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20 Cards in this Set

  • Front
  • Back
network effects
Metcalfe's Law, network externalities, when the value of a product or service increases as its number of users expands
staying power
long-term viability of a product or service
switching costs
cost a consumer incurs when moving from one product to another, it can involve actual money spent as well as investments in time, any data loss, and so forth
TCO (total cost of ownership)
economic measure of the full cost of owning a product (typically computing hardware and/or software); includes direct costs such as purchase price, plus indirect costs such as training, support, and maintenance
complementary benefits
products or services that add additional value to the primary product or service that makes up a network
platform
products or services that allow for the development & integration of software products & other complementary goods; windows, the iPhone, the Wii, & the standards that allow users to create Facebook apps are all platforms
one-sided market
market that derives most of its value from a single class of users
same-side exchange benefits
benefits derived by interaction among members of a single class of participant (i.e. the exchange value when increasing numbers of IM users gain the ability to message each other)
technological leap-frogging
competing by offering a new technology that is so superior to existing offerings that the value overcomes the total resistance that older technologies might enjoy via exchange, switching cost, & complementary benefits
blue ocean strategy
approach where firms seek to create & compete in uncontested "blue ocean" market spaces, rather than competing in spaces & ways that attracted many, similar rivals
convergence
when two or more markets, once considered distinctly seperate, begin to offer features & capabilities
envelopment
when one market attempts to conquer a new market by making it a subset, component, or feature of its primary offering
backward compatibility
ability to take advantage of complementary products developed for a prior generation of technology
adaptor
product that allows a firm to tap into the complementary products, data, or user base of another product or service
The Osborne Effect
when a firm preannounces a forthcoming product or service & experiences a sharp & detrimental drop in sales of current offerings as users wait for the new item
congestion effects
when increasing numbers of users lower the value of a product or service
two-sided market
Network markets comprised of two distinct categories of participant, both of which that are needed to deliver value for the network to work (e.g., video game console owners and developers of video games).
cross-side exchange benefits
When an increase in the number of users on one side of the market (say console owners) creates a rise in the other side (software developers)
monopoly
A market where there are many buyers but only one dominant seller
oligopoly
A market dominated by a small number of powerful sellers