E-commerce: Digital Markets and Goods
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Questions and Answers

Define E-business?

Refers to the use of digital technology and the Internet to drive major business processes.

Define E-commerce?

A subset of E-Business that involves buying and selling goods and services through the Internet.

Why does E-commerce use Information Systems?

  • To track customer orders.
  • To manage inventory.
  • To reduce administrative costs and (correct)
  • To streamline processes. (correct)

    • Business Information Systems are used in E-Commerce for?

    <p>All of the above.</p> Signup and view all the answers

    Define the following E-commerce:

    1. Social E-commerce

    2. Mobile E-commerce

    3. Local E-commerce

    <ol> <li> <p>Social e-commerce: Sell where people are with similar interests (Facebook, Instagram, LinkedIn).</p> </li> <li> <p>Mobile e-commerce: The use of the mobile is growing faster than desktops; people want to be able to do everything on their mobiles.</p> </li> <li> <p>Local e-commerce: Based on GPS map services.</p> </li> </ol> Signup and view all the answers

    Why is E-commerce different?

    <p>All of the above.</p> Signup and view all the answers

    Define the following Key Concepts in E-Commerce:

    1. Disintermediation

    2. Information asymmetry

    3. Personalization/Customization

    <ol> <li> <p>Disintermediation: reduction in the use of intermediaries between producers and consumers, for example by investing directly in the securities market rather than through a bank.</p> </li> <li> <p>Information asymmetry: One party to a transaction has more or more superior information compared to another.</p> </li> <li> <p>Personalization/Customization: Technology permits personalization of messages, goods to groups and individuals.</p> </li> </ol> Signup and view all the answers

    What are the Three major Types of E-commerce?

    <p>All of the above.</p> Signup and view all the answers

    What are the 7 E-commerce Business Models?

    <p>All of the above.</p> Signup and view all the answers

    What are the 6 E-commerce Revenue Models?

    <p>All of the above.</p> Signup and view all the answers

    What is M-commerce services and apps?

    <p>All of the above.</p> Signup and view all the answers

    Explain the M-commerce Location-based services?

    <p>Built-in global positioning system (GPS) and compass can identify your precise location and where your phone is pointed. I.e. map, weather, directory services</p> Signup and view all the answers

    Explain the M-commerce Banking and Financial?

    <p>Banks and credit card companies provide services to customers to manage their accounts via mobile devices. Ei. Mobile banking, Apple Pay</p> Signup and view all the answers

    Explain the M-commerce Wireless Advertising?

    <p>Includes SMS advertising, shopping, bookings and reservations, mobile coupon or voucher, travel vouchers, ads on homepage (Google), mobile application, games, videos, websites</p> Signup and view all the answers

    Explain the M-commerce Games and Entertainment?

    <p>Mobiles have become portable entertainment platforms, i.e.. Broadband services like video clips, weather reports, TV shows, Live TV, social networking mobile apps, game apps</p> Signup and view all the answers

    What is the Business Value of Improved Decision Making?

    <p>It's possible to measure value of improved decision making. Decisions made at all levels of the firm Some are common, routine, and numerous Although the value of improving any single decision may be small, improving hundreds of thousands of “small” decisions adds up to large annual value for the business.</p> Signup and view all the answers

    What are the Types of Decisions?

    <p>All of the above.</p> Signup and view all the answers

    What are The Decision-Making Process Stages?

    <p>All of the above.</p> Signup and view all the answers

    What is High-Velocity Automated Decision Making?

    <p>All of the above.</p> Signup and view all the answers

    What is the Quality of Decisions and Decision Making?

