Characteristics of Digital Goods and Network Effects

<p>Increases the perceived value by combining multiple products. (C)</p> Signup and view all the answers

<p>To offer a personalized experience through customization and differentiation. (C)</p> Signup and view all the answers

<p>They require less labeled data for task-specific applications. (D)</p> Signup and view all the answers

<p>Vast amounts of unstructured data (B)</p> Signup and view all the answers

<p>High compute costs for training and running these models (A)</p> Signup and view all the answers

<p>Image generation from text using DALL-E 2 (D)</p> Signup and view all the answers

<p>Potential biases from unvetted data (A)</p> Signup and view all the answers

<p>Exchanges between businesses only (B)</p> Signup and view all the answers

<p>C2C Model (B)</p> Signup and view all the answers

<p>To create a feedback loop through word-of-mouth (B)</p> Signup and view all the answers

<p>Direct procurement from suppliers (D)</p> Signup and view all the answers

<p>Subsidize product adoption (A)</p> Signup and view all the answers

<p>Accelerated the shift to online sales (B)</p> Signup and view all the answers

<p>Receiving products or services offline after online ordering (A)</p> Signup and view all the answers

<p>Cutting out intermediaries from the supply chain (B)</p> Signup and view all the answers

<p>The percentage of individuals and enterprises engaged in e-commerce (A)</p> Signup and view all the answers

<p>Search Engine Marketing (SEM) (A)</p> Signup and view all the answers

<p>By reducing information asymmetry (A)</p> Signup and view all the answers

<p>YOHO (A)</p> Signup and view all the answers

<p>Direct management of products by retailers (C)</p> Signup and view all the answers

<p>New adopters tend to prefer the leading product (A)</p> Signup and view all the answers

<p>Perfecting each logistical step (C)</p> Signup and view all the answers

<p>Creating new intermediaries that previously didn't exist (D)</p> Signup and view all the answers

<p>Employee performance management and training (A)</p> Signup and view all the answers

<p>Sales force automation (A)</p> Signup and view all the answers

<p>Analyzing customer data for insights (D)</p> Signup and view all the answers

<p>By reducing customer acquisition costs (A)</p> Signup and view all the answers

<p>The number of customers who discontinue using products or services (D)</p> Signup and view all the answers

<p>They generate human-like responses to text inputs. (D)</p> Signup and view all the answers

<p>Marketing automation (C)</p> Signup and view all the answers

<p>Foundation models leverage vast datasets for better performance. (A)</p> Signup and view all the answers

<p>It is built on data warehouses for deep data insights. (A)</p> Signup and view all the answers

<p>They may cause ethical concerns due to uncurated data. (C)</p> Signup and view all the answers

<p>Lower overall customer retention costs (D)</p> Signup and view all the answers

<p>They discourage investment due to high costs. (D)</p> Signup and view all the answers

<p>Through a process of fine-tuning with minimal labeled data. (A)</p> Signup and view all the answers

<p>They can generate new text or images by predicting the next element. (A)</p> Signup and view all the answers

<p>Biases in training data may result in harmful content being generated. (B)</p> Signup and view all the answers

<p>Foundation models are also used in visual content generation and scientific research. (C)</p> Signup and view all the answers

Netflix pricing is traditionally based on fixed and variable costs and demand. More recently, they use various strategies, including versioning, bundling, dynamic pricing, freemium, and free trials.

Adjusting prices based on demand, supply, and other factors, like time of day or day of the week.

Creating multiple versions of a product or service with varying features and selling them at different prices.

Offering multiple products or services together at a single price.

Providing basic features for free with premium features offered for a fee.

Early, intense competition in markets with network effects, driven by word-of-mouth and the feedback loop.

Existing users are more inclined to use the most popular or dominant product.

Strategies used by platform operators to compete in the digital space like aggressively moving early, subsidizing adoption, leveraging viral promotion and market redefinition.

A controversial example of anticipating customer needs, delivering packages before requested.

Focusing on anticipating customer needs, refining every step, customizing products, analyzing data and providing bespoke services.

Business-to-consumer electronic commerce, direct transactions between companies and end-users.

Removing intermediaries from a supply chain.

Introducing new intermediaries into a supply chain.

AI models trained on massive datasets that can perform various tasks, unlike task-specific AI models.

AI that can create new content such as text, images, or code.

They can quickly be adapted to new tasks with less labeled data compared to traditional models.

Training and running these models can be expensive.

They might be biased because they are trained on vast amounts of unvetted data.

YOHO, a B2C e-commerce platform, procures goods, manages inventory, handles orders, and provides after-sales service. This method gives them high control over the process.

YOHO is a B2C e-commerce platform dealing in electronics and home appliances.

Online shopping adoption in Hong Kong is limited, with only about one-third of 15+ year olds shopping online and a similar proportion of enterprises with web presence. The Covid-19 pandemic accelerated the shift to online shopping.

Digital payments are accelerated with the rise of online shopping and the Covid-19 pandemic.

A strategic approach to managing the relationship between an organization and its employees, encompassing areas like objective setting, performance management, compensation, and training.

A CRM software capability that automates sales tasks like managing prospect and contact information and generating sales quotes.

A CRM software capability designed to manage and assign customer service requests and offer web-based self-service options.

A CRM software capability that automates marketing tasks like capturing customer data, scheduling direct marketing campaigns, and tracking email campaigns.

Customer-facing CRM applications that focus on automating and managing customer interactions, such as sales force automation, call centers, and customer service support.

A data-driven CRM approach that analyzes customer data from operational CRM systems and touchpoints to gain insights and optimize customer engagement.

The total value a customer is expected to bring to a business over the entire duration of their relationship.

The percentage of customers who stop using or purchasing products or services from a company.

Computer programs designed to generate human-like text, translate languages, summarize content, and analyze sentiment.

The number of adjustable settings within an LLM that determine how it processes information. More parameters usually mean greater complexity and potential for better performance.

A type of deep learning architecture that allows LLMs to understand the relationships between words in a sentence, enabling better text processing and generation.

LLMs can create new text or images by predicting the next word or visual element, opening up possibilities for creative applications.

Adapting an LLM to perform a specific task with minimal additional data.

The quality and quantity of data used to train an LLM heavily influence its performance and can introduce biases.

Training and using LLMs require substantial computational resources, potentially limiting their adoption by smaller companies.