1. Information asymmetry refers to any disparity in relevant market information among parties in a transaction.
2. A marketspace is a physical place visited to transact, like going to a store after seeing an ad on TV or radio.
3. Three benefits of universal standards for price discovery are that it becomes simpler, faster, and more accurate.
1. Information asymmetry refers to any disparity in relevant market information among parties in a transaction.
2. A marketspace is a physical place visited to transact, like going to a store after seeing an ad on TV or radio.
3. Three benefits of universal standards for price discovery are that it becomes simpler, faster, and more accurate.
1. Information asymmetry refers to any disparity in relevant market information among parties in a transaction.
2. A marketspace is a physical place visited to transact, like going to a store after seeing an ad on TV or radio.
3. Three benefits of universal standards for price discovery are that it becomes simpler, faster, and more accurate.
information asymmetry refers to any disparity in relevant market information among parties in a transaction. ( Halaman 17 ) 1. What is Asymmetry marketplace is a physical place you visit in order to transact. For example, television and radio typically motivate the consumer to go someplace to make a purchase. ( Halaman 18 ) 2. What is Marketspace price discovery becomes simpler, faster, and 3. What are three benefits of universal standard
more accurate ( Halaman 19 )
traditional markets, national sales forces, and retail stores have great richness: they are able to provide personal, face-to-face service using aural and visual cues 4.Compare Online and traditional transactions when making a sale. The richness of traditional markets makes them a powerful selling or commercial environment he richness enabled by e-commerce technologies allows retail and service merchants to market and sell “complex” goods and services that heretofore required a face-to- face presentation by a sales force to a much larger audience. ( Halaman 19 ) • Greater price transparency: Consumers can easily find out the variety of prices in a market. 5. Name Three of the bussiness consequences • Greater cost transparency: Consumers can discover the actual costs merchants pay for products. • Greater opportunities for marketers to practice price discrimination: Since marketers are able to gather much more information about their customers, they can segment the market into groups based on willingness to pay different prices for the same or nearly the same goods. ( Halaman 20 ) 6. What is Web 2.0? Give example and explain why ? Web 2.0 a set of applications and technologies that enable user-generated content, such as online social networks, blogs, video and photo sharing sites, and wikis Web 2.0 is the set of new, advanced applications that have evolved along with the Web’s ability to support larger audiences and more involved content. Students may list Photobucket, YouTube, MySpace, Facebook, Google, Wikipedia, and Second Life as example sites. ( Halaman 32 ) 7. Advantages and Disadvantages being first mover The major advantages of being a first mover are the ability to build a brand name early on and establish a large customer base before followers enter the market, and the ability to build switching costs into the technology or services offered so that customers will find it discomfiting to change to a late entering competitor. The major disadvantage is that historically, many first movers have not succeeded and are instead replaced by the fast follower, larger firms with the financial, marketing, legal, and production assets necessary to develop mature markets. Generally, only a handful of first mover firms become successful long-term businesses as the start-up costs and time it takes to build a profitable business are often underestimated. ( Halaman 31 ) 8. What is a network effect, and why is it valuable? network effect is occurs where users receive value from the fact that everyone else uses the same tool or product All participants receive value from the fact that everyone else uses the same tool or product ( for example, a common operating system, telephone system, or software application such as a proprietary instant messaging standard or an operating system windows), all of which increase in value as more people adopt them. Halaman 31