MIS 304 Exam 2
FinTech (Financial Technology)
An industry known for championing software and technology in the financial sector. They're also popular for generally challenging traditional banking and incumbent institutions. - refers to technologies that support activities in the financial sector
What is E-Commerce?
The exchange of goods, services, and money among firms, between firms and their customers, and between customers, supported by communication technologies and, in particular, the Internet
Web 2.0 (Business 2.0)
The next generation of Internet use—a more mature, distinctive communications platform characterized by new qualities such as collaboration, sharing, and free. Web 2.0 applications shift a Web user's role from a passive consumer of content to its creator. - change how people interact and enable social media
Business-to-business (B2B)
Transactions among businesses ex: A manufacturer conducts business over the Web with its suppliers
Business-to-consumer (B2C)
Transactions between businesses and their customers ex: A person buys a book from Amazon
Consumer-to-business (C2B)
Transactions between customers and businesses Ex: A person offers his photography at shutterstock.com
Consumer-to-consumer (C2C)
Transactions between people not necessarily working together ex: A person purchases some memorabilia from another person via eBay
Which of the following is NOT an example of Crowdsourcing? a) Google docs b) OpenStreetMap c) GoFundMe d) Wikipedia e) Kickstarter
a) Google docs
Many companies have not been able to realize the full potential of a virtual world environment beyond just providing virtual showcases for their products. a) True b) False
a) True
AZT owns a small Fleet of trucks and books jobs through an online freight brokerage. Which e-commerce business model does AZT fall under? a) G2C b) B2B c) None of the other options is correct d) C2B e) A2B
b) B2B
Web 1.0 applications allow people to collaborate and share information online. a) True b) False
b) False
The Network Effect refers to the notion that the value of a network a) Is measurable only on social networks (e.g., Facebook, Twitter, LinkedIn) b) Increases with the number of users in the network c) Is driven by how new it is (i.e., newer networks are more valuable) d) Decreases with the number of users in the network e) None of the other options are correct
b) Increases with the number of users in the network
Recall the class-video where Sammi convinced people to give up their personal information. From what we learned, which of the following best describes why people gave up their personal information? a) They knew Sammi from before b) Sammi asked questions confidently and looked like he was officially representing an organization c) Two-factor authentication d) All of the other options are correct e) They did not believe in privacy, and wanted personal information to be public
b) Sammi asked questions confidently and looked like he was officially representing an organization
In context of databases, which of the following is/are true? a) The following terms are synonymous, i.e., Primary Key = Foreign Key b) The following terms are synonymous, i.e., Relation = Table c) The following terms are synonymous, i.e., Relation = Row d) All of the other options are correct e) The following terms are synonymous, i.e., Attribute = Tuple
b) The following terms are synonymous, i.e., Relation = Table
When we consider entities as tables, each column is a(n) ________. a) form b) attribute c) query d) record e) applet
b) attribute
Facebook is a good example of click-and-mortar company. a) true b) false
b) false
The primary use of online transaction processing (OLTP) systems is to define a set of reachable and exploitable vulnerabilities present in a database. a) true b) false
b) false
Security and performance of a website fall under which of the following categories? a)cost compliance b)structural firmness c)disintermediation capacity d)functional convenience e)representational delight
b) structural firmness
Cryptocurrencies
bitcoin offer an alternative to traditional payment methods. An advantage is low "processing" or transaction fees. They also offer anonymity for users. The drawbacks of cryptocurrencies include limited acceptance, governmental disapproval, and fluctuations in value.
