterprise to non-profit to government?
Social media
Which of the following is the most popular tool that companies use to promote their businesses or to close the loop after a sale?
Social media
Which of the following is a characteristic that social media platforms enable, which was not available a few decades ago when people received the news from TV, radio, or print media?
Social media platforms enable users of opposing views to share and engage in discussion.
Which of the following business structures is the simplest form for e-business?
Sole proprietorships
To increase profit margins in each transaction, e-businesses can change the prices of their products constantly. Which factor is involved?
Specific customer attributes Publicized and immediately available competitor pricing
All of the following are online platforms in which to sell digital goods, except what?
Specify
What are the two defined qualities social media provides to the investment community?
Speed and amplification
Which of the following statements is FALSE regarding the omni-channel model?
The model promotes warehouses filled with inventory that become hybrid warehouses.
Which of the following is FALSE regarding the dynamically optimized pricing concept?
The prices for goods is largely dependent on what the company decides.
When answering the question about target audience, managers do not have to address which of the following issues?
The purpose for building e-commerce presence
Which of the following statement regarding private industrial networks and Net marketplaces is false?
They are created and/or sponsored by the government.
SWOT analysis is a structured planning method used to evaluate a project or a business venture. Why is the SWOT analysis conducted?
To determine how the marketplace is structured and how the business best interacts with an e-commerce presence
Job seekers who are ___ in social media are just as likely to be overlooked for employment as candidates who post inappropriate or inconsistent information.
absent
Businesses, such as newspapers and magazine publishers, can use which of the following models to provide news and reporting to readers?
content provider
Communication, blogging, and video editing skills are essential to social media marketing
coordinators
Digital goods have become a very popular way of selling goods online. Besides the advantage that they can be purchased and downloaded instantly, they have a ___ demand nature, a ___ inventory footprint, and a ___ cost per unit to produce.
delivery on minuscule near zero
To be competitive in the marketplace, businesses should lure customers in by providing information on their websites that is
dynamic and multimedia drive
The ___ allows suitably connected e-businesses to use other connections, as well as the ___ which uses ___ as input
dynamically optimized pricing. Predictive analytics Big data
Due to the ___ growth in social media and social networking, it is critical for businesses to remain current in their understanding of, and responses to, consumer behavior.
exponential
E-commerce allows companies to achieve several objectives using the Internet. For instance, companies can ___ by publishing company information on the Internet. Companies can also ___ globally, or ___ by using social media to close the loop after a sale.
improve reputation sell products create efficiencies
Proven direct marketing techniques have evolved over the years and can help a business grow its customer base by using popup, email, affiliate, and ___ advertising
in application
Social media has impacted the discussion of news events in many ways, with users more willing to discuss opposing viewpoints of current events over the
internet
One of the greatest business security threats when using social media channels for marketing is the potential exposure to ___
malware
Companies must implement ___ describing what company-related social media activity is acceptable and by whom.
policies
A business risk of social media is that ___ information can be accidentally or intentionally disseminated by an employee or vendor.
proprietary
Social media has become a platform for market ___ enabling businesses to profile customers in order to target marketing to specific consumer groups.
research
Candidates should recognize the role played by social media in the job ___
search
Social media provides users with the ability to share and amplify information within ___ through re-tweets, posts, and other methods of social media information sharing.
seconds
___ analysis of large-scale Twitter feeds can be a good predictor of the the direction of the Dow Jones Industrial Average.
sentiment
There are several options for running a business. In ___ business structure, an individual owner is held personally accountable for any liabilities, risks, and debts from business operations. Two or more individuals can utilize the ___ business structure, whereby each owner will share the rewards and also be personally liable for any losses incurred by the business. For individuals who would like to enjoy the benefits of owning a business, while limiting their liability to the amount of their investment, they should consider the ___ business structure.
sole proprietship partnership corporation
Executives must consider several issues when building an e-commerce platform. Questions that must be addressed include the target audience, revenue model, job creation, and ___ of the marketplace.
structure
LinkedIn's ____ solutions offers organizations a branded corporate page, employment ads targeted to users with matching profiles, and access to the resume database.
talent
Social media has both risks and benefits to business, but
the benefits outweighs the risks