CIS Final (Ch. 8)

What are the most common security risks associated with mobile banking?

cloning, phishing, smishing, vishing, lost or stolen phone

Channel Conflict

conflict when seller circumvents distributors by selling online directly to customers

How are companies using QR codes to promote products and services to mobile consumers? Why are QR codes not as popular in the U.S. as they are in Asia and other parts of the world?

consumers can scan the QR codes to access product information from a mobile device

Nonlinear Search and Influence Patterns

consumers pursue path through a range of new communications channels including social media, mobile ads, e-mail, search marketing, and other digital communications.

Quick Response (QR) Codes

contain links to an internet webpage

Two goals of E-procurement

control costs, simplify processes (streaming)

What are some ways in which traditional brick-and-mortar retailers can use mobile technology to enhance a customer's in-store shopping experience?

coupons, deals, QR codes

Types of sell-side marketplaces

direct, marketplace

Digital Dependents

emerging generation growing up in a world of broadband connections, constant connectivity that place greater demands on retailers to use technology

Describe the factors that influence consumer shopping behavior today.

empowered price sensitivity; nonlinear search and influence patterns; channel hopping; digital immigrants, natives and dependents; need for convenience

Digital Natives

first digital generation surrounded by digital devices and Internet connectivity.

Early dot.com model

generate enough revenue from advertising to keep the business afloat until customer base critical mass is reached

List some ways that travelers and travel-related businesses are using mobile technology.

helps manage arrangements; wireless internet

What does the concept of digital native, digital immigrant, and digital dependent help us to understand about people's use of technology during shopping activities?

how they view retail channels will determine how they want to shop (shopping experience)

Channel Hopping

increased communication channels through which consumers can now purchase products (traditional retailers, online, and via mobile devices and apps) called social commerce.

Why are retailers likely to view technology as both a blessing and a curse?

many new technologies can give retailers a competitive advantage; budgets for technology are limited; can't risk not investing because then they may not be able to compete with competitors

List the types of mobile entertainment available to consumers.

music, movies, videos, games, adult entertainment, sports, and gambling apps

How has Amazon maintained its competitive edge?

numerous patenable e-commerce designs (ex: one-click shopping)

Digital Immigrants

older consumers that fundamentally view retail channels as separate and distinct

Managing Order Fulfillment and Logistics

online sales force the need to design systems to accept and process huge volumes of small orders, physical delivery including labeling

E-Commerce

purchasing online

E-procurement

reengineered procurement using e-business technologies and strategies

Horizontal exchanges

serve many industries that use the same products or services (e.g., office supplies, cleaning materials).

Vertical exchanges

serve one industry (e.g., automotive, chemical), along the entire supply chain

Business-to-business (B2B)

the buyers, sellers, and transactions involve only organizations; (comprises of 85% of e-commerce $ volume)

Mobile Commerce

the buying or selling of goods and services using a mobile device

E-sourcing

the process of identifying, evaluating, selecting, negotiating, and collaborating with suppliers

In-store Tracking

tracking a customer's movement through a retail store through mobile technology to optimize shopping experiences

What is a micropayment and why is it beneficial to consumers and businesses that mobile payment systems can process these types of transactions?

transactions involving relatively small sums of money

Electronic Funds Transfer (EFT)

transfer of funds from one bank account to another over a computerized network

What are the two basic technologies used for mobile banking and financial services?

using a mobile device for the online purchase of goods and services (e.g., ordering a book from Amazon.com), and for payment of goods and services in a traditional brick-and-mortar store.

Empowered Price Sensitivity

using the latest technology to find the lowest price available

Marketplace sell-side marketplace

websites where the products of many different companies can be purchased

Conflicts with brick-and-mortar organizations

when an established company sells online directly to consumers, it creates conflict with offline operations

Direct sell-side marketplace

where organizations sell their products or services to other organizations from their own private website

Briefly differentiate between the sell-side marketplace and e-sourcing.

-In the sell-side marketplace model, organizations sell their products or services to other organizations from their own private website or from a third-party site -E-sourcing refers to many different procurement methods that make use of an electronic venue for identifying, evaluating, selecting, negotiating, and collaborating with suppliers

Mobile Marketing

A variety of activities used by organizations to engage, communicate, and interact over Wi-Fi and telecommunications networks with consumers using wireless, handheld devices.

Vishing

Again, similar to phishing, but the fraudulent communication comes in the form of a voice or voicemail message encouraging the victim to divulge secure information.

Augmented Reality (AR)

Apps that utilize a special technology to create computer-generated graphic superimposed images based on where/how a user points their phone or camera.

Cloning

Duplicating the electronic serial number (ESM) of one phone and using it in second phone, the clone

What is the role of exchanges in B2B?

Exchanges are sites where many buyers and sellers conduct business transactions

Lost or stolen phone

Lost or stolen cell phones can be used to conduct financial transactions without the owner's permission.

Viability and Risk of Online Retailers

The dot.com era bankrupted many pure online retailers.

Why have e-wallets not been widely adopted and what will makers of e-wallets need to do to make this payment method more attractive to consumers?

Only a small number of phones have the required NFC feature. Additionally, the program is only available to people with Citi MasterCard with PayPass or Google's pre-paid credit card. To be successful, the program will have to expand beyond these limitations.

Smishing

Similar to phishing, but the fraudulent communication comes in the form of an SMS message.

Describe how an omni-channel retailer is likely to be different from a traditional, single-channel retailer?

Single-channel retailers only had a single "touch point" with which to connect with consumers. Omni-channel retailers offer consumers multiple brand-based "touchpoints" that leverage the strengths of each channel as well as their single view of the customer to provide optimal overall experience.

Mobile E-Commerce

The use of a wireless handheld devices to order and/or pay for goods and services from online vendors.

Mobile Retailing

The use of mobile technology to promote, enhance, and add to value to the in-store shopping experience.

Phishing

Using a fraudulent communication, such as an e-mail, to trick the receiver into divulging critical information such as account numbers, passwords, or other identifying information.

Electronic Wallet (e-wallet)

a software application that can store encrypted information about a user's credit cards, bank accounts, and other information necessary to complete electronic transactions, eliminating the need to re-enter the information during the transaction.

What are the most common types of mobile banking activities consumers perform?

account alerts, security alerts, and reminders; account balances, updates, and history; customer service via mobile; branch or ATM location information; bill-pay (e.g., utility bills), and delivery of online payments by secure agents and mobile phone client apps; funds transfers; transaction verification

Location-based marketing

advertising using mobile GPS systems to determine user locations

Online Business and Marketing Plan

build the marketing plan around the customer not the product

Describe some of the mobile payment systems currently available to merchants and consumers.

charge to phone bill with SMS configuration; transfer of funds; mobile phone card reader, mobile bill payments, etc.