Lesson 1 - Concepts Flashcards
(27 cards)
E-commerce
The use of the internet, the Web, and mobile apps and browsers running on mobile devices to transact business. More formally, digitally enabled commercial transactions between and among organizations.
e-business
the digital enabling of transactions and processes within a firm, involving information systems under the control of a firm.
information asymmetry
any disparity in relevant market information among parties in a transaction
marketplace
physical space you visit in order to transact
ubiquity
available just about everywhere, at all times
marketspace
marketplace extended beyond traditional boundaries and removed from a temporal and geographic location
reach
the total number of users or customers an e-commerce business can obtain
universal standards
standards that are shared by all nations around the world
richness
the complexity and content of a message
interactivity
technology that allows for two-way communication between merchant and consumer
information density
the total amount and quality of information available to all market participants
personalization
the targeting of marketing messages to specific individuals by adjusting the message to a person’s name, interests, and past purchases.
customization
changing the delivered product or service based on a user’s preferences or prior behavior.
Business-to-consumer(B2C) e-commerce
online businesses selling to individual consumers
Business-to-business (B2B) e-commerce
Online businesses selling to other businesses
Consumer to Consumer (C2C) E-commerce
consumers selling to other consumers
Mobile e-commerce(m-commerce)
use of mobile devices to enable online transactions
Social e-commerce
e-commerce enabled by social networks and online social relationships
local e-commerce
e-commerce that is focused on engaging the consumer based on his or her current geographic location
internet
worldwide network of computer networks built on common standards
World Wide Web (the Web)
provides access to billions of Web pages
mobile platform
provides the ability to access the internet from a variety of highly mobile devices such as sartphones, tablet, and other ultra-lightweight laptop computers
disintermediation
displacement of market middlemen who traditionally are intermediaries between producers and consumers by a new direct relationship between producers and consumers
friction-free commerce
a vision of commerce in which information is equally distributed, transaction costs are low, prices can be dynamically adjusted to reflect actual demand, intermediaries decline, and unfair competitive advantages are eliminated.