A(n) ________ is a compilation of data from the database that is organized and produced in printed format. a) form b) field c) report d) entity e) attribute
c) Report
Why Is Blendtec Successful in their Marketing Videos? a) focus on big surprises and do not make sequels b) the videos are serious and focus on drama rather than humor c) the videos contain the unexpected/ have shock value d) because of freeconomics. they charge for blenders but the youtube videos are free e) none of the other options are correct
c) the videos contain the unexpected/ have shock value
Brick and Mortar
consists of retailers operating solely in physical retail stores - grocery store
click and mortar
consists of retailers who use both physical retail stores and online stores - apple, walmart, target
Click Only
consists of retailers who use online sales only - netflix, twitter
As discussed in our class, how does Amazon use databases on their website? a) Provide product recommendations based on order history b) Populate review data c) Welcome the user in a personalized way d) All of the other options are correct e) Retrieve product prices and images
d) All of the other options are correct
________ are comprised of members from different geographic areas assembled as needed to collaborate on a certain project. a) Command groups b) Work groups c) Task forces d) Virtual teams e) Non-core teams
d) Virtual teams
Which of the following statements is true about firms pursuing a click-and-mortar business strategy? a) these firms are only involved in export business activities b) these firms indulge in rafter bidding activities c) these firms avoid indulgence in physical store locations d) these firms operate in both physical and virtual arenas e) these firms avoid indulgence in electronic commerce
d) these firms operate in both physical and virtual arenas
Virtual Teams can benefit from a) Video conferencing b) Synchronous communication c) Video conferencing + Synchronous communication d) Asynchronous communication e) All of the above
e) All of the above
What are some of the problems with using a Spreadsheet for managing large datasets such as company transaction (e.g., order history) data? a) Spreadsheets are more expensive than databases b) We cannot analyze and summarize data using spreadsheets c) None of the other options are correct d) Spreadsheets are not suitable for storing numbers like product prices and quantities e) Difficulty in sharing the data across departments and users
e) Difficulty in sharing the data across departments and users
In context of databases, which of the following is/are true? a) The following terms are synonymous, i.e., Attribute = Tuple b) The following terms are synonymous, i.e., Relation = Row c) The following terms are synonymous, i.e., Primary Key = Foreign Key d) All of the other options are correct e) The following terms are synonymous, i.e., Tuple = Row
e) The following terms are synonymous, i.e., Tuple = Row
Data Lake
is a central repository that quickly ingests data (often in a raw format) and allows for storing structured, semi-structured, and unstructured data
GPS-enabled location-based services
location: Determining the basic geographic position of the cell phone mapping: Capturing specific locations to be viewed on the phone navigation: The ability to give route directions from one point to another tracking: The ability to see another person's location
Database:
made up of a number of related tables. For example you may store data on customers, orders, products, and shippers, all in your sales database.
The Long Tail
refers to being able to cater to a niche market owing to a broader reach which leads to a sufficiently large customer base. --> Although customers with unusual wants or needs may not be able to support a local storefront, there are often enough individuals in larger geographic regions to support an online merchant.
C2C EC: E-Auctions
§Individual sellers can sell or barter items at online auctions §Consumers place bids §Example: eBay.com §Revenue model based on small transaction fees, highly profitable
C2C EC: Online Classifieds
§Just advertising, no online transactions §Freecycling §Example: craigslist.com
Electronic Meeting System
An electronic meeting system utilizes networked computers and sophisticated software to support various group tasks.
New Revenue and Pricing Models
*Companies can earn revenues not only through traditional sales, but also through subscription, licensing, or transaction fees *Companies and individuals can earn money through Web advertising or affiliate marketing REVERSE PRICING
Social Commerce
*Utilizing social networks to build lasting relationships and advertise products
Design
- Conceptual Data model: A map or diagram that represents entities and their relationships (e.g., entity-relationship diagram). - Table design & Normalization: A process to make sure the database will operate efficiently. Helps to eliminate data duplication.
Representation Delight
Aesthetically pleasing, professional look and feel, color/font/images, consistent layout, no clutter
C2C Opportunities & Threats
- Consumers can buy and sell to broader markets, potentially all over the world - Eliminates overheads of licensing and middlemen that increases the final price of products and services - Online markets are always available for consumers, 24/7/365 - Increases the numbers of buyers and sellers who can find each other - Market demand is an efficient mechanism for setting prices in the electronic environment THREATS: - No quality control - Higher risk of fraud - Harder to use traditional payment methods (checks, cash)
E-banking and online brokerage
- paying bills online using electronic bill pay - people can turn to multiple sites to get the latest information about stock prices
Drawbacks of e-tailing
- trust: This is especially a concern for new online businesses without a proven track record - direct product experience: E-tailing doesn't provide sensory information - product delivery and returns Except for direct downloads, e-tailing requires additional delivery time for products Returns may also be a hassle, compared to just going to the store
SQL Query
A command created using SQL database client software that operates directly on the record in a database SELECT AUTHOR, TITLE, PUBLICATION_DATE, PRICE FROM BOOKS WHERE AUTHOR = 'VALACICH' ORDER BY PUBLICATION_DATE;
Semantic Web
A component of Web 3.0 that describes things in a way that computers can understand - machine-readable web pages - enhanced search results
Data Dictionary
A document explaining information for each attribute (e.g., name, whether it is an identifier, data type, and valid values). Data type: Each attribute has a specified data type (e.g., text, numbers, or dates). Business rules: Prevent illegal or illogical entries from entering the database
Databases: Foundation Concepts
A table is made up of a number rows or records. Each row is made up of a series of attributes or columns
Enhancing Collaboration with Social Media
Cloud-Based Collaboration Tools Content Management Systems Collective Intelligence Human-Based Computing (Crowdsourcing)
Product and Content Sales
Consumers use mobile apps to make purchases while on the go
Information on the Go
Customers can get further information about a product wherever they are, including in the store, but this can lead to "showrooming"
Sources of BI Data
Databases, spreadsheets, reports and articles
Tables and Records
Each table has a number of rows also known as records or tuples * A row has a number of attributes or columns. To be precise, an attribute refers to the entire column. *At the intersection of each row and column, you have a specific value *A table will also have an identifier or primary key. This is the attribute that is unique across each record to allow us to distinguish one entity from another. So even two people had the same name, their IDs will be differen.
