Define social networks vs online social networks
Social networks involve a group of people with shared interests for some period of time
Online social networks is where people who share common ties can interact with one another online
What are the different types of social networks?
- General communities - offer members opportunities to interact with a general audience
- Practice networks - offer members focused discussion groups for example Linux.org
- Interest-based social networks - offer members focused discussion groups based on a shared interest for example horses or boats
- Affinity communities - offer members focused discussions and interactions with other people of the same affinity for example political beliefs or gender
- Sponsored communities - created for the purpose of pursuing organization goals for example increasing the information available to citizens
What is a auction?
Markets where prices vary (dynamic pricing) depending on the competition among the participants
What is the difference between C2C auction and B2C auction?
C2C works like eBay
B2C is an established online merchant that offers its own auctions
What are the 4 different auction types?
- English auctions - highest bidder wins as long as it has exceeded the reserve bid
- Dutch Internet auctions - the lowest winning bid that clears the available quantity is paid by all winning bidders
- Name Your Own Price or reverse auctions - buyers specify the price they are willing to pay for an item and multiple sellers bid for their business
- Penny auction - Bidder pay a non-.refundable fee to purchase bids
What are some benefits of auctions?
- Liquidity
- Price discovery
- Price transparency
What are some costs of auctions?
- Delayed consumption
- Monitoring costs
- Equipment costs
- Fulfillment costs
What methods have auction sites done to reduce risks?
- Rating systems
- Watch lists
- Proxy bidding - auction software will automatically place incremental bids as their original bid is surpassed (up to max)
What is a portal?
A gateway to billion of Web pages available on the Internet
What three main purposes does a portal serve?
- Navigation of the Web (search)
- Content
- Commerce
What are some major portal types?
- Enterprise portals - Created by corporations, universities and churches
- General-purpose portals - wants to attract a very large general audience like Yahoo and MSN
- Vertical market portals - (destination sites) attempts to attract a highly focused audience with an intense interest in either a community they belong or an interest they hold
What two classifications can vertical market portals be divided into?
- Affinity groups - serve people who identify themselves by their attitudes, values, beliefs and behavior
- Focused content portals - contain in-depth information on a particular topic that all members are interested in
What does losers lament mean?
The feeling of having been too cheap in bidding and failing to win
