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
