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OIM 210 – Questions And Answers (Accurate & Verified)
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OIM 210 – Questions And Answers (Accurate & Verified)
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OIM 210 – Questions And Answers (Accurate &Verified)
Products or services that add additional value to the network are known as
Right Ans - Complimentary Benefits
What causes fierce competition in the early stages of network markets?
Right Ans - Positive feedback loop
is often used in entrepreneurship and new product development and refers to
a bare-bones offering that allows entrepreneurs and product developers to
collect customer feedback and to validate concepts and assumptions that
underlie a business idea Right Ans - Minimum viable product
Positive influence created when someone finds out that others are doing
something Right Ans - Social Proof
Firms classified as being part of the sharing economy and collaborative
consumption are still considered too risky to attract substantial venture
capital investment Right Ans - False
Investor groups that provide funding in exchange for a stake in the firm and a
degree of managerial control Right Ans - Venture capital investment
Brand, Scale, Network effects, switching costs, differentiation, distribution
channels, and data collection Right Ans - Facebook's competitive advantage
includes
Recession, wage stagnation, social media, environmental concerns, and the
proliferation of smartphones Right Ans - Some of the factors that have
helped fuel a rise in collaborative consumption are
are at work in collaborative consumption marketplaces, and in order to be
successful, firms must offer value to both buyers and suppliers Right Ans -
Two-sided network effects
A market that derives most of its value from a single class of users (e.g. instant
messaging) Right Ans - One-Sided Market
, Network markets that comprise two distinct categories of participant, both of
which that are needed to deliver value for the network to work (e.g. video
game console owners and developers of video games) Right Ans - Two-
Sided Market
Benefits derived by interaction among members of a single class of participant
(e.g. the exchange value when increasing numbers of IM users gain the ability
to message each other) Right Ans - Same-Side Exchange Benefits
When an increasing in the number of users on one side of the market (console
owners, for example) creates a rise in the other side (software developers)
Right Ans - Cross-Side Exchange Benefits
competing by offering a new technology that is so superior to existing
offerings, that the value overcomes the total resistance that older technologies
might enjoy via exchange, switching costs, and complementary benefits
Right Ans - Technological Leapfrogging
Increases innovation within a standard but decrease the number of innovative
offerings that compete against a strongly established standard Right Ans -
Innovation effects
Megaphone, Monitor, Magnet, Mediate Right Ans - 4 M's of Social Media
outbound to customers Right Ans - Megaphone
customer & community dialog Right Ans - Mediate
outbound listening to customers, competitors, and 'best practice' role models
Right Ans - Monitor
inbound from customers Right Ans - Magnet
leveraging online channels to draw consumers to the firm with compelling
content rather than conventional forms of promotion Right Ans - Inbound
marketing
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