100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
MIS 301 Exam 2 Question and answers correctly solved 2024 $14.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. MIC 301
  4.  
  5. MIC 301

Exam (elaborations)

MIS 301 Exam 2 Question and answers correctly solved 2024
 5 views  0 purchase
  • Course
  • MIC 301
  • Institution
  • MIC 301

MIS 301 Exam 2 Question and answers correctly solved 2024 Backward compatibility - correct answer ability to take advantage of complementary products developed for prior generation of tech. Ex: 16-bit Super Nintendo system incompatible w/ firm's highly successful prior generation 8-bit model (th...

[Show more]

Preview 3 out of 19  pages

Document information

  • August 27, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • MIC 301
  • MIC 301

Seller

avatar-seller
flyhigher329

Reviews received

Content preview

MIS 301 Exam 2
Backward compatibility - correct answer ✔ability to take advantage of
complementary products developed for prior generation of tech.
Ex: 16-bit Super Nintendo system incompatible w/ firm's highly successful
prior generation 8-bit model (they had an epic FAIL!)


Blue Ocean strategy - correct answer ✔approach where firm seeks to create
& compete in uncontested "blue ocean" market spaces, rather than competing
in spaces & ways that have attracted many similar rivals
Ex: Wii in of game industry with Wii Fit (Beasted)!


Complementary benefits - correct answer ✔g/s that add additional value to
network
Ex: how-to-books, software add-ons, labor, Xbox 360 new games & Xbox live,
etc.


Convergence - correct answer ✔when 2+ market, once considered distinctly
separate, begin to offer similar features and capabilities
Ex: markets for mobile phone and media players:
Apple iPhone vs. Google Android


Monopoly - correct answer ✔market w/ many buyers & only 1 dominant
seller
Mwuhahaha >:D


Network effects - correct answer ✔Metcalfe's Law; Network Externalities;
value of g/s rises as # of users rises; value =users^2
-rocket fuel for tech firms!

,-has common user base that's able to communicate & share w/ one another
-raise barriers to entry
Ex: Apple, MS, NASDAQ, eBay, FB, Visa, etc.


Oligopoly - correct answer ✔market dominated by small # of powerful sellers
Ex: Big 4 record labels: Universal, Sony, EMI, and Warner


One-sided market - correct answer ✔same-side exchange benefits; benefits
derived by interaction among members of single class of users
Ex: AIM (:messaging friends)


Platform - correct answer ✔g/s that allow for development & integration of
software products & other complementary goods
-firms spend their time/$ to enhance your offerings
Ex: Windows, iPhone, Wii, Facebook


Staying Power - correct answer ✔long-term viability of g/s
-investment over time usually greatly exceeds initial price paid for OS
-generates Switching costs
-have to have big enough network


Exchange Value - correct answer ✔Every g/s subject to network effects
fosters some kind of exchange
-more ppl= greater exchange value
-refers to size of network you can connect w/
Ex: Xbox Live, Linked-In, WOW, etc.

, Switching costs - correct answer ✔cost consumer incurs when moving from
1 g/s to another
-can involve actual $ spent, investment in time, any data loss, etc
-creates sticky friction: more user has invested, less likely to leave


Total cost of ownership (TCO) - correct answer ✔All costs associated w/
design, development, testing, implementation, documentation, training, &
maintenance of software system


Two-sided market - correct answer ✔network comprised of 2 distant
categories of users
-rises in # of users on 1 side = rise in other side (:cross-side exchange benefit)
-have more positive feedback loops! :D
Ex: video game industry (:console owners & software developers), eBay
(:sellers & buyers)


What products or services that are subject to network effects? - correct
answer ✔social networking sites, OSs, smart phones, browsers, video
games, search engines, online content, etc!


What products and services that are NOT subject to network effects? - correct
answer ✔in cases of congestion and Osborne effects
Ex: ...


What are the three main sources of value for network effects? - correct
answer ✔exchange, staying power, & complementary benefits


What factors contribute to the staying power and complimentary benefits of a
product or service subject to network effects? - correct answer ✔switching
costs, TCO; platforms

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller flyhigher329. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81113 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$14.49
  • (0)
  Add to cart