Functional Convenience
Ease of use, simple navigation, user feedback, help features, one-click ordering, flexible payment, order tracking
E-Mail Marketing
Extremely low cost, less than a penny an e-mail, and hence very popular; effectiveness also easy to track
Mass Customization
Generates additional value for customers and profits for producers customization allows efficient gathering of user requirements and tailoring a product to their needs at a reasonable cost. Ex: you can purchase a custom-built PC from the Dell website with hardware and software that matches your needs. (Dell and Nike)
Mobile Marketing
If ads can be tailored to a user's location, then highly targeted marketing opportunities open up
Group Buying
If many people agree to purchase the product or service, they get significant discounts takes advantage of the ability to organize people with specific interests or tastes online. Ex: Groupon and Livingsocial
Payment; Performance Assessment
Impression, pay-per-click/click-through, and conversion models (but beware of click fraud)
Search Marketing
Includes paid search, placing ads on search Web sites based on search terms, and SEO, optimizing a Web site and its relative search engine ranking
Social Media Marketing
Increasingly used for interactive communication and relationship building with customers
________ is an example of an electronic communication tool. Microsoft Outlook Apple FaceTime MS SharePoint Google Docs Google Hangouts
Microsoft Outlook
Databases Cost and Risks
Need for new, specialized personnel Installation and management cost and complexity Conversion costs Need for explicit backup and recovery Organizational conflict
Structural Firmness
No bad links, understandable error messages, privacy/security, speed
Continuous BI Planning
Organizations must continuously monitor and analyze business processes. •Results lead to ongoing adjustments. •Involves decision makers from all levels.
Benefits of E-Tailing
Product Benefits: With no store size and shelf space restrictions, companies can sell a far wider variety of goods Place Benefits: Internet storefronts are available on almost every computer connected to the Internet Price Benefits: Online retailers are efficient, with high volumes and low overhead allow for very competitive pricing
Operational System
Run the business on a current basis Current representation of state of the business Online customers, clerks, salespersons, administration Narrow and simple updates and queries Performance
Search Engine Optimization (SEO)
SEO attempts to improve a page's ranking in search engines like Google. Techniques include having other pages link to the page, keeping content updated, and including key words.
Ad-hoc Queries and Reports
Scheduled reports Key-indicator reports Exception reports Drill-down reports Ad hoc queries
Location-Based M-Commerce
Services can be offered tailored to a person's needs based on their current location
Display Ads
Simple banner ads, but now often contextualized to what the person is viewing
Informational System
Support managerial decision making Historical or point-in-time (snapshot) Managers, business analysts, and customers (checking status and history) Broad and complex queries and analyses Ease of access and use
Why Is Blendtec Successful in their Marketing Videos? a) Focus on big surprises and do not make sequels b) None of the other options are correct c) Because of freeconomics. They charge for blenders but the YouTube videos are free d) The videos are serious and focus on drama rather than humor e) The videos contain the unexpected / have shock value
e) The videos contain the unexpected / have shock value
When we consider entities as tables, each row is a ________. a) bot b) form c) query d) field e) record
e) record
________ are produced at predefined intervals to support routine decisions. a) security reports b) key-indicator reports c) exception reports d) drill-down reports e) scheduled reports
e) scheduled reports
In a database management system (DBMS), data are kept separate from the applications' programming code. This means that ________. a) an application needs to be changed when the database is changed b) an application cannot be changed without making changes to the database c) an application's programming code needs to be updated continuously to keep up with the database d) the database needs to be changed when a change is made to an application e) the database does not need to be changed if a change is made to an application
e) the database does not need to be changed if a change is made to an application
Enhancing Connection with Social Media
social networking: §One of the most popular uses of the Internet §Facebook had 2.6 billion monthly active users as of April 2020 §Social Search (increase the relevance of search results) social search viral marketing: §Good marketing techniques can be driven by word-of-mouth or person-to-person communication §The power of viral marketing can be a great tool
Disintermediation
the cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries - has enabled many firms to provide many financial services directly to the customer
E-Government
used by local, state and federal governments to increase efficiency and effectiveness, much like ecommerce used by businesses. ex: electronic filing of income tax returns, the online filing of business license applications, or the ability to share data electronically between different law enforcement agencies.
