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8 Cards in this Set
- Front
- Back
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Distinguish between one side and a two-sided markets |
A one sided market is a market that derives most of its value from a single class of users while a two sided market are network markets comprised of two distinct categories of participant. Network matter experience, early fierce competition |
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Describe how Facebook leveraged crowdsourcing to p rapidly expand, all while minimizing staff needs , |
They leveraged crowdsourcing to develop versions of its sites localized in various language |
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Describe how Uber is a "big data" firm and how data gives the firm advantages over traditional and new rivals. |
Uber gathers large data to perfect the formula of instantly finding the customer a ride in the touch of a button. It creates a special algorithm that determines how many drivers are needed, when and how to alert drivers of a customer in need, and pinpoint locations while determining dynamic pricing depending on location, weather and traffic. The formula to best meet customer demand relies heavily on mathematics and data-crunching. Data also helps the company expand into new locations and grow their business. |
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How has the rise of microblogging in general, and Twitter in particular, impacted the way people communicate and do business |
The rise of micorobloggingi mpacted the way people communicate in business but allowing to reach more people. With using short messages like is used in micoroblogging people are able to give their experiences about a company in a short but sweet messages. It also helps to reach more people which allows companies to spend less on advertising. Twitter uses this aspect by only allowing posts with up to 140 characters. Hashtags also has a huge factor in this . With the us e of such micoroblogging business get real time promotion, customer response, engagement, and support. They can also gather feedback and up to date informatiom. |
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What are Prediction Markets? How have firms leveraged the concept to suit their commercial needs? |
Prediction markets polls a diverse crowd of aggregating options in order to form a forcast of an eventual outcome. Firms leverage this idea by getting people with different mindsets |
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Describe the 2 strategic resources that are most critical to Facebook’s competitive advantage. |
The two strategic resources are network effects and switching costs. Network effect is when a product or service becomes more value as more people use it. Switching costs are the cost incurred as a customer changes from one marketplace to another |
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Describe how Uber is a “big data” firm and how data gives the firm advantages over traditional and new rivals. |
Uber gathers large data to perfect the formula of instantly finding the customer a ride. It creates a special algorithm that determines how many drivers are needed, when and how to alert drivers of a customer in need, and pinpoint locations while determining dynamic pricing depending on location, weather and traffic. Data also helps the company expand into new locations and grow their business. |
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Using examples, briefly describe the use of wikis in a corporate environment. |
Wikis are websites that can be modified by anyone directly within a web browser. In a corporate environment it could be used in such things as social media pages. A social media page of a business helps to get information out there and just about anybody can share information that they have as long as they have access to it. Google sites would be an example as well. A company can put facts about what their business does and people can edit it. Another examples weekend be pbworks or using Google software this allows for people to put information out and also edit it when they access |
