OIM 210 Exam 3 : Questions With Proper Solutions
A prediction market involves Right Ans - Polling a diverse crowd and
aggregating opinions to form a forecast of an eventual outcome.
Products or services that add additional value to the network are known as
_______________. Right Ans - Complimentary Benefits
The term Minimum Viable Product refers to: Right Ans - A bare-bones
offering that allows product developers to collect customer feedback and to
validate concepts and assumptions that underlie a business idea.
The term ______________________ conveys the degree to which a product satisfies
market demand. Successful efforts should be desired by customers, and scale
into large, profitable businesses. Right Ans - Product/Market Fit
Amazon's Mechanical Turk is an example of crowdsourcing. This concept is
defined as: Right Ans - the act of 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.
Dropbox, Uber and PayPal used similar strategies when trying to jumpstart
network effects that were vital in creating their dominance. What did each do?
Right Ans - Leveraged viral customer promotions by giving incentives to
consumers who helped recruit friends to the service.
A firm is said to have suffered from the _____ when it preannounces a
forthcoming product or service, and experiences a sharp and detrimental drop
in sales of current offerings as users wait for the new item. Right Ans - The
Osborne effect
Advertisement and sponsorships are components of: Right Ans - paid
media
A market is said to be _____ if it derives most of its value from a single class of
users. Right Ans - one-sided
A market dominated by a small number of powerful sellers is known as a(n)
_____. Right Ans - oligopoly
, Which statement best describes the relationship between network effects and
innovation? Right Ans - Network effects increase innovation within a
standard but decrease the number of innovative offerings that compete
against a strongly established standard.
Metcalfe's Law is also known as: Right Ans - network externalities.
A(n) _____ is a fake online persona created to promote a particular point of
view, often in praise of a firm, product, or individual. Right Ans - sock
puppet
Marketers can leverage social media channels for: Right Ans - a.
competitive intelligence.
b. generating customer input.
c. disseminating information.
d. reinforcing a customer's relationship with the firm.
Peer production refers to: Right Ans - users collaboratively working to
create content, products, and services.
network effects Right Ans - When things are becoming more valuable
because more people are using them.
network effects are also known as Right Ans - Metcalfe's Law Network
Externalities
What are among the most important reasons you'll pick one product or
service over another? Right Ans - network effects/ people and others who
choose a product.
t/f all products are subject to network effects Right Ans - False, not all,
ones that are social.
Exchange opportunities Right Ans - Some kind of exchange is happening,
it's users can communicate with each other, videos, money, pictures, words
Staying Power Right Ans - Switching costs
You want to invest in something that you believe will stay.
A prediction market involves Right Ans - Polling a diverse crowd and
aggregating opinions to form a forecast of an eventual outcome.
Products or services that add additional value to the network are known as
_______________. Right Ans - Complimentary Benefits
The term Minimum Viable Product refers to: Right Ans - A bare-bones
offering that allows product developers to collect customer feedback and to
validate concepts and assumptions that underlie a business idea.
The term ______________________ conveys the degree to which a product satisfies
market demand. Successful efforts should be desired by customers, and scale
into large, profitable businesses. Right Ans - Product/Market Fit
Amazon's Mechanical Turk is an example of crowdsourcing. This concept is
defined as: Right Ans - the act of 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.
Dropbox, Uber and PayPal used similar strategies when trying to jumpstart
network effects that were vital in creating their dominance. What did each do?
Right Ans - Leveraged viral customer promotions by giving incentives to
consumers who helped recruit friends to the service.
A firm is said to have suffered from the _____ when it preannounces a
forthcoming product or service, and experiences a sharp and detrimental drop
in sales of current offerings as users wait for the new item. Right Ans - The
Osborne effect
Advertisement and sponsorships are components of: Right Ans - paid
media
A market is said to be _____ if it derives most of its value from a single class of
users. Right Ans - one-sided
A market dominated by a small number of powerful sellers is known as a(n)
_____. Right Ans - oligopoly
, Which statement best describes the relationship between network effects and
innovation? Right Ans - Network effects increase innovation within a
standard but decrease the number of innovative offerings that compete
against a strongly established standard.
Metcalfe's Law is also known as: Right Ans - network externalities.
A(n) _____ is a fake online persona created to promote a particular point of
view, often in praise of a firm, product, or individual. Right Ans - sock
puppet
Marketers can leverage social media channels for: Right Ans - a.
competitive intelligence.
b. generating customer input.
c. disseminating information.
d. reinforcing a customer's relationship with the firm.
Peer production refers to: Right Ans - users collaboratively working to
create content, products, and services.
network effects Right Ans - When things are becoming more valuable
because more people are using them.
network effects are also known as Right Ans - Metcalfe's Law Network
Externalities
What are among the most important reasons you'll pick one product or
service over another? Right Ans - network effects/ people and others who
choose a product.
t/f all products are subject to network effects Right Ans - False, not all,
ones that are social.
Exchange opportunities Right Ans - Some kind of exchange is happening,
it's users can communicate with each other, videos, money, pictures, words
Staying Power Right Ans - Switching costs
You want to invest in something that you believe will stay.