Databases Advantages
• Metadata is the key advantage of databases over other approaches to recording data as tables - enables content search • Two important roles in defining metadata - Identify the type of data: each different type of value is given a unique tag - Define the affinity of the data: Tags enclose all data that is logically related - Minimal data redundancy - Improved data consistency - Increase security Improved data quality - Improved data accessibility and sharing - Enforcement of standards - Program-data independence - Increased productivity of application development - Reduced program maintenance
Row (record)
•A record in a table. One row pertains to one entity instance.
Big Data
•Businesses are dealing with the opportunities and challenges of "Big Data" - High Volume o Unprecedented amounts of data - High Variety o Structured data o Semistructured o Unstructured data - High Velocity o Rapid processing to maximize value
Collaboration Software
•Collaboration software represents a class of software that enables people to work together more effectively •Collaboration software is distinguished along two dimensions: - Whether the software supports synchronous or asynchronous collaboration and communication - Whether the software supports groups working together face-to-face or distributed
Table
•Contains data about entities (i.e., the "thing" or object about which you want to track data, e.g., customers). Consists of rows and columns.
Content Management System (CMS)
•Content management systems allow users to publish, edit, version track, and retrieve digital information. - It creates accountability and responsibility by tracking what changes were made and by whom. -Documents, images, audio files, videos, or anything that can be digitized may be used with a content management system. TYPICAL ROLES: §Creator §Editor §Administrator §Guest
Databases: Inputs to BI applications
•Data, information and knowledge are among the most important assets for an organization. •Some type of database is behind every information system in all major companies •Databases are collections of related data organized in a way that facilitates data entry and searches. - Allows generation of dynamic and relevant content
Decision Support System (DSS)
•Decision-making support for recurring problems •Used mostly by managerial level employees (can be used at any level) •Interactive decision aid •What-if analyses - Analyze results for hypothetical changes
Column (attribute)
•One cell in a row. Each attribute contains a piece of information about the entity.
Basis of Core Information Systems
•Online Transaction Processing (OLTP) - Systems that interact with customers and run a business in real time •Data Warehouses - Integrate data from multiple databases and other data sources - Contain historic as well as current data •Data Marts - Mini data warehouse, limited in scope to organizational unit
Intranets and Employee Portals
•Real-Time Access to Information -Updated information instantly available throughout the organization •Enterprise Search - Company focused, including corporate databases •Collaboration - Document sharing and co-editing •Employee Portals §Employee benefits self-service
C2B EC
•Relatively new phenomenon, consumers can sell small pieces of work (e.g., photos) or services to businesses •It might be argued that anyone who made a living doing this is actually in business for themselves, so may be B2B
Legal Issues in EC
•Taxation - Sales taxes - Internet Freedom Act: Internet sales are treated like mail-order sales •Digital Rights Management - Preventing unauthorized duplication - Restrict which devices can play media - Limit number of times media can be played •Net Neutrality - Should the Internet be open? Or should Internet access come first to the highest bidder?
Uses of Business Intelligence and Advanced Analytics
•The need for business intelligence and advanced analytics goes beyond traditional businesses; all types of organizations utilize it to improve their data-driven decision making as seen in the examples below Political parties ex: Model the influence of social media on election outcomes Government ex: Analyze performance of public benefits programs Defense ex: Manage maintenance and logistics during overseas deployment Hospitals ex: Predict patient volume and resource utilization Nonprofit Organizations ex: Manage fundraising campaigns and target donors
Need for BI: Threats and Opportunities for the Organization
•Unstable markets •Competitive pressure •Consumer demands •Government regulations •Short product life cycles
What is Business Intelligence (BI) and analytics?
•Using information systems to gather and analyze information from internal and external sources in order to make better business decisions - involves taking raw data as input and generating reports or analyses that support decisions of the organization. To be successful, organizations must have up-to-date, accurate and integrated information to monitor and fine-tune a broad range of business processes.
Wikis
•Wiki: a Web site allowing people to §Post, edit, add, comment §Access information • •Wiki: a Web site that is linked to a database §Keeps history of prior versions and changes §Allows for reversing any edits • •Wikipedia is the most popular wiki.
Data Mart
•is a data warehouse that is limited in scope
Data Warehouse
•is an integrated repository that contains data across multiple years, usually organized by subject areas, e.g., customers, products, employees, etc.
Business Intelligence (BI)
•refers to tools and techniques for analyzing and visualizing past data and providing answers
Advanced Analytics
•refers to tools and techniques used to understand why something happened, predict future outcomes, or discover hidden patterns in large data sets