Session 2 Flashcards
(19 cards)
What is Web 1.0?
Web 1.0 refers to the first stage in the World Wide Web, which was entirely made up of Web pages connected by hyperlinks; set of static websites that were not yet providing interactive content
What is Web 2.0?
Web 2.0 involves internet services that foster collaboration and information sharing; Peer production: when users collaboratively work to create content, products, and services; Collaborative consumption: participants share access to products and services, rather than having ownership
Give 4 examples of Web 2.0 Tools?
Blogs, Wikis, Social Media (Facebook, Twitter, Pinterest), Crowdsourcing, Ratings and Reviews, Discussion Forums, Shared Workspaces, Social Gaming
What are the reasons behind the popularity of Facebook?
Reasons behind the popularity of Facebook: user friendly nature, better interface, sources of information (networking website, but also has an immense source of information through which the users can read the news and posts about incidents from around the world), entertainment, find old friends, sharing options, high levels of security, profiles and pictures of friends
What does Facebook say is their primary value proposition? (Name 3)
Authentic identity: they believe that using your real name, connecting to your really friends, and sharing your genuine interests online create more engaging and meaningful experiences; authentic identity is core to the Facebook experience, and it is central to the future of the web
Social graph: The social graph represents the connections between people and their friends and interests. The social graph enables Facebook and platform developers to build more engaging user experiences based on these connections.
Social Distribution: The growing volume of information makes it challenging to find meaningful and trusted content and to effectively make your voice heard. Facebook organizes and prioritizes content and serves as a powerful social distribution tool delivering to users what we believe they will find most compelling based on your friends and interests.
What are some of the advertising innovations by Facebook in recent years? (Name 4)
o Display ads – bids based on clicks and impressions, targeting based on FB revenue
o Social Ads – target friends of those who like a page, sponsored stories, ads for apps
o Promoted posts – for a fee, a larger % of fans see a update or post
o Mobile Ads – mobile sponsored stories, page post ads, mobile app install ads
o Facebook exchange – Ad on FB based on online browsing history
o Custom Audiences – advertisers upload their contact list, 3rd party contact providers
o 3rd party website ads – ad delivered on 3rd party sites
o Graph search – maybe sponsored links in the future
What is the Wisdom of the Crowds?
Wisdom of crowds: A group of individuals (the crowd often consists of untrained amateurs), collectively has more insight than a single or small group of trained professionals; the idea of crowd wisdom is at the heart of wikis and many other online efforts
Name 4 characteristics required for a crowd to be smart?
For a crowd to be smart and effective, they have to have 4 characteristics: Diverse, Decentralized, Offer a Collective Verdict, and Independent (the task to a crowd also has to be simple)
What is crowdsourcing?
Crowdsourcing: Taking a job traditionally performed by a designated agent and outsourcing it to an undefined, generally large group of people in the form of an open call; leveraged by several public markets for innovation and as an alternative to standard means of production (examples: mechanical Turk, Netflix Prize, Threadless, TaskRabbit)
Give two examples of crowdsourcing?
mechanical Turk, Netflix Prize, Threadless, TaskRabbit
Describe two types of crowdsourcing (there are 4 total).
• Types of Crowdsourcing
o Crowdvoting – Ex. Iowa Electronic Market
o Crowd Creation – Ex. Threadless, TopCoder
o Crowdfunding - Kickstarter
o Microwork – Mechanical Turk “small tasks”
o Inducement price contest – Netflix Prize
o Implicit crowdsourcing - reCAPTCHA
What is the 5M Framework
the 5M framework replaces thin views of the management OF change as a formally rational process of applying techniques, allocating formal roles and responsibilities, planning change, executing it and evaluating progress by thick views of managing TO change as involving being Mindful of complexity and barriers, Mobilizing energy and support, Mapping out directions, skillfully putting on and taking off Masks to ensure an effective performance, and creating and using Mirrors in a way that overcomes the cultural and political factors that obstruct the giving and receiving of information.
What are the 4 M’s of engagement?
The voice of the firm should come from the firm. Starbucks’ first Twitter feed was managed by a former barista, while the firm’s director of environmental affairs tweets and engages across social media channels on the firm’s green efforts.
(1) it’s a megaphone allowing for outbound communication; (2) it’s a magnet drawing communities inward for conversation; (3) & (4) and it allows for monitoring and mediation for existing conversations.
Name ways in which Starbucks has used Web 2.0
Starbucks’ management decided to implement the Web 2.0 technology to collect customer’s ideas and feedbacks. Starbucks announced the creation of an online Starbucks community at MyStarbucksIdea.com. The big idea is to extend the community from the coffee shop to the world. To leverage the power and goodwill of the brand to induce passionate Starbucks customers to conceive ideas for the improvement of the product, the experience and the community (world). The ideas will be shared within the community, voted on by members, and presumably acted upon by Starbucks.There is immediate gratification. Site members vote on ideas, and watch the overall score increase with their vote. They see how all ideas rank relative to all of the other ones. Ideas are “sorted” into the categories of Products, Experience and Involvement. Each of the categories has hot linked sub-categories that take the reader to all of the ideas concerning that topic. It’s logical and easy to follow. Members are allowed to “comment” upon the ideas of others, which can be a very instructive way to observe how the market of customers may react to the idea were it to be implemented. (viral product design: two types of viral distribution mechanisms using Facebook app: active and passive)
What is the sharing economy?
o Tech allows product and service providers to connect with consumers
o Offers far greater reach and efficiency than traditional markets
o Generation of ‘citizen suppliers’
o Product owners become renters
o New class of micro-entrepreneurs providing personal services
o Categories of products are collaboratively consumed.
One person takes possession for a period and then returned. Internet enables.
Roots in eBay and Craigslist
What is Collaborative Consumption?
a class of economic arrangements in which participants share access to products or services, rather than having individual ownership
o Examples eBay, Craigslist Zilok, Rent the Runway, Chegg Etsy, CustomMade Upwork, Crowdspring Angie’s List, Taskrabbit ShareDesk Airbnb, HomeAway LendingClub, Kickstarter, GoFundMe
Give 3 reasons behind the rise of collaborative consumption
• Rise of Collaborative Consumption
o Worldwide economic recession and stagnant wages boost interest in low-cost alternatives and encourage people to offer their services
o Early players gain scale, brand, financial resources
o Teach allows peer-to-peer supply w/o need for inventory
o Some services do oversee inventory to gain more control and offer higher quality
o In fragmented markets, marketplaces extend the value chain by connecting suppliers and customers with search and discovery, scheduling, payment, reputation management and more
o Word of mouth through social media accelerates the growth of the sharing economy
o Some concerns include trust and safety issues, insurance, taxes and regulatory fees.
What is Disintermediation?
reduction in the use of intermediaries between producers and consumers, for example by investing directly in the securities market rather than through a bank.
o Consumers to Intermediary to Providers
Give 3 reasons disintermediation would be likely?
When the providers can be seperated from the intermediaries
When they can significantly expand either side of the market
When they can significantly reduce inefficiencies (search costs, service levels, etc)