    <p>All of the above.</p> Signup and view all the answers

    Study Notes

    E-commerce: Digital Markets, Digital Goods

    • E-business refers to the use of digital technology and the internet to manage business processes
    • E-commerce is a subset of e-business, focusing on buying and selling goods and services online
    • E-commerce uses information systems to reduce administrative costs and streamline procedures
    • Businesses use information systems for stock control and supply chain management, as well as customer experience
    • E-commerce emerged in 1995 and continued to grow exponentially. Though the dot-com bubble impacted some companies, many survived and thrive today, like Amazon and eBay
    • Social e-commerce involves selling products where potential customers connect with similar interests (Facebook, Instagram, LinkedIn)
    • Mobile e-commerce is gaining popularity, as people use mobile devices for more tasks than desktop computers
    • Local e-commerce is location-based and includes geo-social services (identifying where friends are), geo-advertising (identifying nearby shops), and geo-information services (e.g., price of a house)

    E-commerce Is Different

    • Ubiquity: Marketspace is virtual, everywhere and available anytime
    • Transaction costs are reduced
    • Mobile devices provide broader access to services
    • Global reach: Transactions cross cultural and national boundaries
    • Universal standards: Internet standards allow different computers to communicate
    • Richness: Supports various media like video, audio, & text for richer consumer experience
    • Interactivity: Two-way communication between customers & sellers
    • Information density: Provides detailed price and cost information, and enables merchant insights into segments
    • Personalization/customization: Target specific messages, goods/services, or groups/individuals to achieve tailored experience
    • Social technology: Support user-generated content and social networking

    Key Concepts in E-Commerce

    • Disintermediation: Reduced use of intermediaries (e.g., banks) between producers and consumers, allowing direct transactions
    • Information asymmetry: One party in a transaction has superior information compared to the other party

    Types of E-Commerce

    • Business-to-consumer (B2C): Example: Barnes & Noble.com
    • Business-to-business (B2B): Example: ChemConnect
    • Consumer-to-consumer (C2C): Example: eBay

    E-Commerce Business Models

    • Portal: Gateways to web, including search engines
    • E-tailer: Online retail stores
    • Content provider: Provides intellectual property like videos, music, photos, and text (e.g., Disney, iTunes)
    • Transaction broker: Facilitates transactions (e.g., PayPal)
    • Market creator: Builds a digital environment for buyers and sellers to interact (e.g., eBay, Amazon)
    • Service provider: Provides online services, such as photo sharing & cloud-based apps
    • Community provider: Creates an online community for people with common interests (e.g., Facebook, Instagram, LinkedIn)

    E-Commerce Revenue Models

    • Advertising: Revenue from attracting a large audience exposed to banners and targeted ads
    • Sales: Revenue from the sale of goods and services
    • Subscription: Revenue sharing from ongoing subscriptions for services/information
    • Free/Freemium: Offer core features for free with premium features available for a fee
    • Transaction fee: Receive a fee for executing transactions
    • Affiliate: Receive a commission from visitors to other websites after making a purchase

    M-Commerce

    • Mobile e-commerce (m-commerce): Selling of products/services via mobile devices
    • M-commerce services and apps: Location-based, banking, wireless advertising, games & entertainment

    M-Commerce Location-based Services

    • GPS and compass technology enable identification of precise location and user's position
    • Example: Directions, weather, directory services

    Decision Making

    • Improved decision-making improves the business' value

    • Decisions are made at all levels of the firm; some are more common and routine than others

    • The improvement of even small decisions across the business equates to higher overall value

    • Types of decisions:

      • Structured: Repetitive and routine, involving definite procedures
      • Semi-structured: Part of the problem relies on accepted procedures or rules, while other parts require judgment
      • Unstructured: New, important, or non-routine with unclear procedures, relying heavily on judgment

    • Decision-Making Stages, process include:

      • Intelligence: Discovering & analyzing problems
      • Design: Exploring different solutions
      • Choice: Picking the best course of action
      • Implementation: Monitoring, evaluating and refining actions

    • High-velocity automated decision-making: Human involvement eliminated, using computer algorithms for rapidly executing decisions (e.g., Google search)

    • Quality of decisions/decision making: Factors that indicate the effectiveness of the decision include accuracy, comprehensiveness, fairness, speed, and coherence

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    E-commerce & Digital Markets (Module 8) - Final MISY PDF

    Description

    This quiz explores the fundamentals of e-commerce and e-business, emphasizing their evolution and impact on modern commerce. Learn about key aspects like social e-commerce, mobile trends, and the role of information systems in enhancing customer experience and operational efficiency.

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