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MIS 301 Exam 2 Question and answers correctly solved 2024 $14.49   Add to cart
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MIS 301 Exam 2 Question and answers correctly solved 2024
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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...

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

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