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OIM 210 Exam 3 – Questions/Solutions (Rated A+)
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OIM 210 Exam 3 – Questions/Solutions (Rated A+)
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OIM 210 Exam 3 – Questions/Solutions (Rated A+)When the number of snapchat users begins to increase, Snapchat becomes a
must have app for millennials for their messaging needs. The network effect of
Snapchat users attracting their friends as users would be called: Right Ans -
Same side exchange benefits
What is Social Proof Right Ans - Positive influence created when someone
finds out that others are doing something.
An example of social proof is: Right Ans - ALL THE ABOVE: getting rides
from a stranger is not scary, stay at someone else's apartment is okay, finding
someone online to care for your children is not a bad idea, it is okay for a
stranger to walk your pet
Products or services that add additional value to the network are known as:
Right Ans - complimentary benefits
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 on an open call
Network effects are also known as: Right Ans - Metcalfe's law and network
externalities
You are at a packed stadium for the big game and you want to upload a photo
of your team's touchdown using Instagram. Your mobile phone shows five
bars of service, but you still can't access the Internet. This is likely an example
of : Right Ans - Congestion Effects
A firm is said to have suffered from them _______ 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
Worldwide auction leader eBay started operations in Japan just five months
after Yahoo! launched its Japanese auction service. But eBay was never able to
mount a credible threat and ended up pulling out of the market. This example
, shows that: Right Ans - It is imperative to move first in markets influenced
by network effects
The phrase _____ refers in leveraging online channels to draw customers to the
firm with compelling content rather than conventional forms of promotion
such as advertising, e-mail marketing, traditional mailings, and sales calls
Right Ans - Inbound Marketing
The phrase "________" refers to promotions that grow organically from the
customer efforts or other favorable publicity (e.g think positive tweets, shared
Facebook posts, and pins on Pinterest). This is also known as the most
valuable type of media. Right Ans - Earned media
The firm's period between shelling out money and collecting funds associated
with a given operation is referred to as the _____. Right Ans - Cash
Conversion Cycle
Mike wants to dress up as Jon Snow for Halloween. Back in August, he had
looked up the prices on Amazon for this costume and it was $63. Now that
most Halloween costumes are selling, it is listed on Amazon for $100. Mike is
very upset about his unexplained price increase. This strategy that Amazon
follows is referred to as: Right Ans - Dynamic Pricing
Which of the following is not one of the three pillars of Amazon Right Ans -
Prime Shopping
Splash sticks and gluten-free pastries are ideas initiated by Starbuck
customers. This was made possible because Starbucks utilizes social media as
a: Right Ans - Mediating Channel
A prediction market involves: Right Ans - Polling a diverse crowd and
aggregating opinions to form a forecast of an eventual outcome
The "we" is smarter than the "me" concept is known as "wisdom of crowds"
states that: Right Ans - A group of individuals, consisting of mostly
untrained amateurs, has more insight than a single/small group of trained
professionals
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