Chapter 1 & 2 Review

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The size of the B2B market in 2017 was estimated at

$6.7 trillion

Craigslist is an example of

C2C (consumer to consumer) e-commerce

mobile device

In 2016, almost 93% of Americans who access the Internet use a (blank) at least some of the time.

The following are true statements about e-commerce in the United States in 2016:

Over 210 million U.S. consumers use mobile apps, On-demand service firms are fueling the growth of local e-commerce, and Growth rates for retail e-commerce are higher in Europe than in the United States.

digital commerce

The terms (blank) is synonymous with e-commerce

A strategy designed to compete within a narrow market or product segment is called

a focus strategy.

Financial model is another name for

a revenue model

Venture capital investors typically becomes interested in a start-up company

after it has begun generating revenue

A wealthy individual who invests personal funds in a start-up in exchange for an equity share in the business is referred to as

an angel investor.

Sales is the primary revenue model for

an e-distributor

bricks-and-clicks, virtual merchant, and manufacturer-direct

are all a variation of the e-tailer business model

LinkedIn, Facebook, and Pinterest

are all community providers

In the market creator business model, a web-based business

builds a digital environment in which buyers and sellers can meet, display products, search for products, and establish prices.

E-commerce and e-business systems blur together at the

business firm boundary, at the point at which internal business systems link up with suppliers or customers.

e-commerce

can be defined as the use of the Internet, the Web, and mobile apps to transact business.

Value proposition and revenue model are typically the most easily identifiable aspects of a

company's business model.

Richness refers to the

complexity and content of a message.

E-procurement firms

create and sell access to digital markets.

The term e-commerce refers to the

digital enabling of transactions and processes involving an exchange of value across organizational boundaries.

Innovative entrepreneurs and their business firms that destroy existing business models are referred to as

disruptors.

Asymmetries

enable some firms to have an edge over others.

A value proposition defines

how a company's product or service fulfills the needs of a customer.

A firm's revenue model describes

how a firm will produce a return on invested capital.

The business strategy of cost competition involves

implementing a new, more efficient set of business processes that other firms cannot yet obtain

Organizations that typically provide an array of services to start-up companies along with a small amount of funding are referred to as

incubators

Subscription revenue model

involves a company giving away a certain level of product or services without charge, but then charging a fee for premium levels of the product or service

Personalization

involves targeting marketing messages to specific individuals by adjusting the message based upon a consumer's preferences or past purchasing behavior.

Social technology

is a features of e-commerce technology allows users to participate in the creation of online content.

Richness

is a features of e-commerce technology enables merchants to market and sell "complex" goods and services to consumers via marketing messages that can integrate video, audio, and text.

Marketplace

is a physical place you visit to conduct business

The enabling of two-way communication between consumer and merchant

is a traditional tradeoff between the richness

The Internet

is a worldwide network of computer networks.

Go2Paper

is an example of B2B (Business to business) e-commerce

Amazon

is an example of B2C (business to consumer) e-commerce

Airbnb

is an example of an on-demand service company

Amazon's inventory control system

is an example of e-business.

Facebook

is an example of social e-commerce.

The best definition of transaction cost

is the cost of participating in a market.

B2B e-commerce

is the largest type of e-commerce.

The use of a company's competitive advantage to penetrate surrounding markets is known as

leverage.

The global reach of e-commerce technology changes industry structure by

lowering barriers to entry but greatly expands the market at the same time

The existence of many competitors in any one market segment

may indicate the market is saturated.

The firm's management team gives a business model the

most credibility with outside investors

The basic value proposition of community providers is they

offer a fast, convenient one-stop site where users can focus on their most important concerns and interests.

In general, the key to becoming a successful content provider is to

own the content being provided. Portals primarily generate revenue in all of the following ways: charging advertisers for ad placement, collecting transaction fees, and charging subscription fees.

Competitive environment is the element of the business model that refers to the

presence of substitute products in the market

Selection and convenience represents Amazon's

primary value propositions

E-commerce technologies

provide a unique, many-to-many model of mass communication.

The total number of users or customers an e-commerce business can obtain is called

reach.

Instagram, Twitter, and Pinterest are all examples of

social networks

Sustaining technologies are

technologies that enable the incremental improvement of products and services.

Above all, e-commerce is a

technology driven phenomenon.

The following are a major business trends in e-commerce in 2016-2017:

the growth of a mobile app ecosystem, the emergence of social e-commerce, and the growth of the on-demand service firms

In 1995 e-commerce was said

to have begun

E-commerce is available just about everywhere and anytime. This is known as

ubiquity.

A market strategy specifically details how

you plan to find customers and sell your product.

If you wished to leverage the ubiquitous nature of the Web to differentiate your product,

you would enable individual customization of the product by consumers.


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