E-commerce 2023-2024: Chapter 11 Quiz

A virtual space that connects people with shared interests, facilitating social interaction regardless of physical location or time.

LinkedIn differentiates itself from other social networks like Facebook, Twitter, Instagram, and TikTok by focusing on professional connections and career opportunities.

LinkedIn is often perceived as more trustworthy than other social networks because it focuses on professional profiles, making it less susceptible to personal information sharing and casual interactions.

While Facebook remains the dominant social network, its user growth has slowed. Networks like Instagram, TikTok, and Snapchat are experiencing significant growth, particularly among younger demographics.

Social networks fall into various categories, including traditional platforms (Facebook, Twitter), visual-focused networks (Instagram, TikTok), messaging networks (WhatsApp, Discord), and professional networking platforms (LinkedIn).

A platform where buyers and sellers bid on goods or services, with the highest bidder typically securing the item.

Online auctions offer benefits such as increased reach, competitive pricing, and a wider selection of goods for both buyers and sellers.

Online auctions are vulnerable to fraud and abuse, including deceitful sellers, fake bids, and non-payment issues.

The time users spend on a social network is a key indicator of influence. TikTok has the highest time spent, followed by Twitter, then Facebook.

Social networks generate most of their revenue from advertising. Despite their popularity, social networks only account for about 30% of total digital ad spending.

Meta, the parent company of Facebook and Instagram, dominates social network advertising spending in the United States, generating $50 billion in 2021.

LinkedIn generates revenue through advertising and by charging fees for premium services like enhanced job searching and networking.

Businesses use social networks for marketing and branding, reaching a younger audience, monitoring online reputation, and facilitating collaboration.

Businesses face the challenge of differentiating legitimate negative feedback from malicious posts by trolls.

Negative online reviews can influence purchasing decisions. Consumers often rely on these reviews when making purchase decisions.

Companies grapple with the issue of controlling how employees use social networks outside of work.

Large online platforms where people gather to connect and share information on a variety of topics. These networks are usually supported by advertising, generating revenue from ad space on pages and videos.

Online spaces focused on specific professions, industries, or hobbies. Members share knowledge, expertise, and support related to their shared practice. These networks can be for-profit or non-profit, often relying on advertising or user donations for funding.

Online networks dedicated to specific interests or hobbies. Members share their passion, discuss related topics, and connect with like-minded individuals. These networks are commonly funded through advertising.

Online platforms where people connect based on shared identities or values. Members often have similar backgrounds, beliefs, or affiliations, fostering strong bonds and shared experiences. These networks generate revenue through advertising and sales of related products.

Online platforms created by organizations - government, non-profit, or for-profit - to achieve specific goals. These networks act as communication channels and platforms for promoting their agendas.

A complex system that determines which content appears in a user's News Feed on Facebook. It considers various factors like user interactions, content popularity, and network connections.

The cost associated with the time it takes for a buyer to receive the item after winning an auction. This includes the time spent waiting for the item to be shipped and delivered.

The cost of checking the auction site frequently to monitor bids, ensure the auction runs smoothly, and prevent competitors from outbidding you.

The risk that a buyer might not receive the item or that the seller might not receive payment due to dishonesty or fraud.

The cost of preparing, packing, and shipping the item to the buyer after the auction is complete.

eBay makes money by charging fees to buyers, sellers, and by offering premium features for sellers.

eBay does not need to hold any inventory, fulfill orders, or maintain warehouses or shipping facilities.

A type of auction where the highest bidder wins and prices are ascending.

A type of auction where multiple providers bid to provide goods or services at the lowest price.

The algorithm sorts posts from your connections based on signals like past interactions, content type, post recency, and your relationship with the poster.

These include things like likes, comments, shares, and the time spent on similar content. The algorithm uses this to predict if you'll engage with a post.

The format of a post (video, image, link) and your history with those formats are key signals for the algorithm's relevance score.

Newer posts generally get prioritized since they offer the freshest news and information.

Posts from close friends and family often appear higher because of the strength of your relationship with them.

Advantages of online auctions include increased liquidity (ease of buying/selling), price discovery (finding fair prices), transparency (open bidding), market efficiency (best prices), lower transaction costs, consumer aggregation (buyers finding deals), and network effects (more participants, better results).

Auctions where individual buyers and sellers use an online platform like eBay to find items, with the company acting as a middleman.

Business-to-business transactions can also take place through online auctions, allowing companies to bid on goods and services from other companies.

Auctions are well-suited for selling products that are readily available and interchangeable, such as agricultural products, natural resources, or raw materials.

Auctions are ideal for selling rare or one-of-a-kind items, like antiques, art, or collectibles, where traditional pricing methods are less effective.

Setting a high starting price can create excitement and urgency but may discourage some bidders from participating.

Small bid increments allow for more competitive bidding and can lead to a higher final price, especially in a fast-paced auction.

Short auctions create a sense of urgency and limit time for buyers to research, potentially resulting in impulsive bids.

Auction prices are not always the lowest. The social aspect of auctions can lead to overbidding and emotional decisions.

Collusion between bidders to artificially inflate prices and manipulate the auction outcome.

Online auction platforms often use rating systems to track seller and buyer reputations, deterring fraudulent activities.

Key elements found in many social networks that facilitate interaction and engagement, including profiles, feeds, groups, games, and messaging.

Computer programs that analyze data and predict user preferences to personalize content, connect users, and recommend relevant information.