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ECOM Exam Prep > Lesson 2 - Concepts > Flashcards

Lesson 2 - Concepts Flashcards

(61 cards)

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1
Q

Business model

A

a set of planned activities designed to result in a profit in a marketplace

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2
Q

business plan

A

a document that describes a firm’s business model

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3
Q

e-commerce business model

A

a business model that aims to use and leverage the unique qualities of the internet and the World Wide Web

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4
Q

value proposition

A

defines how a company’s product or service fulfills the needs of customers

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5
Q

revenue model

A

describes how the firm will earn revenue, produce profits and produce a superior return on invested capital

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6
Q

advertising revenue model

A

a company provides a forum for advertisements and received fees from advertisers

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7
Q

subscription revenue model

A

a company offers its users content or services and charges a subscription fee for access ro some or all of its offerings

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8
Q

freemium strategy

A

companies give away a certain level of product or services for free, but then charge a subscription fee for premium levels of the product or service.

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9
Q

Transaction fee revenue model

A

a company receives a fee for enabling or executing a transaction

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10
Q

sales revenue model

A

a company derives revenue by selling goods, information or services

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11
Q

affiliate revenue model

A

a company steers business to an affiliate and received a referral fee or percentage of the revenue from any resulting sales

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12
Q

market opportunity

A

refers to the company’s intended marketspace and the overall potential financial opportunities available to the firm in that marketspace

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13
Q

marketspace

A

the area of actual or potential commercial value in which a company intends to operate

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14
Q

competitive environment

A

refers to the other companies operating in the same marketspace selling similar products

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15
Q

competitive advantage

A

achieved by a firm when it can produce a superior product and/or bring the product to market at a lower price than most, or all, or its competitors.

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16
Q

asymmetry

A

exists whenever one participant in a market has more resources than other participants.

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17
Q

first mover advantage

A

a competitive market advantage for a firm that results from being the first into a marketplace with a serviceable product or service

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18
Q

complementary resources

A

resources and assets not directly involved in the production of the product but required for success, such as marketing, maagement, financial assets and repurtation

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19
Q

unfair competitive advantage

A

occurs when one firm develops an advantage based on a factor that other firms cannot purchase

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20
Q

perfect market

A

a market in which there are no competitive advantages or asymmetries because all firms have equal access to all the factors of production

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21
Q

leverage

A

when a company uses its competitive advantages to achieve more advantage in surrounding markets

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22
Q

market strategy

A

the plan you put together that details exactly how you intend to enter a new market and attract new customers

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23
Q

organizational development

A

plan that describes how the company will organize the work that needs to be accomplished

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24
Q

management team

A

employees of the company responsible for making the business model work

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25
seed capital
typically, an entrepreneur's personal funds derived from savings, credit cards advances, home equity loans, or from family and friends.
26
elevator pitch
short two-to-three minute presentation aimed at convincing investors to invest
27
incubators
typically provide a small amount of funding and also an array of services to start-up companies
28
angel investors
typically wealthy individuals or a group of individuals who invest their own money in exchange for an equity share in the stock of a business; often are the first outside investors in a start-up
29
venture capital investors
typically invest funds they manage for other investors; usually later-stage investors
30
crowdfunding
involves using the internet to enable individuals to collectively contribute money to support a project
31
e-tailer
online retail store
32
Community provider
creates an online environment where people with similar interests can transact ( buy and sell goods); share interests, photos, and videos; communicate with like-minded people; and receive interest-related information
33
content provider
distributes information content, such a digital news, music, photos video, and artwork
34
portal
offer users powerful search tools as well as an integrated package of content and services all in one place
35
transaction broker
processes transactions for consumers that are normally handles in person, by phone or by mail.
36
market creator
builds a digital environment where buyers and sellers can meet, display products, and establish a price for products
37
service provider
offers services online
38
e-distributor
a company that supplies products and services directly to individuals businesses
39
e-procurement
creates and sells access to digital markets
40
B2B services provider
sells business services to other firms
41
scale economies
efficiencies that arise from increasing the size of a business
42
exchange
an independent digital marketplace where suppliers and commercial purchasers can conduct transactions
43
industry consortia
industry-owned vertical marketplaces that serve specific industries
44
private industrial network
digital network designed to coordinate the flow of communications among firms engaged in business together.
45
industry structure
refers to the nature of the players in an industry and their relative bargaining power
46
industry structural analysis
an effort to understand and describe the nature of the competition in an industry, the nature of substitute products , the barriers to entry and the relative strength of consumers and suppliers.
47
value chain
the set of activities performed in an industry or in a firm that transforms raw inputs into final products and services
48
firm value chain
the set of activities a firm engages in to create final products from raw inputs
49
value web
networked business ecosystem that coordinates the value chains of several firms
50
business strategy
a set of plans for achieving superior long-term returns on the capital invested in a business firm
51
profit
the difference between the price a firm is able to charge for its products and the cost of producing and distributing goods
52
differentiation
refers to al the ways producers can make their products or services unique and different to distinguish from those of competitors
53
commoditization
a situation where there are no differences among products or services and the only basis of choosing is price
54
strategy cost of competition
offering products and services at a lower cost than competitors
55
scope strategy
competing in all markets around the globe, rather than local, regional or national markets
56
focus/market niche strategy
competing within a narrow market or product segment
57
customer intimacy
focuses on developing strong ties with customers in order to increase switching costs
58
disruptive technologies
technologies that underpin a business model disruption
59
digital disruption
a business model disruption that is driven by changes in information technology
60
sustaining technologies
technologies that enable the incremental improvement of products and services
61
disruptors
the entrepreneurs and their business firms that lead a business model disruption

ECOM Exam Prep (12 decks)

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