E-Commerce 2016: Business, Technology, Society

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C they create a digital electronic environment for buyers and sellers to meet, agree on a price, and transact. D they increase customers' productivity by helping them get things done faster and more cheaply. B C2C market creator.

C content provider. D e-commerce infrastructure provider. B peer-to-peer streaming. C download-and-own. D cloud streaming. Answer: The transaction broker business model is most commonly found in the financial services, travel services, and job placement services industries. The eight elements of a business model are value proposition, revenue model, market opportunity, competitive environment, competitive advantage, market strategy, organizational development, and management team. The primary value proposition for a transaction broker is the saving of time and money. These sites also often provide timely information and opinion.

They offer the consumer the opportunity to increase their individual productivity by helping them to get things done faster and more cheaply. The revenue model for these firms is based upon receiving commissions or transaction fees when a successful business deal is completed. Online stock trading firms receive either a flat fee for each transaction or a fee based on a sliding scale according to the size of the transaction.

Job sites charge the employers a listing fee up front, rather than when the position is filled as traditional "head hunter" firms have done. The market opportunity for transaction brokers in financial services appears to be large due to the rising interest in receiving financial planning advice and conducting stock transactions online.

Demand is also increasing for job placement help that is national and even global in nature and for purchasing travel services quickly and easily online.

Ecommerce Business Technology Society by Kenneth Laudon Carol Traver - AbeBooks

However, there is some market resistance due to consumers' fear of loss of privacy and loss of control over their personal financial information. The competitive environment for financial services has become fierce as new entrants, including the traditional brokerage firms that have now entered the online marketspace, have flooded the market.

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In order to compete effectively, online traders must convince consumers that they have superior security and privacy procedures. The number of job placement sites has also multiplied, and the largest sites such as Monster, which have the greatest number of job listings, are the most likely to survive.

Consolidation in all of the transaction broker markets is presently occurring, making the market opportunity and competitive environment for new firms looking to enter the marketspace bleak. The market strategies for such firms typically include expensive marketing campaigns to convince consumers to switch from their current provider or to choose their company over other more well-established competitors, also a daunting task in the present economic environment.

Achieving a competitive advantage is crucial to firms trying to enter these industries. Possible strategies are to lure well-known names in the industry away from their present positions to head a new endeavor, giving the firm instant credibility in the market.

E-commerce business. technology. society. Kenneth C. Laudon

Experienced, knowledgeable, and well-known employees may be able to give a new firm a competitive edge. New companies may have to start out recruiting a specialized highly skilled staff, with an organizational development plan that is far more advanced than the typical startup. A strong management team will attract investors and convince investors and consumers alike that a new firm has plenty of market-specific knowledge and the experience necessary to implement the business plan. B e-procurement. D e-tailers. Grainger is an example of which of the following business models?

B diminished sharply. C stayed about the same. D increased slowly but steadily. B exchange. C industry consortium. D edistributor. Given those benefits, why are they today only a small part of the overall B2B picture? Answer: An exchange is an independent digital marketplace where hundreds of suppliers meet a smaller number of very large commercial purchasers. Exchanges are owned by independent, usually entrepreneurial startup firms whose business is making a market, and they generate revenue by charging a commission or fee based on the size of the transactions conducted among trading parties.

Practice Test Bank for E Commerce 2016 Business, Technology, Society by Laudon 12th Edition

They usually serve a single vertical industry, and focus on the exchange of direct inputs to production and short-term contracts or spot purchasing. For buyers, B2B exchanges make it possible to gather information, check out suppliers, collect prices, and keep up to date on the latest happenings all in one place. Sellers, on the other hand, benefit from expanded access to buyers. The greater the number of sellers and buyers, the lower the sales cost and the higher the chances of making a sale.

In theory, exchanges make it significantly less expensive and timeconsuming to identify potential suppliers, customers, and partners, and to do business with each other. In reality, however, B2B exchanges have had a difficult time convincing thousands of suppliers to move into singular digital markets where they face powerful price competition, and an equally difficult time convincing businesses to change their purchasing behavior away from trusted long-term trading partners.

As a result, the number of exchanges has fallen significantly. B implement a strategy of commoditization. C adopt a strategy of cost competition.

E-Commerce: Business, Technology, Society

D develop a scope strategy to compete within a narrower market segment. Answer: The term industry structure refers to the general business environment in an industry. It is defined by the nature of the players in the industry and their relative bargaining power. It is characterized by five forces: the rivalry among existing competitors, the threat of substitute products, the barriers to entry into the industry, the bargaining power of the suppliers, and the bargaining power of the buyers.

The competitive consequences of technological developments often change the market share positions among the players. New forms of distribution created by new market entrants can completely change the competitive forces in an industry. The Internet, the Web, and e-commerce have affected the structure of different industries in varying, yet often profound ways. In fact, the explosive emergence of the Internet as a major worldwide distribution channel for goods, services, and even for employment is powerfully changing economies, markets, and industry structures.

The universal standards of the Internet have lowered the barrier to entry for many industries, bringing a flood of new entrants. Inter-firm rivalry is one area where e-commerce technology has had an impact on most industries. The major consequence is that every business must become globally competitive, even if it manufactures or sells only within a local or regional market.

The Internet has changed the scope of competition from local and regional to national and global, pitting firms that had previously been in separate geographic markets against one another. Consumers of all types of goods have access to global price information, putting pressure on many producers and suppliers in some industries to decrease their prices. On the other hand, it has also presented new opportunities for firms to differentiate their products or services from their competitors, driving prices and profits for those firms up.

The overall positive or negative effect of e-commerce technologies on firm profitability depends on the industry involved. In some industries, particularly those involved with information distribution such as newspapers, magazines, software distributors, music and publishing companies, ecommerce has completely changed the ways of doing business. New online challengers have intensified competition and increased the availability of substitute products.

In general, the bargaining power of consumers has grown relative to the providers, driving prices down and challenging the overall profitability of these industries.

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In other industries, particularly manufacturing, e-commerce has not greatly changed relationships with consumers but relationships with suppliers have been impacted by the aggregation of markets such as those created by B2B hubs. Increasingly, manufacturing firms in entire industries have banded together to aggregate purchases, create industrial digital exchanges or marketplaces, and outsource industrial processes in order to obtain better prices from suppliers.

Answer: The ubiquity of e-commerce creates new marketing channels and expands the size of the overall market. It also creates new efficiencies in industry operations and lowers the costs to firms of sales operations. Manufacturers can develop direct relationships with their customers through their own Web sites and bypass the costs of distributors and retailers.

Distributors can develop highly efficient inventory management systems to reduce their costs, and retailers can develop efficient customer relations management systems to strengthen their service to customers.

Customers can use the Web to search for the best quality, prices, and delivery methods, thus reducing their transaction costs and the prices they pay for goods. The global reach of e-commerce lowers barriers to entry and expands the market at the same time.

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  4. This lowers the costs of both industry and firm operations through production and sales efficiencies. When the operational efficiency of an entire industry increases, it helps the industry to compete with alternative industries and lowers prices and adds value to consumers. The universal standards of e-commerce lower barriers to entry while at the same time intensifying competition within an industry.

    Universal standards also reduce the costs for communications and computing, enabling firms to engage in broad-scope strategies. Communications efficiencies can also enable firms to outsource some primary and secondary activities to specialized, more efficient providers without affecting the consumer. Stock photo. Brand new: lowest price The lowest-priced brand-new, unused, unopened, undamaged item in its original packaging where packaging is applicable. Author : Kenneth C. Laudon, Carol Guercio Traver.

    Edition : 12th Edition. What is International Student Edition Textbook?. See details.

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